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Assignment on Elements of Marketing Process

   

Added on  2019-12-03

12 Pages4165 Words164 Views
MARKETINGPRINCIPLES

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1AC 1.1 Discussing various elements of marketing process.........................................................1AC 1.2 Elucidating the benefits and costs of marketing orientation...........................................2AC 2.1 Assessing macro and micro environment with the help of appropriate tools andtechniques....................................................................................................................................2AC 2.2 Suggesting segmentation criteria for the chosen product...............................................3AC 2.3 Selecting a targeting strategy for the selected product....................................................4AC 2.5 Positioning strategy to promote selected product...........................................................4AC 2.4 Impact of buyer behavior on marketing activities in different buying situations...........4AC 3.1 Ways of developing products and services to sustain competitive advantage................5AC 3.2 Arranging distribution to provide customer convenience...............................................5AC 3.3 Setting prices as per the marketing activities..................................................................5AC 3.4 Integrating promotional activities for attaining marketing objectives............................6AC 3.5 Supplementary elements of extended marketing mix.....................................................6TASK 2............................................................................................................................................7AC 4.1 Setting up of marketing mixes for two different segments in consumer markets...........7AC 4.2 Explaining the differences between B2B and B2C with developing a marketing plan..7AC 4.3 Execution of a marketing strategy to market abroad with explaining the differencebetween international marketing to domestic marketing.............................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONFor promoting the products and services and to perform better in the market incomparison to the competitors, it is important for a firm to give proper emphasis on its marketingprinciples. These are the norms which organization needs to follow in order to work in an ethicalmanner for running its operations successfully (Culliton, 2008). In the present report, there willbe focus on various elements of marketing process along with a detailed study on macro andmicro environment. For this purpose, the firm, EasyJet has been chosen that is one of the leadingairlines in United Kingdom. Along with that, report will highlight the segmentation and targetingcriteria for a product with its positioning strategy. In addition to this, there will be study onconcepts of B2B and B2C along with explaining the difference between domestic andinternational marketing.TASK 1AC 1.1 Discussing various elements of marketing processThere are some specific elements of marketing process of EasyJet. These are explained inthe following ways:Investigating: In the marketing process of EasyJet, it is the first step in which firm studiesthe whole market through surveys or any other medium and then gathers and analyzes theinformation.Making strategy: After analyzing the gathered data, company gets to know about itsstrengths and weaknesses. Accordingly, it prepares the strategy so that it would be able to beatthe competition (THE MARKETING PROCESS, 2004). Formulating marketing program: Then the marketing planning department makes plan bywhich set goal of the firm can be achieved. This plan involves activities like financial planning,communication strategy, sales forecasting, etc. Deciding tactics: After making a proper plan, then before executing it, tactics are decidedwhich are the short term plans in which activities to grab the attention of target market and toenhance the level of sales are done (Bhasin, 2012).Building relationships and creating value: Last but not the least; efforts have been madeby which relationship can be made stronger with customers by providing value to them for themoney that they have spent.1

AC 1.2 Elucidating the benefits and costs of marketing orientationSome advantages and limitations of marketing orientation are there in EasyJet which aredescribed as below:Constant improvement: Marketing orientation helps in driving constant improvement inthe processes and systems of company. It promotes a culture of experimentation in EasyJet withrespect to create innovation and modification in the products and services offered to customers.Responsiveness: Firms with having market orientation generally gain the advantage ofloyalty of customers in the long run. It mainly focuses on the marketplace responsiveness bywhich it not only produces goods and services as per the needs of customers but do it in timelymanner (Ardley, 2008). External influences: Firms that have limited growth and high competition may have toface the issue of fewer returns on the investment made by them on market orientation. Also, ifthe technology used is ineffective, it may lead to loss for the firm.High expenses: Marketing orientation always comes with high cost and investment madein marketing research also lead high expenses because firms like EasyJet require accurate data torespond in a corrective manner. Also, technology required to collect, analyze and use data willincur high cost (Hedin, Hirvensalo and Vaarnas, 2011). AC 2.1 Assessing macro and micro environment with the help of appropriate tools and techniquesThere are many marketing decisions which firm has to take. These decisions affect theinternal and external factors of organization. The internal factors exist in the micro environmentof firm and external factors exist in the macro environment. Stakeholder analysis and PESTanalysis are the techniques by which micro and macro environment of EasyJet can be understood(McLeish, 2010). Both these tools are explained as below:Stakeholder analysis includes:Customers: Easy Jet provides high quality of products and services to its travelers alongwith the high value. Employees: Company provides a healthy working environment to its employees so thatthey would be able to perform their tasks with highest level of efficiency.2

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