Marketing Concepts and Their Application
Added on 2020-01-07
19 Pages4810 Words96 Views
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Marketing Principles
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Marketing process..................................................................................................................11.2 Benefits and costs..................................................................................................................22.1 Influence of macro and micro environmental factors............................................................32.2 Segmentation criteria.............................................................................................................42.3 Targeting strategy..................................................................................................................52.4 Effects of buyer behaviour.....................................................................................................52.5 Positioning.............................................................................................................................63.1 Sustainable competitive advantage........................................................................................63.2 Distribution arrangements.....................................................................................................73.3 Setting prices.........................................................................................................................83.4 Promotional activities............................................................................................................83.5 Extended marketing mix elements.........................................................................................9TASK 2............................................................................................................................................94.1 Planning and recommendations.............................................................................................94.2 Differences in marketing.....................................................................................................104.3 International marketing........................................................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
ILLUSTRATION INDEXFigure 1 Marketing process..........................................................................................................2Figure 2 Marketing mix..............................................................................................................11
INTRODUCTION Marketing is a technique through which customers are engaged with a company’sproducts and services. A sequential set of processes and activities are involved in marketing.Consumer needs and demands such as clothing, shelter, food, medical care, etc. are identified bybusiness organisations. This identification helps in creating marketing process which willinstigate the needs of customers to buy a product and service. When satisfaction levels are met,their urge to buy the same thing again and again increases. Hence, marketing plays a significantrole in success of a commodity. In this report, a brief description of marketing concept isprovided with relevance to McDonald’s working environment. An analytical approach that isused by McDonald’s to grab buyer attention is also described in the form of segmentation,targeting and positioning strategies along with marketing mix elements. Lastly, certaininformation will depict application of above described concepts in different segments that havebeen planned.TASK 1 1.1 Marketing processMarketing process consists of following elements:Analysing market opportunities: Products are manufactured when needs and demandsare identified by companies. McDonald’s uses this as an opportunity in the market to implementa strategy that will bring entire attention of consumers towards company’s product which willmeet their requirements. Another important aspect of this element is getting an understanding ofmarketplace where need is detected. This gives appropriate shape to proposed strategy (Mallen,2013).Selecting target market: A design of marketing plan is made with exact idea of targetedcustomers and their characteristics. For example: McDonald’s is planning a marketing strategyfor its happy meal product, target customer will be small children and their parents. This showsthat proposed strategy will serve children and innovation in delivering style will make this plandifferent from that of competitors (Armstrong and et. al., 2014).1
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