Principles and Practices of Marketing

Learn about the principles and practices of marketing and how to develop effective marketing strategies using the SOSTAC model. Explore the elements of the model, such as situational analysis, objectives, strategy, tactics, action, and control. Understand the importance of SMART objectives and the application of the Ansoff Matrix. Discover how to use marketing mix tactics and implement a proper action plan. Gain insights into controlling techniques for achieving marketing goals and enhancing profitability.

Principles and Practices
of Marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
SOSTAC model is a planning model which can be used by the organizations so that they
are able to understand the way in which they are able to determine the strategies to be adopted
for the achievement of their marketing objectives in an effective manner (Andronie and et.al.,
2019). Asda will make its use in Mali to frame a proper strategy for the purpose of entering into
the market of the country.
MAIN BODY
According to the presentation, the elements of SOSTAC model are as follows-
Situational Analysis- In the situational analysis of Asda, PESTEL analysis has been
covered. It identifies the different types of factors which the company is required to consider in
Mali. With the help of this analysis it has been analysed that for expanding its business
operations in Mali the company must make sure that it is able to consider all of them so that it
adopts a correct approach for expansion. As Mali is an under-developed country, these factors
have a lot of influence on the level of profits which Asda can earn. The changing circumstances
arising with these factors are also required to be considered.
Objectives- In the objectives part, Asda needs to make sure that its objectives are
SMART in nature i.e. Specific, Measurable, Achievable, Realistic and Timely. Asda therefore is
required to set objectives which it can achieve in a specific time frame. In Mali it can set the
following objectives-
 In Mali, Asda will aim to expand its stores so that it is able to generate more profits. This
objective is specific in nature.
 Asda has to aim to raise its market share in Mali up-to 30%. This objective is measurable
in nature.
 In Mali Asda needs to aim at setting targets for providing good services to the customers.
This objective is achievable in nature.
 Asda has to make sure that it is able to provide its customers with the best services even
after selling them its products and providing them with the services. This objective is
realistic in nature.
 The managers of Asda need to make sure that they are able to attain their objectives in a
specific time frame of 1 year in Mali. This makes the objectives timely in nature.
1

Strategy- Ansoff Matrix will be applied by Asda in order to determine the strategy which they
will use (Dumont and et.al., 2016). In Mali the best strategy which can be applied by the
company is Market Penetration Strategy because the company is new in the market of the
country and therefore it has to make use of this strategy to gather a strategic edge over its
competitors in the market.
Tactics- In the market of Mali, different types of tactics can be applied by the company so that it
is strategically ahead of the competitors. Therefore marketing mix can be framed by Asda. The
tactics for the marketing mix will be-
 Product- Asda will be required to offer a range of its products and services to its
customers in Mali.
 Price- Asda will make use of penetrative pricing strategy so that it is able to aggressively
market its products and services in Mali and get ahead of the competitors.
 Place- As Asda has chosen Mali for the purpose of expansion it needs to make sure that it
offers its range of products in different parts of the country by ensuring proper
segmentation of its market areas.
 Promotion- Asda will make use of attractive promotional methods in Mali so that it is
able to promote its goods and services and enhance its level of sales revenues to
maximize its profits in the country.
Action- In Mali, Asda has to make use of a proper action plan so that it is able to achieve the
goals and objectives it has set (Gordon and Oades, 2017). Thus it needs to identify a proper
location, hire the right employees, identify the legal requirements, use the proper promotional
techniques, concentrate on the targeting of the customers in segments and also launch its flagship
sales so that the customers can be attracted. For this there is a requirement of setting a proper
schedule which can be done by making the use of a Gantt Chart. The time-frame of the activities
in the Gantt Chart will be 1-08-2020 to 31-07-2021.
Control- In Mali, Asda has to make use of controlling techniques like Financial Reporting,
KPIs, Balanced Scorecard and Use of Databases (Yuruk-Kayapinar, 2020). In this way it will be
able to control the outcomes which it desires to achieve. If there are any deviations and variances
in them then rectifying actions can be taken by the organization so that it is able to attain the
goals and objectives.
2

CONCLUSION
Thus from the analysis of presentation, it is evident that SOSTAC framework needs to be
used by the organizations so that they are able to frame a right strategy for their marketing goals
and objectives. By making its use the companies can make sure that they are able to enhance the
level of profitability in the future time period.
3

REFERENCES
Books and Journals:
Andronie, M. and et.al., 2019. Integrating the Principles of Green Marketing by Using Big Data.
Good Practices. Amfiteatru Economic. 21(50). pp.258-269.
Dumont, A. M. and et.al., 2016. Clarifying the socioeconomic dimensions of agroecology:
between principles and practices. Agroecology and Sustainable Food Systems. 40(1).
pp.24-47.
Gordon, O. and Oades, L., 2017. Social marketing of wellbeing. Wellbeing, recovery and mental
health. pp.311-323.
Yuruk-Kayapinar, P., 2020. Basic Marketing Strategies and Marketing Mix in Small-Scale
Sports Events. In Principles and Practices of Small-Scale Sport Event Management (pp.
147-173). IGI Global.
4