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Principles and Practices of Marketing

   

Added on  2020-10-22

13 Pages3775 Words498 Views
PRINCIPLES ANDPRACTICES OFMARKETING 2
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Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1Company Overview....................................................................................................................1Application of SOSTAC model in marketing strategy and analysing its each element.............2TASK 2............................................................................................................................................7Evaluation of the effectiveness of the current marketing strategy..............................................7TASK 3............................................................................................................................................8Critical evaluation of both past and current marketing management concepts and theories......8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTION Marketing principles and practices helps business organisation to build effective businessstrategies that guides to sustain in competitive environment. Marketing is also considered as thecrucial and complex part of business organisation. Morrisons is one of the largest supermarketsin United Kingdom. Morrisons provides products and services such as books, magazines,clothing, DVDs, CDs, food and drinks. The organisation aims at using SOSTAC model to focuson moving the supermarket to a different country outside the UK. In the following report,SOSTAC model is applied to the marketing strategy of business and its emphasis is on macroenvironment is also done. The report explains effectiveness of the SOSTAC model applied onthe business. The report further provides recommendation for improvements to the retailbusiness organisation.TASK 1Company OverviewMorrisons is a public company that deals in chain supermarket business and stands theposition of fourth largest supermarket in United Kingdom. There are 498 retail stores acrossEngland, Scotland and Wales. Morrisons provides employment to around 132,000 peoplethrough its largely spread business. Its headquarters is situated in Bradford, West Yorkshire,England. The organisation was founded in the year 1899 by William Morrison. The company isalso listed in the London Stock Exchange. Morrisons deals in retail market business and provides products such as food, drinks,toiletries, groceries, clothing and books (Yu and Ramanathan, 2016). The organisation aims atbeing more competitive and providing value to the money of customers through satisfying them.Company ensures that it provides brand and quality products at the best possible cost price.Morrisons makes changes in its operations according to need and demands of customers,employees and overall community. The motive and aim of Morrisons is to offer services tocustomers with one-stop-shop by providing them with whatever they want. The organisationfocuses on simplifying and speeding up to build culture based environment with consistent andclear way of working. The organisation aims at developing its marketing strategies in a way thatbrings effective results of expansion of business in different country or markets. The SOSTAC1
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