Principles of Marketing: A Study on Marketing Mix and Strategies

This report delves into the principles of marketing, specifically focusing on the marketing mix and strategies used by companies. It examines the case of Lucozade and Red Bull, two energy drink companies, and their approaches to target market, product, price, place, and promotion. The report highlights the importance of effective marketing strategies in achieving business success.

Principles of
Marketing

Table of Contents
Executive summary : .......................................................................................................................1
Introduction: ....................................................................................................................................1
Target market.................................................................................................................................1
Product:......................................................................................................................................2
Price: .........................................................................................................................................3
Place:..........................................................................................................................................4
Promotion: ................................................................................................................................4
Conclusion: .....................................................................................................................................4
References: ......................................................................................................................................5

Executive summary :
Under this report, the principles of marketing is a process which include different types
of marketing elements such as 4p's namely product, price, place and promotion. Marketing mix
is concerned as approach to have place their product in the right market in the right time so that
goods are services are provide to the target audience. The principles of marketing used by the
company to make effective marketing strategies for the team to run the business successful in the
target market. For this report the two organisation is chosen such as Lucozade energy and Red
bull, both the company are provide energy drinks to its target audience.
Introduction:
Marketing mix is a strategies to place the product and services in the right market by
promoting their product in the impressive ways so that customer can attract to the product in the
market. Their are 4p's such as product, price, place and promotion which play importation role
in making good marketing strategies for the company to have profit in the longer period of time.
These elements are used by the firms to achieve the target mission and vision of the
organisation. For this report two organisation is chosen one is Lucozade which is soft drink
manufactured by the Japanese company, create the Glucozin in the UK market and second
organisation is Red bull which also provide energy drinks in the market which are sold by the
Red Bull GmBH, company created in 1987.
(Alserhan, 2015)
Target market.
The target market refers to the group of people who have same needs and desire for the product
and services. It is also consider as sub set of overall market to which company needs to
provide goods and services and make profits out the such activities. Under this situations it
involved different things such as sKennedy, A., 2014. Understanding continuing professional
development: the need for theory to impact on policy and practice. Professional development in
education, 40(5), pp.688-697.egmentation, targeting and positioning the product in the target
marketplace. For any successful business, the company needs to identify their target audience so
that product is useful for the customer as well as company can earn the profits in the longer
period of time. (Armstrong Adam and Kotler, 2014)
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With the reference of Lucozade energy drinks, the company provide such product in the
target market of the UK economy and under the name of the Japanese company so that
customer can be attached to buy such goods and services. To increase the sale of the product and
service, company uses different methods to promote the its goods so that customer are aware
about the different schemes given by the organisation to its target audience. Lucozade company
have a brand image in the market which encourages them to expand their business at the
international levels and earn the profits in lieu of providing them various different types of
energy drinks in the marketplace. ( Brown, 2015)
On the other hands, the Red bull also provide energy drink to its target market sharing
the highest market share in the market selling the 6.90 billion cans in the 2019 years. The
manager of red bull make effective strategies to promote its product in the target market by
advertising in target market by the use of word of mouth and taking the feedback from the
customer to know that audience are aware about the product and services in the completive
market place. The company provide different product such as red bull energy drinks and
different types of shot , energy can which are free from sugar and red bull total zero, to its
different type of customer at various location so that product are manufactured according to the
needs of its customer from time to time. After examining the annual report of the company it
can be seen that company generates around 2 million revenue in the market for the 2018-2019
years. The companies marketing campaign targets the men who are into the sports and
adventures activities such as mountain -biking, BMX, motorcycle race, skateboarding and
various different sports , these kind of customer are regular customer of the product and
services. (Bühler and Nufer, 2015)(
As per above discussion, it can stated that both the company uses various ways to
promote their product in the target market and produce the goods according to the needs of the
customer and gives them a new product.
The marketing mix of both the companies are discussed as follows:
Product:
For any organisation their product is very essentials part of business operations for
achieving the goals and objectives of the company in the long run.
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The both the company uses Levitts model as it helps in defining the different shape , size ,
packaging , colour and various different things which makes it different from the another
product in the market. It include different levels which are explain as follows: Murtha. and
Jaworski, 2014)
Core needs: With the references of the lucozade company uses different types of
ingredient to make good drink for its customer and gives various kind of product such as
Lucozade original ,orgabe and pink lemonade, Caribbean crush and various kind of product to
its target customer's in the market.
In the context of red bull, the company use variety of product to make the drinks taste good in
comparison of another products. It also offers various goods such as grapefruit, blueberry kiwi-
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apple variety of product to its customer so attract more customer to the company for the longer
period of time. Cummins,( Loe nd Peltier, , 2016)
Actual product: under this condition, the company gives the reality check for the
product and services. The manager of the Lucozade company sale their product to the target
market to check if the product are likeable by the customer in the market.
In the context of red bull, the company test its product in the market by giving the product to the
customer and take feedback from them to make changes in the goods and services.
Expected product: according to this stages, both the firms tries to fulfil the customer
expectations which helps them in achieving the goals and objective of the company in the long
run. Company tries to provide a give best product to its customer to gain the profits in the target
market.( Armstrong , Harris, and Piercy, 2014)
Augmented product: under this situation,the companies focus on providing various type
of schemes which helps them gain the completive advantages in the market. Company provide
them discount on product and services and various another things.
Potential product: here both the company tries to have a unique product so that they
have potential goods in the market for the customer. Such kind of product provide customer
strong feeling for the company and building good image in the market.
Price:
with the references of Lucozade, the company charge affordable price form its customer so that
large number of audience can be attach to the company and provide various kind of product and
services to its target customer.
In the context of Red bull, the company sale the product in the reasonable price so that customer
can purchase them in the marketplace. (Porral, and Stanton, 2017)
Comparison of the cost of both company
Lucozade Red bull
£0.79~1.25 £1.25~2.02
90p~20.5p 36.9p~54.0p
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Place:
it is important part of any organisation as placing the product and services at the right location
helps in having more customer in the long period of time. The both the companies have their
stores at the international levels and tries to expand their business to next levels. The Lucozade
offers its goods at various super market stores so that company can increase the number of
customer . Whereas, the red bull company tries to reach out to larger customer by offering their
product at international market stores. ( Nowak, and Butler, 2015)
Promotion:
under this situations, the lucozade company tries to make aware its customer about various type
of product by promoting them by advertising in the social media, by word of mouth, and
newspaper. whereas the red bull company also promote its goods and services by advertisement
mode such as television and different platform to make customer aware about the product.
As per above discussion, the both the company make use of resource in best possible way to
build the brand image in their respective target marketplace. The company have to chosen best
product for its customer and update them from time to time about coming new product and
services in the market so satisfied them and earn the profits in the long run.(Rowley,
2016.Smith, 2014)
Conclusion:
According to the above discussion, it can be stated that marketing mix is essential part of
any organisation if they want to get success on the long run. The 4p's helps both the company
to place their product and services in the right and target market place. The company all tries to
make its customer aware about the different types of product in Their stores so that they can
attract more customer (Storey, Hess, and Saffitz, 2015)
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References:
Books and journal:
Alserhan, B. A., 2015. The principles of Islamic marketing. Ashgate Publishing, Ltd..
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson
Australia.
Brown, B .S., 2015. A Multiple Discriminant Analysis Prediction of Performance in Principles
of Marketing. In The 1980’s: A Decade of Marketing Challenges (pp. 112-115).
Springer, Cham.
Bühler, A. and Nufer, G., 2015. Marketing in sports.
Burns, A. C., Bush, R. F. and Sinha, N., 2014. Marketing research (Vol. 7). Harlow: Pearson.
Challagalla, G., Murtha, B. R. and Jaworski, B., 2014. Marketing doctrine: a principles-based
approach to guiding marketing decision making in firms. Journal of Marketing,. 78(4).
pp.4-20.
Cummins, S., Loe, T. and Peltier, J. W., 2016. Using sales competition videos in a principles of
marketing class to improve interest in a sales career. Journal for Advancement of
Marketing Education. 24(Special Issue on Sales Education), p.16.
Kotler, P., Armstrong, G., Harris, L.C. and Piercy, N., 2014. Principles of Marketing, 4th
European edition. Financial times/Prentice hall.
Nowak, G J., and Butler, R., 2015. Addressing vaccine hesitancy: The potential value of
commercial and social marketing principles and practices. Vaccine. 33(34). pp.4204-
4211.
Porral, C .C. and Stanton, J. L., 2017. Principles of marketing. ESIC Editorial.
Rowley, J., 2016. Information marketing. Routledge.
Smith, M. C., 2014. Principles of pharmaceutical marketing. Routledge.
Storey, J. D., Hess, R. and Saffitz, G., 2015. Social marketing.
Young, M. R., 2014. Integrating Quality Matters into hybrid course design: A principles of
marketing case study. Journal of Marketing Education. 36(3) pp.233-243.
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