Marketing Principles for Long-Term Relationships
Added on 2020-06-04
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Principles of Marketing
Table of ContentsINTRODUCTION...........................................................................................................................3TASK1.............................................................................................................................................31.1 Marketing elements.........................................................................................................31.2 Benefits related to orientation of markets........................................................................42.1 Macro and micro environmental factors ..........................................................................52.2 Segmentation criteria .......................................................................................................62.3 Targeting strategy for new products.................................................................................62.4 Buyer behaviour that affects marketing ..........................................................................72.5 New positioning ...............................................................................................................7TASK 3............................................................................................................................................83.1 Explain how products are developed ...............................................................................83.2 customer convenience......................................................................................................93.3 Prices reflect an objectives and market conditions........................................................103.5- Marketing mix elements...............................................................................................114.1 Marketing Mixes for different segments........................................................................114.2 Differences types of products and services...................................................................124.3 Difference between Global and National Markets.........................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing involves large range required by products according to theneeds of consumers and then delivering it to them on the basis of theirdemands. There are 4 elements of marketing processes which are known asbasic 4P's required by the company. They are known as main marketingconcepts. But there are other 3P's on which the basic elements arethoroughly dependent on the part of providing the products and services tothe consumers. The Mc Donald uses all the elements of marketing in order toprovide products and services which cater to the requirements of targettedconsumers. The consumers are benefited by the way of getting the rightproduct available in the market. This is essential and major element becauseeven though the product is superior in quality but if the price is not accordingto the needs of the consumers then also the sales of the company decreases.TASK11.1 Marketing elementsThe marketing process consist of various determinants are theelements which caters the delivery regarding the products or services asrequired by consumers in day to day life. The various elements of marketingprocess areProduct- The product can be defined as anything that can be offered tothe consumers which have a unique shape, size, colour and name. Theproduct is not only the physical product but it can be any service whichcan be provided to the consumers. The Mc Donald is providing variousproducts like Burger, French Fries, etc. and also provide services suchas home delivery, proper packaging, etc.Price- The price is anything which an individual pays in order to buyany product or service. The prices are decided on the basis of featuresand qualities of the product and service. The Mc Donald has been
delivering the products and services on the effective cost basis as perthe choice of consumers.Place – The identical area where the product or service is sold anddelivered. The place can be of 2 types physical or non physical.Physical place means that the product is actually available in thestores and non physical place means that through online display ofgoods and services which helps the consumers in choosing variety ofproducts at their home. The Mc Donald has been delivering theproducts through orders from online App and websites which helpsthem in gathering more consumers.Promotion- The techniques or the methods which are being used todeliver product or service to the consumers. The Mc Donald has beenpromoting its products through big celebrities and reputedpersonalities as its a big brand name in market.1.2 Benefits related to orientation of marketsThe business process refers to all the elements that focuses bydelivering desired products and services to customers according to therequired needs and desires (Frank ,2010). Mc Donald company cares aboutthe customers requirements. As company's Aloo tiki is regarded the famousand most delicious item which caters to customers benefits for it.AdvantagesTo analyse the market trends of current nature:- As the businessfirm plans for marketing related to product and service delivery it willhelp them to analyse trends of marketing related to current nature ofproducts and services in competitive markets. To find customers desire regarding all the elements of makingit useful to consumers:-The company needs to identify needs ordemands. Then accordingly make changes based on their product line-up.
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