Principles and Practices Adopted by Different Organization
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Added on 2020-02-05
Principles and Practices Adopted by Different Organization
Added on 2020-02-05
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MARKETING PRINCIPLES ANDPRACTICE1
TABLE OF CONTENTSINTRODUCTION ...............................................................................................................................3TASK 1.................................................................................................................................................31.1....................................................................................................................................................31.2....................................................................................................................................................31.3....................................................................................................................................................41.4....................................................................................................................................................41.5....................................................................................................................................................5TASK 2 ................................................................................................................................................62.1....................................................................................................................................................62.2 ...................................................................................................................................................72.3 ...................................................................................................................................................82.4 ...................................................................................................................................................82.5 ...................................................................................................................................................8TASK 3 ................................................................................................................................................93.1....................................................................................................................................................93.2....................................................................................................................................................93.3..................................................................................................................................................103.4..................................................................................................................................................103.5..................................................................................................................................................10TASK 4...............................................................................................................................................114.1...................................................................................................................................................114.2...................................................................................................................................................11CONCLUSION .................................................................................................................................12REFERENCES...................................................................................................................................132
INTRODUCTION Marketing is a broad and significant function that is being used for determining success ofthe business. It supports the organization in gaining competitive advantage and sustainable growthfor the business (Coduto, 2015). Fundamental and key areas of marketing include product pricing,positioning, segmentation, advertising and distribution strategy. Profitability and growth of theenterprise is supported by various marketing functions. Present report is based on principles andpractices adopted by different organizations. Importance of marketing and its contribution forachieving set objectives of the business has been mentioned. In addition to this methods ofmarketing segments and pricing strategies has been explained in the report. TASK 11.1Marketing is defined as process of making strategies for ensuring success and profitability ofthe business (Dinnie, 2015). Various institutes have provided definition of the same and it aid inunderstanding concept and importance of the marketing. The Charted Institute of Marketing hasdescribed “Marketing is the management process responsible for identifying, anticipating andsatisfying consumer requirement profitably”(Chartered institute of marketing, 2016). All thepolicies and strategies of the business are formulated while keeping consumers at the core. Effectivemarketing activities add in achieving desired targets of the business in a systematic manner. It is acritical and complex business function which supports overall operational activities of the business.Direct marketing, advertising and public relation development comes under the concept ofmarketing. Living venture limited is a medium size enterprise that serves in UK. The companyoperates chain of restaurant and bars in west London. It is a challenging and critical task to providequality services to the consumers coming from different geographical and cultural background(Jobber and Ellis-Chadwick, 2012). Management of the corporation formulates various policies forexecuting functions of the business. Developing marketing strategies support in increasingconsumer base and revenue for the corporation.3
1.2Marketing is a critical and significant business function that supports in accomplishingobjectives of the enterprise (Moriarty and et.al., 2014). Living venture limited serves to largenumber of consumers through their restaurants and bars. Many food products are launched by thebusiness from time to time and advertising for that is done through social media platforms includingTwitter, Facebook and YouTube. It comes under the advertising strategy of the company andproduct awareness is created by making use of these techniques. The management of company is planning for expanding their business operations andformulations of various types of promotional strategies aid in increasing market share of thecorporation in a effectual mode (McNiff, 2013). Advertising and product promotion strategies assistin enhancing brand awareness of the business. More consumers are be attracted by doing marketingof various products offered by the firm. It contributes in a positive manner for improving clientfocus and enhancing their satisfaction. Reputation and awareness of the corporation can also beenhanced by making use of effective marketing strategies (Blau, Ferber and Winkler, 2013).Gaining competitive advantage and sustainable growth for the company is achieved and requiredtargets are completed by making use of these strategies. 1.3Living venture limited serves their customers by offering them quality food products andbeverages. Various external business factors affects the functioning of the organization and overallgrowth and success also gets affected by these factors (Black, 2013). Political factors that includelegal and regulatory frameworks formulated by government of the Nation. It is essential for Livingventure limited to follow all the legal guidelines given by the state and various decisions of theenterprise get affected by it. Economic conditions of a nation also influence the working of the firm.Deflation and inflation causes changes in purchasing capacity of the consumers and due to thatfinancial and monetary revenue of the organization gets affected. New changes in technology also affect functioning of the business as new machines andequipments for preparing food comes regularly in market (Ritchie and et.al., 2013). Companyneeds to adopt all the technical changes for moving ahead with their competitors. The corporationdeals in a consumer oriented business and various rival firms create competition and challenge forthe company. Living venture limited needs to adopt and implement effective business policies forensuring growth and success of the organization.1.4Not for profit marketing is explained as a systematic procedure under which social servicesare provided by a business group (Baker and Saren, 2016). Activities and strategies adopted by a4
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