Process of Developing and Maintaining Effective Relationship

Added on -2020-02-05

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Marketing Principlesand Practice1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 ................................................................................................................................................31.2 ................................................................................................................................................41.3 ................................................................................................................................................41.4 ................................................................................................................................................41.5 ................................................................................................................................................5TASK 2............................................................................................................................................62.1 ................................................................................................................................................62.2.................................................................................................................................................62.3.................................................................................................................................................72.4 ................................................................................................................................................72.5 ................................................................................................................................................8TASK 3............................................................................................................................................83.1 ................................................................................................................................................83.2.................................................................................................................................................93.3...............................................................................................................................................103.4...............................................................................................................................................103.5...............................................................................................................................................10Task 4.............................................................................................................................................114.1...............................................................................................................................................114.2...............................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................132
INTRODUCTIONMarketing principles is the process of developing and maintaining effective relationshipamong organization and customers for the purpose of creating goodwill of the business. Itfocuses upon developing product as per the needs of customers and meeting their expectations inan effectual manner (Guerra and Giannoni, 2013). The present report is based on major Britishretailer Marks & Spencer which offers range of product and services to end users. It isspecialized in clothing, luxury food products and home products. Further, role of marketing inbusiness is assessed by focusing upon factors influencing marketing and different elementsassociated with the same. In addition to this, various elements of marketing mix and methods ofsegmenting the market are explained. Apart from this, marketing plan is developed by taking intoaccount strategic aim and objectives as well as selecting correct target market.TASK 11.1 Marketing is the process of creating, exploring and delivering value to the customers byrendering right kind of product. However, product is delivered by understating the needs anddesires of buyers so as to increase their satisfaction level. Marketing is defined by itscontribution, role and importance of the business organization. It facilitates to deliver goodquality of services to large number of buyers and accordingly the corporation can increaseoverall rate of return (Turnbull and Valla, 2013). In addition to this, marketing consists ofselection of target market, market segmentation and consumer behavior. Therefore, marketing isthe set of institutions, activity and process for creating, delivering and communicatinginformation related to products and services to the buyers. On the other hand, marketing alsoinvolves marketing research under which specific information related to preferences and likingof buyers can be gathered (Hidayat, Putong and Utomo, 2015). In such manner, Marks &Spencer applies concept of marketing in its business strategies for attracting more buyers andretaining them for longer time span.1.2 Marketing plays an important role in the organization as it serves as mediator between thecompany and buyers. This is the only marketing process or strategies in which the products and3
services reach to consumers as per their desires and preferences. Here, business needs to focusupon getting information about the feedbacks of customers with regard to specific product. Onthe other hand, marketing research will be done for accessing competitors’ strategies so thataccordingly, Marks & Spencer can fulfill direct business objectives such as increasing salesturnover and rate of return (Chikweche and Fletcher, 2012). Moreover, competitive edge ofbusiness is created by using appropriate strategies such as bringing innovation in the product aswell as services. Moreover, buyers’ views can be taken on particular product and services so thataccordingly necessary changes can be made. In addition to this, marketing is helpful toaccomplish different objectives related to increasing sales turnover and building competitiveedge in the marketplace (Shin, Garikapati and Pendyala, 2015). Therefore, customer base can beincreased only with the help of marketing strategies. 1.3 There are different factors affecting marketing such as financial resources, physical andhuman. Basically, two types of factors affect marketing decisions of business which are internaland external. Here, internal factors include research and development, internal policies andpractices as well as finance and accounting. For example, if budget is low then marketingactivities can be controlled (Luo, Roach and Jiratchot, 2015). On the other hand, research anddevelopment is also effective through which business come to know about preferences of buyersand other potential changes taking place in the market.. Apart from this, external factors such astechnological innovation and policies as well as strategies set by government are also importantwhich has direct impact on the marketing activities of Marks & Spencer. Furthermore,technological innovation also impact marketing activities because company is required to copeup with the same (Kim and et al., 2014). For instance, currently social media is in trend and thesame should be used for promoting the products and services.1.4 Marketing is important in attracting large number of buyers and creating competitiveedge in the marketplace. All corporations have different roles and purposes and accordingly theyfollow marketing strategies. The health care sector which is established by government for wellbeing of general community also use appropriate marketing strategy for raising awarenessregarding several health issues (Lei and Moon, 2013). Furthermore, without marketing4

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