Report On Next Plc - Element Of Marketing Process & Segmentation

Added on -2020-02-05

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Marketing Principles
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Elements of marketing process..............................................................................................31.2 Evaluating benefits and cost of marketing orientation..........................................................42.1 Analyzing micro and macro environment..............................................................................42.2 Proposing segmentation criteria.............................................................................................52.3 Targeting strategy for the selected product and services.......................................................62.4 Impact of buying behavior on marketing activities in different buying situations................62.5 Proposing new positioning of selected product and service..................................................73.1 Development of product to sustain competitive advantage ..................................................73.2 Use of distribution to provide customer convenience............................................................83.3 Setting prices to reflect the organization's objectives and market conditions.......................83.4 Integration of promotional activity to achieve marketing objectives....................................83.5 Analyzing additional elements of extended marketing mix..................................................9TASK 2............................................................................................................................................94.1 Planning marketing mixes for two different marketing segments.........................................94.2 Differences in marketing products and services to businesses rather than consumers........104.3 Differentiate between international marketing and domestic marketing.............................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................122
INTRODUCTIONMarketing principle is the most imperative aspect because it assists the corporation topromote products and services in the marketplace. The aspect of marketing makes it possible fororganization to increase the customer base by introducing product in the market successfully.Present report is based on Next plc; a British multinational organization that provides productsand services in clothing, footwear and home products. Further, report covers element ofmarketing process and different segmentation criteria which aid to speed up the flow ofproduction. In addition to this, promotional activities are explained for achieving the setobjectives of marketing.TASK 11.1 Elements of marketing processMarketing refers to process of introducing product into marketing with proper research incontext of target audience and ultimate users. The process of marketing consists of severalelements which are explained as follows-Understanding the marketplace- It is the most important part of marketing process as itsheds light on market analysis regarding present competitors and demand of products andservices (Adcock Halborg and Ross, 2001).Identifying customers- Under this step, corporation recognizes the needs and preferencesof buyers and accordingly, products and services are introduced in the marketplace. Thisleads to meet the expectations of customers effectively. Planning for marketing activities (STP) - This is the next imperative process ofmarketing where focus is laid on segmentation, targeting and positioning. This assistscompany to target the end users and to cater their needs (Blythe and Zimmerman, 2013).Building profitable relationship- This step is an important part of market process wherecompany focuses on customers' feedback against the new product launched in the market.Also, build good relationship with them in order to retain them for longer time span.Monitoring and controlling- The last step of marketing process facilitates Next plc toreview the overall process and accordingly, to make changes in the plan. This leads toreduce the gap between actual and expected results (Chung, 2007).3
1.2 Evaluating benefits and cost of marketing orientationThe marketing orientation refers to identify the need of customers and providing productsand services accordingly. Marketing orientation enables organization to deliver good quality ofproducts and services to large number of buyers. The cost of marketing is very high becauseresearch and development department of organization conducts in-depth analysis of market byconducting customer survey (Alserhan, 2012). Here, benefit of marketing orientation is to ensurecompliance of quality standard and to meet the expectation of end users in a right manner. Thisaspect of marketing makes it possible for the corporation to create competitive edge and toincrease the customer base. Furthermore, marketing orientation is directly connected with theintroduction of new product in the marketplace which enhances the level of satisfaction amongexisting buyers.In addition to this, marketing orientation is combination of intelligencegathering, intelligence dissemination and responsiveness. It affects managerial decision ofcorporation to a great extent. Owing to this, it is very important to understand the currentsituation of market and accordingly make decision so as to enhance the sales turnover as well asprofitability of organization. Apart from this, market orientation includes three major componentsuch as customer, competitor and inter-functional coordination which prove to be effective totake right decision for the growth and success of corporation.Furthermore, marketing orientation is the way to adopt different kinds of marketingstrategies to boost the sales turnover and profitability of corporation (Dann, 2008). On the otherhand, sometimes, high cost of marketing orientation may lead to loss of the firm because it mightbe possible that customers dislike the new product. Apart from this, marketing orientation assistsorganization to create distinctive image in the marketplace by bringing innovation in existingproducts and services (Ivy, 2008). Furthermore cost is incurred while selecting the rightmarketing strategies to enhance the sales turnover and profitability of corporation. Apart fromthis, marketing orientation makes it possible to bring new product in the marketplace withinnovation.4

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