Marketing Strategy and Mix Analysis
Added on 2020-02-03
17 Pages4470 Words132 Views
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MARKETINGPRINCIPLES1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3a) The main activities covered by marketing...............................................................................3b) Concept of marketing orientation highlighting its cost and benefits.......................................3c) Discussing the importance of each one of the four Ps of product marketing mix ..................4d) Importance of additional Ps of service marketing mix ..........................................................6TASK 2............................................................................................................................................7a) Segmentation criteria that can be used by Sainsbury in different market for its offerings......7b) Targeting strategies for Sainsbury ..........................................................................................8c) New positioning strategy for customized designer clothes of Sainsbury................................9e) Buying behavior and its impact on its marketing activities...................................................10f) Marketing mix for two different segments in customer markets...........................................10TASK 3..........................................................................................................................................11a) Difference between international and domestic marketing ..................................................11b) The key micro environmental factors that should be consider while expandinginternationally ...........................................................................................................................11c) Describing the macro factors that must be considered by company .....................................12d) The competitive advantages available to Sainsbury .............................................................13e) Key elements of marketing process that must be followed while foreign expansion ...........13CONCLUSION .............................................................................................................................14REFERENCES .............................................................................................................................152
INTRODUCTIONMarketing includes different processes that are associated with determining thecustomer’s need, preferences as well as likes and accordingly offering products or services tothem. Marketing can also be regarded as a mode of communication between the potentialcustomers and the organization. Marketing principles are focused on four key elements includingproduct, price, place and promotion (Goi, 2009). In the present report, different aspects ofmarketing will be studied in the context of Sainsbury. It is a leading supermarket chain andgrocery retailer of UK. In this report, various macro and micro factors that can impact theoperations of company will be highlighted. Further, new positioning strategy for Sainsbury’sclothing products will also be devised. TASK 1a) The main activities covered by marketingDescribed below are the key activities covered bymarketing process of Sainsbury: Sales promotion: Company can use the technique of sales promotion to attract more andmore customers. In this respect, coupons, offers and discounts can be used.Targeting: Business is also defined target markets when they carry out their marketingactivities. This includes the process defining targeted customers among various people inthe market (Bearden, 2006). Segmentation: It refers to dividing total market on the basis of various factors such asdemographic, behavioral, psychographic etc. It helps in reaching the customers in thebest manner. Positioning: It helps in building distinct position of company in the market as comparedto its rivals (Kotler and Armstrong, 2010). 3
b) Concept of marketing orientation highlighting its cost and benefitsMarketing orientation is a business approach based on offering products and services thatare designed as per the customer specifications, needs and preferences. It is a customer centeredapproach which ensures maximum customer satisfaction (Henley, Raffin and Caemmerer, 2013).It further helps Sainsbury in retaining customers along with ensuring brand loyalty and repetitivepurchase from them. However, marketing orientation involves various costs and benefits whichare as follows: Benefits Customer focused: Marketing orientation focuses on the unsatisfied needs of customersand assists in fulfilling them. Therefore, customers feel valued as company takesconsideration of their needs, likes, desires etc. This enhances their satisfaction level andbuild brand love among them (Element of marketing process,2015). Constant improvement: Marketing orientation stimulates Sainsbury in makingconsistent modifications in its products and services to meet the needs of customers in thebest manner. Costs Research cost: To ascertain the needs of customers, company has to invest large funds inresearch and development projects, purchase expensive technical infrastructure to obtaincustomer and market data etc. (Caemmerer, 2009). External impacts: Due to intense competition, retail industry is getting restricted in therespect of growth opportunities. This further provides little return from the expendituredone in marketing orientation program (Carlson and Manktelow, 2013). Thereafter, poortechniques and non-relevant customer information can affect marketer’s efficiency to getmarket intelligence resulting into high priced business decisions. c) Discussing the importance of each one of the four Ps of product marketing mix Thesignificance of 4Ps of product marketing mix are explained as follows: 4
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