The Various Elements of Marketing Process
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Added on 2020-02-12
The Various Elements of Marketing Process
Added on 2020-02-12
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MARKETING PRINCIPLES
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................31.1 Explain the various elements of marketing process..............................................................31.2 Analyse the benefits and cost of marketing orientation of an organisation..........................4TASK 2............................................................................................................................................52.1 Describe micro and macro environmental factors which influence marketing decisions.....52.2 Propose segmentation criteria used for products in different markets..................................62.3 Choose target strategy for a selected product.......................................................................62.4 Demonstrate how buyer behaviour affects marketing activities in different buyingsituations.....................................................................................................................................72.5 Propose new positioning for a selected product/ service......................................................7TASK 3............................................................................................................................................73.1 Explain how products are developed to sustain competitive advantage...............................73.2 Distribution strategy..............................................................................................................83.3 Pricing strategy......................................................................................................................93.4Promotional activity...............................................................................................................93.5 Analyse additional element of extended marketing mix.....................................................10TASK 4..........................................................................................................................................114.1Plan marketing mix for two different segments in consumer markets for Vodafone UK...114.2 Difference in marketing products or services to business rather than consumers forVodafone UK............................................................................................................................124.3 Difference of international marketing from domestic marketing.......................................12CONCLUSION .............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTION Marketing is that procedure in which company deliver a product or services in the targetmarket by adopting the effective approach. Therefore, there are various type of marketingapproach that includes such as marketing research, STP ( Segmentation, targeting andpositioning) and also marketing-mix (Jobber and Ellis-Chadwick, 2012).. In the research projectthere are is a mainly discussion on internal and external factors that are directly affecting thebusiness. Thereafter, there is a also discussion on marketing-mix of Vodafone UK and HSBC. TASK 11.1 Explain the various elements of marketing processGreenwich Leisure Limited adopts the marketing process that helps them in understandthe expectation of a customers that helps them to attain their requirement in most effectivemanner. Thus, there are various aspects of marketing process that helps the company toeffectively capture the target market in most desired manner. These are as describe as follows- Situational Analysis- It is the primary stage of marketing process through the Companycan effectively analysis the condition in the workplace. It helps them to finding out thestrength and weakness of a company that are achieve through adoption of SWOTAnalysis. Thus, it facilitates the organisation management to evaluating their internal andexternal factors that affecting the activities or operations of a firm. In regard to this, thecited company evaluating the major environmental factors that directly impacting thefirm's activities and operations (Parker and et, 2011). The main purpose of analysis thecompany activities as well as functions and also able them to understand the company'starget market and also their market position in the UK. Thus, it able them to know themarket opportunities and also understand the weakness as well as to understand thethreatens that affect the firm. Marketing Strategy- It is the second stage of a marketing process through which thecompany able to understand their strength as well as weakness. Accordingly, they able toadopts the effective marketing strategy that helps them to capture a wider market andenhance customer base in most effective manner. Greenwich Leisure limited adopts themarket segmentation, targeting and positioning strategies and also marketing-mixstrategy. Thus, the Company implement the marketing-mix strategy in the target market
that helps them to capture a large market share and enhance customer base in desiredmanner. In regard to this, it is necessary for the firm to first adopts the market researchthrough which they able to understand the needs and desire of a customers. Thus, there isa needs to segment the United Kingdom market and targeting the only one single marketamong demographic, physiographic, geographic and sociographic segmentation.Therefore, the marketing-mix strategy implement in one single market segmentation inwhich they make positioning in that market by delivering a unique products. Marketing-mix decisions- The Greenwich Leisure limited applied the marketing-mixstrategy in the target market that attain the marketing objectives in most effective manner.There are various aspects of marketing-mix that are describe as follows- Product- The Greenwich Limited company offer a healthcare products or service in the targetmarket by attracting a large number of customers. Price- Greenwich Limited adopts the premium pricing strategy for the purpose of capturing themarket share through deliver a high quality of products or services in the target market. Promotion- The cited Company adopts the modern technology such as social media websitessuch as Facebook, Twitter and Instagram etc. Place- The cited Company adopts the distribution strategy in they choose only one channel inwhich they sell products or service in the target market directly. They adopts retailer and whole-seller intermediaries distribution strategy in which they deliver products indirectly to thecustomers. Implementation & Control- It is the last stage of marketing process in which thecompany implementing the marketing mix strategy in the target market such as UK. 1.2 Analyse the benefits and cost of marketing orientation of an organisationMarketing-orientation that are mainly focus on delivering the products or servicesaccording the customer's desires and preferences. The cited Company adopts the market-orientation approach in which it incur both cost and benefits. These are describe as follows- BenefitsCustomer advantages- In the market-orientation approach it requires deep marketingresearch for the purpose of understanding the customers desires. It able them to capture ahigh market share that enhance the sales and attain the objectives in most effectivemanner.
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