Marketing Principles and Practices
Added on 2020-01-28
21 Pages6651 Words33 Views
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MARKETING PRINCIPLES1
Executive SummaryThe study shows that in what way marketing principles are set in business ventures forbetter operation of business. This study reflects on different elements of marketing. Italso shows benefits as well as costs of marketing orientation for an organisation.Several macro as well as micro environmental factors are discussed in this study thatcan impact directly on marketing decisions. The study shows segmentation criteria fordifferent markets. The study shades light on targeting strategy for a product andservices. In what way, purchasers are decisions are affected are conveyed in this study.New strategy for positioning particular product and services are discussed in the courseof work. In what way, products are developed for sustaining competitive advantages inbusiness sectors. Distribution process and price of products and services need to be setproperly for better conduction of business. In what way, promotional activities areundertaken by business sectors are described in this study. It mentions about marketingmix that has been done for different markets. In what way, it has proved beneficial hasbeen clearly depicted in this study. Several differences regarding products and servicesare portrayed in this study. Differences between international marketing as well asdomestic marketing are explained through this study.Table of Content2
Introduction........................................................................................................................4Task 1................................................................................................................................41.1 Explaining several elements of marketing process.....................................................41.2 Evaluating benefits and costs of marketing orientation for a venture.........................5Task 2................................................................................................................................62.1 Macro as well as micro environment factors affecting decisions of marketing...........62.2 Proposing segmentation processes for products in markets......................................72.3 Choosing target strategy for particular product or service..........................................72.4 Demonstrating in what way, behavior of purchaser impacts on marketing activities..82.5 Proposing new positioning for a particular product.....................................................8Task 3................................................................................................................................93.1 Explaining in what way products are developed for sustaining advantages ofcompetition.........................................................................................................................93.2 Describing in what way, arrangement of distribution is done for providingconvenience to customers...............................................................................................103.3 Explaining process of setting prices to show objectives of ventures........................113.4 Illustrating in what way, promotional activities are integrated to attain objectives ofmarketing.........................................................................................................................123.5 Analysing elements of extended marketing mix........................................................13Task 4..............................................................................................................................144.1 Planning marketing mix for separate segments in consumer markets for VodafoneUK....................................................................................................................................144.2 Elucidating differences in products marketing to businesses instead of consumersfor Vodafone UK..............................................................................................................154.3 Showing in what way and why international marketing of Vodafone differs from thatdomestic marketing..........................................................................................................16Conclusion.......................................................................................................................17Reference List..................................................................................................................183
Introduction Marketing is an essential part of business that needs to be done suitably for ensuringprofitable results in business. It is important that business ventures need to adoptdifferent principles for marketing that are unique. This will help in gaining competitiveadvantages in both international as well as local market. Every business enterprise hadto understand their position in market before undertaking any ethics for businesses.Competition has to be suitably maintained in order to for attaining success in business.For convincing customers and creating brand awareness among them, companies needto develop new processes of marketing. This will help in maintaining their position inmarket. In this study, organisations like Vodafone UK and Starbucks are being taken asan example for understanding processes of marketing. In what way, marketing mix isbeing conducted for gaining advantages in competition are also clearly depicted infollowing study. Task 11.1 Explaining several elements of marketing processIn the opinion of Sheth and Sisodia (2015, p.45), the different tactics are applied formarketing the product by the company. Starbuck is a famous Coffee maker whosebusiness factor is analysed as follows:The first factor is to analyse the situation of market. Here, situation refers to theperception of customer toward the product. The Starbuck has analysed that the processof making product should be present in front of public, so their belief about thetransparency of policy of the company become stronger. Therefore they advertisedabout their manufacturing process on their website in a brief manner.As considered by Frederiksen et al. (2013, p.17), the loyalty of company should beknown to people and the service they provide should be customer oriented. Thecustomer should not get the feeling that company is trying to sell the product for theirown profit. Thus, the psychology of customer should be understood by the sales4
executive. There is one point where a customer is compelled to think about purchasingthe product.Some element is mentioned in the given context where a sales person can pressurizecustomer by telling the deadline of the low price of a product and also mentioning thecomfort of the person has relation with customer. As considered byArmstrong et al.(2014, p.67), personal needs of customer play an important role for the sales personwhen he is selling the product, but he has to inter relate the benefit of product withcustomer need.In the opinion of Nowaket al. (2015, p.2406), market research analysis is anotherimportant element for to give the feedback of customer’s needs. Once the analysis ofmarket has taken place, the next thing comes in the picture is approach toward theundesired customer. Nowadays, sales world has expanded its wing to everywhere thateven people are aware of the traditional way of selling. So, rather hard core selling ofthe product, an executive should make good relationship with the customer for a longrun.1.2 Evaluating benefits and costs of marketing orientation for aventureIn the opinion of Walker (2014, p.17), marketing orientation comprises of thosestrategies which would lead to a good relationship with a customer and increase theirprofitability margin. It becomes important for the organization to evaluate the cost andbenefit of a product. These two terms are interrelated to each other. As considered byCooke and Dayton (2015, p.132), the customer always wants the best quality of theproduct so that his expenditure on a product will be useful. In the mentioned context, thehard core selling for gaining the profit and selling the car as per the comfort of acustomer are explained nicely. The theory is applicable for the organisation also.In the opinion of Challagalla et al. (2014, p.15), there is two type of company who sellthe product for gaining the profit and selling the product for customer satisfaction.Evaluation of cost includes cost of designing the product, product quality, transportationcharges and service tax etc. The customer will appreciate company’s product if he issatisfied with its usage. Sometime company increase the quality of product to reach the5
customer desire but it has to increase the cost as well. Above context also explain that ifthe sales executive is selling for gaining profit only and customer understand sellerperception then information about this strategy of a company will be distributed by thecustomer to his relative and friend lead to the bad name of an organisation. Task 22.1 Macro as well as micro environment factors affecting decisions ofmarketingMacro elements affecting decision of marketing: Starbuck, which has started its journeyfrom 1971, become able to establish itself in the market of UK. The dynamic nature ofmarket with changing time has to be analysed with the help of market analyst. Starbuckhas started a program of getting reward points earn from expenditure by a customerand from that points, he/she will get free drink and food. This methodology will attractthat customer who spends more money or they are very rich. The market is flooded withpeople who earn average and spend limited. These people become a macro factor thatcan influence Starbuck’s business. Technology becomes one important element for thegrowth of an organisation. Starbuck already has taken the help of social network i.e.Facebook, for declaring about the points and reward. Therefore, by a social network, acompany has increased the consumption of its product.In the opinion of Hastings and Domegan (2013, p.14), the geographical element ofsome place is an important reason for the business of an organisation. The organisationshould aware of the fact whether its product has been used in the rural area also. Thatwould enhance the business with new experience of what people of a rural area like inthe product.The age of people also affects the business of the organisation because of their choicesin the product. An old person might not like much the hot coffee, because of healthissue. It is a responsibility of organisation to plan their services as per the age of people.The employee, investor, and shareholder of an organisation are the micro elementwhich influences the business of a company. An employee of a company sells theproduct, deal with customer and handle the management team, so they influence the6
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