MARKETING PRNCIPLES TABLE OF CONTENTS
Added on 2020-01-23
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MARKETING PRINCIPLES 1
TABLE OF CONTENTSINTRODUCTION ...............................................................................................................................3TASK 1.................................................................................................................................................31.1....................................................................................................................................................31.2....................................................................................................................................................4TASK 2 ................................................................................................................................................5TASK 3 ................................................................................................................................................53.1....................................................................................................................................................53.2....................................................................................................................................................63.3....................................................................................................................................................73.4....................................................................................................................................................8TASK 4.................................................................................................................................................94.1....................................................................................................................................................94.2..................................................................................................................................................104.3...................................................................................................................................................11CONCLUSION .................................................................................................................................12REFERENCES...................................................................................................................................142
INTRODUCTION Marketing is defined as a business activity which helps an organization for accomplishing itsdesired objectives in a productive manner (Kubacki and et.al., 2015). Advertising, brand promotion,development of distribution channel and product designing activities come under the same.Preferences of the purchaser also needs to be considered for formulating marketing strategies in asystematic way. It is essential that proper market research should be done for identifying the needsof consumers so that appropriate planning can be done as per the requirement of clients (CIM,2016). Present report is based on the firm, Lucozade, which is a leading sports drink company of UK.Major products rendered by company includes energy drink, sports drink, glucozade and Lucozadedrink. The report describes about various elements of marketing process and benefits and costs ofmarketing orientation for the cited firm have also been explained. In addition to this, various macroand micro environmental factors that affect the marketing process are also mentioned. Furthermore,segmentation criteria for various products of company in diverse market areas have been discussed.Moreover, a targeting strategy for a selected product has been explained in the report. Along withthis, difference between domestic and international marketing has also been described andmarketing mixes for two different consumer segments have been planned. TASK 11.1Lucozade is the largest energy drink provider company in world and it offers qualityservices to its consumers. Marketing is defined as a complex business activity that helps inachieving the desired objectives of business firm (Cătoiu, Vrânceanu and Filip, 2010). Various typesof activities are included in the process like product design, pricing decision, advertising andpromotional strategies as well as selection of distribution channel. Major elements of marketingprocess for the cited firm are as follows:Research:It is the primary stage in which proper market evaluation is done for identifyingthe opportunities and threats for Lucozade. It assists the firm in formulating strategies in aneffectual manner. Moreover, launching a new product and entering into a new market area requiresproper planning and market analysis (Kotler, 2008). Identification and analysis of consumer needscan be done by identifying the requirement of consumers in that particular market area. Formulation of the plan: It is required that an appropriate action plan should be formulatedfor achieving the desired objectives of business. At the initial stage, new market areas are identified3
by company for launching new products of enterprise. The information collected through researchhelp in accessing opportunities that can be availed by Lucozade. Proper marketing strategies areneeded to be formulated for accomplishing the common interest of business (Rosenbloom, 2012).An appropriate evaluation needs to be done for the complete data collected in research process. Marketing mix decisions: At this stage, management of Lucozade takes some effectivemarketing mix decisions for selling their products in market in an efficient manner. All decisions aretaken in an appropriate and planned way for attracting existing and potential consumers for thebusiness (Daymon and Holloway, 2010). All decisions of enterprise related to its marketingactivities are taken at this stage for promoting and selling commodities of business. Price of theproduct, distribution channel and promotional strategies are decided at this stage. Implementation and monitoring of the action plan: After conducting proper research,marketing strategies have been formulated and it is essential that all strategies should beimplemented in a proper manner so that required results will be achieved as per the needs ofenterprise (Mooij, 2013). 1.2Lucozade is a leading sports drink company of UK that provides quality services andcommodities to its consumers. Market orientation has some cost and benefits associated with it andmanagement needs to consider all of them while formulating strategies for the business (Amasaka,2011). Marketing orientation is defined as a process which focus on distributing the products in anefficient way for meeting requirements of consumers. This approach focus on designingcommodities of enterprise as per the needs of its buyers. There are various costs and benefitsassociated with marketing orientation technique and management of Lucozade needs to consider allfactors while developing marketing strategies for enterprise. Evaluation of requirements ofconsumers is done by conducting a market survey in which a questionnaire can be given to variousbuyers for filling (Lees-Marshment, 2009). Online survey is also conducted under which use ofinternet and Emails can be taken for sending the prepared questionnaire. Response given by thebuyers are noted properly and detailed analysis of entire data is done for identifying therequirements of consumers. Company invests funds for conducting market survey and money isalso invested in making improvements in the product quality. Research and development (R&D) of Lucozade play a significant role in designing productas per the requirement of consumers. Information collected through questionnaires is evaluated bythem and all the employees of department put their best possible efforts for making improvement incommodities as per the requirement of consumers (Tiwari, 2012). Management encourages new4
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