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MARKETING PRINCIPLES University Marketing Principles

   

Added on  2020-01-07

20 Pages4558 Words306 ViewsType: 306
Economics
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MARKETING PRINCIPLES University Marketing Principles_1

MARKETING PRINCIPLESContentsTask 1:.........................................................................................................................................................3LO1: Understand the concept and process of marketing..............................................................................31.1 Explain the various elements of the marketing process.....................................................................31.2 Evaluate the benefits and costs of a marketing orientation for McDonald’s......................................7LO2: Be able to use the concepts of segmentation, targeting and positioning.............................................72.1 Show macro and micro environmental factors which influence marketing decisions........................72.2 Propose segmentation criteria to be used for products in different markets.....................................112.3 Choose a targeting strategy for a selected product/service...............................................................122.4 Demonstrate how buyer behavior affects marketing activities in different buying situations..........122.5 Propose new positioning for a selected product/service...................................................................13LO3: Understand the individual elements of the extended marketing mix................................................143.1 Explain how products are developed to sustain competitive advantage...........................................143.2 Explain how distribution is arranged to provide customer convenience..........................................153.3 Explain how prices are set to reflect an organization's objectives and market conditions................153.4 Illustrate how promotional activity is integrated to achieve marketing objectives...........................163.5 Analyse the additional elements of the extended marketing mix.....................................................16Task 2:.......................................................................................................................................................17LO 4: Be able to use the marketing mix in different contexts....................................................................174.1 Plan marketing mixes for two different segments in consumer markets..........................................174.2 Illustrate differences in marketing products and services to businesses rather than consumers.......184.3 Show how and why international marketing differs from domestic marketing................................18References.................................................................................................................................................19Page 2 of 20
MARKETING PRINCIPLES University Marketing Principles_2

MARKETING PRINCIPLESTask 1:LO1: Understand the concept and process of marketing1.1 Explain the various elements of the marketing process The elements of the marketing process are defined to be the set of rules and controlling tools thatan organization or firm follows to produce their outline products and services and get the response from the customers and the market as they want in their target markets. Thus, these tools consist of every single and minute aspect that the firm needs to do and influence their product demand in the market.Marketing MixThe major elements of the marketing mix are as follows:Product: This is an essential element that the business begins with and begins for. The consumers' needs products are it tangible or non-tangible. In exchange of products, the business begins their processing of operational activities. Price: The value of the product represents the need and demand for that against which the consumers buy them. Good value of the product is an essential matter that shows the satisfaction value of the consumers who are willing to pay in return of service. Place: The availability of the product does matter that enhances the possibilities of the increasingthe demand for the products and the desire to buy them by the target customers and market. The easier and convenient the product availability is, the more is its demand. Nowadays people usually prefer on-line shopping, and that is an easily accessible aspect. Page 3 of 20
MARKETING PRINCIPLES University Marketing Principles_3

MARKETING PRINCIPLESPromotion: Advertising, public relation, personal selling, sales promotion and many other mediapromotions and advertisement consist of the strategies to spread that product or services to the people who may become aware of its existence. Spreading and introducing the product in the market is the system referred as the promotion. The new additional marketing Ps are:People: The people are the ones who help the company to run by providing their valuable support, effort and time. The managers, executives, lower level staffs to higher level employees are the people who help to ruin the business and thus are considered to be the most important element of the marketing after the 4Ps. Process: The process or attitude of serving the customers is one more factor that acts as an element of the marketing. The servicing techniques do matter as to deal with different types of customers and the ways that the customers will get the deliveries reflects the policies and visions of the company promoting the best of it to them. Physical evidence: Every service includes some or the other physical evidence like invoice bills,guarantee and warranty documentations and other means of tangible forms that are provided to the customer when the transaction is done. Therefore, it is a means of securing the customer protection and rights to gain their trust by serving trustworthy services with physical evidence and assurance. Page 4 of 20
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