Marketing Principles: Analysis of Bristol Cars and Standard Chartered

This report delves into the core principles of marketing, examining their application through case studies of Bristol Cars and Standard Chartered Bank. It begins by defining marketing and outlining the key elements of the marketing process, followed by an analysis of the costs and benefits of market orientation for Bristol Cars. The report then explores the influence of environmental factors on marketing decisions, discusses segmentation, targeting, and positioning strategies, and examines how buying behavior impacts marketing activities. A new positioning strategy is proposed for Bristol Cars, and the report transitions to a marketing perspective for a large bank (Standard Chartered), focusing on product development to sustain competitive advantage, distribution strategies, pricing, and promotional activities. The extended marketing mix is detailed, offering insights into its utilization in a competitive market to achieve a competitive edge. The report concludes with a summary of the key findings and recommendations.

MARKETING PRINCIPLES

CONTENTS
INTRODUCTION.....................................................................................................................................1
TASK – 1.................................................................................................................................................1
1.1 Different elements of marketing process..............................................................................1
1.2 Benefits and costs of a marketing orientation for Bristol Cars...............................................2
TASK – 2.................................................................................................................................................2
2.1 Environmental factors influencing marketing decisions........................................................3
2.2 Segmentation criteria for the products.................................................................................3
2.3 Targeting strategy for the product.........................................................................................3
2.4 Explaining how buying behaviour effects the marketing activities........................................4
2.5 New positioning strategy for product....................................................................................4
TASK – 3.................................................................................................................................................5
3.1 Development of product to sustain competitive advantage..................................................5
3.2 Arrangement of distribution for offering customer convenience..........................................5
3.3 Setting prices to reflect the objectives and market conditions of bank.................................6
3.4 Integration of promotional activity to accomplish marketing objectives...............................6
3.5 Elements of extended marketing mix....................................................................................7
TASK 4....................................................................................................................................................8
CONCLUSION.......................................................................................................................................13
REFERENCES........................................................................................................................................14

INTRODUCTION
Articulating about the marketing principles, it is being defined as an effective
management of activities such as inventory, distribution and advertising with a view to
relocate the products and services from the seller to the ultimate users so as to satisfy their
wants. These marketing essentials are being utilized for the purpose of optimizing
opportunities in the market to attain the desired goals and objectives of the firm (Cova and
Salle, 2008). In the current report study as well, various components of marketing process
will be discussed significantly considering varied case studies. Further, the cost and benefits
of market orientation will be analysed. Macro and micro environmental factors to determine
their influence on marketing decisions as well as growth of the company in future will be
discussed. The report will further focus on segmentation, targeting and positioning criteria.
Additionally, marketing mix will be developed in respect of a bank including elements of
extended marketing mix and will explain how buying behaviour influence the marketing
activities in varied buying situations.
TASK – 1
The current task is related with the case of marketers of cars who are engaged into
hard sell that pressurizes the customers to make a purchase. Pertaining to this, the needs of
the customer remains dissatisfied and they does not purchase again from the same marketer.
In this regards, Bristol cars is being selected which has been into manufacturing and trading
of luxury cars from past 70 years.
1.1 Different elements of marketing process
Numerous elements are being present in the marketing process of Bristol cars.
Marketing is quite crucial to attract consumers by taking into account their needs and
accomplishing the same by offering them satisfaction. It further offers appropriate
information to the clients in regards with the product and services being provided by the firm
(Obizhaeva and Wang, 2013). Thus, marketing in simple terms defined as a set of procedures
as well as guidelines that pays attention on needs of the patrons by offering information,
effective communication as well as timely distribution of the goods. In the present scenario,
Bristol car is making use of the marketing process for delivering right product to the right
customer at right place without using hard selling techniques (Álvarez, Casielles and Martín,
2010). Various components of marketing process can be used by the company and these are
as follows:
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 Situational analysis – It is important for the firm to identify internal and external
environmental factors affecting the company and opportunities to satisfy the needs
and wants of the customers. They should understand the perception of the customers
about the type of cars being required by them and then business strategies should be
planned.
 Development of marketing strategy – After the product is being developed, the firm is
required to market their cars in the market (Bostrom, Böhm and O'Connor, 2013).
Bristol cars might be relied on the prices of the competitors. Even they are also
dependent on the marketing conditions which are taken into account wile choosing
marketing strategy for the new and existing product.
 Marketing mix decisions – It is important for the firm to take the marketing mix
decision by keeping in consideration the target market group as through this large
number of clients can be attracted. Product, price, place and promotion is being
designed to accomplish the needs of the consumers.
 Implementation and control – The efforts of marketing is being measured by the firm
regularly so as to make sure that they are directed effectively and efficiently.
1.2 Benefits and costs of a marketing orientation for Bristol Cars
Market orientation is being defined as a business technique that helps in serving the
clients as per their needs and demands and not on the basis of the things being planned or
produced to offer. With this, the firm satisfies the needs and demands of the customers
through their offered products and services. Further, it includes several activities like selling,
marketing, social responsibility and production. It is quite vital to analyse the behaviour of
the clients for comprehending their needs. For maintaining the quality of the product, various
costs needs to be incurred by Bristol Cars such as sales and marketing. Better quality is
needed to promote the new cars to the maximum people (Baines, Fill and Page, 2011). In
addition to this, customers can be also be offered benefits by order online services which will
cost effective for the company in maintaining brand value and its development. Further,
Bristol car will get the benefit of market orientation however if it introduced new car than the
firm has the benefit of bearing the low risks. This pertains to the fact that effective research in
regards with marketing is being carried out by the organization. Thus, market orientation
offer benefits to Bristol cars in offering product as per the demand in the market that in turn
increase the satisfaction of the clients.
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TASK – 2
In the current task, as a newly appointed advisor to the marketing strategy of
automobile industry the main role is to conduct marketing environmental analysis and
understanding the concepts of STP.
2.1 Environmental factors influencing marketing decisions
The micro as well as macro-environmental factors has significant influence on the
functioning of Bristol Cars. The macro-environmental factors includes political, economic,
social, technological, environmental and legal factors. Marketing decision of the firm is
largely impacted by the political and legal factors which are uncontrollable in nature such as
rules and regulations of the UK government, restricted trade practices etc. For example, the
market of UK and EU are offering subsidy for low emission vehicles. Even they are receiving
higher support from the government. In addition to this, changing regimes of the UK
government and other political factors can also impacts the marketing decisions of the firm.
The firm is making an attempt to execute marketing strategy in order to attract the clients in
the festive seasons such as New Year, Christmas etc. with a view to receive maximum profits
and sales (Peter and Donnely, 2007). Further, micro factors includes the product, suppliers,
customers and employees of Bristol Cars. If the employees within the firm are not treated
equally and are discriminated some way or the other than it will influence the marketing
decision. Similarly, if the needs and wants of the customers are not satisfied than in the long
run company will not be able to maintain its market share and brand image. In addition to
this, less innovation in the product and supply chain will affect the company significantly.
2.2 Segmentation criteria for the products
The market segmentation needs to be carried out based on the age as well as buying
capacity of the clients. Bristol Car’s new product is low mission sports car and thus, it should
be offered by adopting the demographic and behavioural segmentation. Demographic
segmentation includes age, gender, income level and family. On the other hand, behavioural
segmentation segregates the population on the basis of their behaviour, usage and pattern of
decision making. With this, the firm will be able to deliver desired products to the clients and
can also increase their level of profit as well. Bristol Cars also carries out market research as
well as survey for segmenting their product. It is being referred as the method through which
market is divided as per the range of the product and assigns the reasonable cars based on the
income of the people.
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2.3 Targeting strategy for the product
Talking in relation with targeting, it is being referred as the process of determining the
potential customers as well as group who are ready to make purchase from the company.
Thus, the target customers of Bristol Cars should be based on the price and demand of the
customers. For targeting them, age, lifestyle and salary of the customers should be taken into
account. The company deals in expensive brand cars which some way or the other influence
its pricing policy and strategies of targeting the market. The cars manufactured by Bristol
Cars is mainly for the higher income groups (Melgar and Rossi, 2012). Thus, the firm will
target younger population with higher level of income aged between 20-35 years. In addition
to this, Bristol Cars should design their cars in such a manner that large number of customers
can be attracted and a competitive edge is achieved effectively in the market.
2.4 Explaining how buying behaviour effects the marketing activities
In the current business scenario, customers possess the power to rule the market, as
their buying behaviour changes as per their needs and expectations in relation with the
products and services. In order to accomplish the demand of the customers, Bristol Cars is
require to formulate strategy which is preferred by the target group. Here, marketing
activities has a crucial role to play which identifies the buying behaviour before launching the
products in the market. In addition to this, personal disposable income of the buyers also
support in understanding the criteria for marketing activities (Grimes, 2015). The customers
of Bristol Cars generally want to have data about the product which they are desiring to
purchase and this, search involves huge costs. Thus, information search is also influence the
buying decision of the patrons. Further, the company can utilize emotional as well as social
appeal in the marketing activities with a view to influence the customers towards making
purchase of the product. Buying behaviour of an individual is also impacted by the cost and
competitive price of the cars which influence the marketing activities of the firm. Online
platforms as well as direct marketing can be used by providing attractive discounts for their
range of cars by Bristol Cars.
2.5 New positioning strategy for product
Bristol Cars positioned themselves in the market by considering their brand image and
products. The company is planning to launch new low mission sports cars in the market and
thus, the positioning strategy should be dependent on the desire and demands of the target
market. Furthermore, sports cars of Bristol Cars should be positioned among the youths. It is
important on the part of firm to offer related features to the clients so as to attract varied
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buyers (Dou and et.al, 2007). The positioning strategy of the firm should consider the needs
and demands of the clients and products must be positioned in the markets with potential
buyers so as to maintain high level of contentment and maximum amount of revenue.
TASK – 3
In the current task, as a marketing manager of a large bank the main aim is to write
report on the extended element of marketing mix and offer details regarding the way it can be
utilized in present competitive market to achieve competitive edge. In this regard, Standard
Chartered bank is being taken into consideration.
3.1 Development of product to sustain competitive advantage
For the purpose of having long term viability as well as success, sustainable
competitive advantage is quiet essential. Standard Chartered bank is the largest banks of
United Kingdom rendering quality services in the banking sector from last 150 years. The
bank is being regulated by prudential regulation authority and is being ranked among the top
5 bank by market capitalization. From competitive advantages bank get the strength in order
to compete with the rivalries effectively (Kerin, 2006). Customers can be sustained only
when brand is created and a leading position is acquired. Thus, sustained competitive
advantage will allow the bank to survive against the competitors in the banking sectors.
Products should be developed considering the demands of the customers. Feedback system
should be developed through which information and ideas of the employees and customers
must be gathered in regards with the improvement of the services. Standard Chartered can
achieve competitive advantage by offering great value to the customers through decreasing
the loan interest and increasing interest on investment. Finally, the bank is also focusing on
providing quality services to their patrons by adopting new ideas (Huang and Sarigöllü,
2012).
3.2 Arrangement of distribution for offering customer convenience
Distribution plays a vital role in Standard Chartered bank which can be carried out
effectively through opening of more bans and ATMs on possible locations. Seeking help
from the distribution process, firms can deliver quality services to their patrons and also
creates a brand image at the same time. Currently, internet has made everything stress free by
offering timely and speedy banking services to people. Most of the people can do online
transactions to avoid human interventions (Sanchez and Freiling, 2005). Even physical
transaction is also offered by the bank for the customers who does not use internet and online
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banking services. In this regards, staff members of Standard Chartered help the customers to
finish their transaction and develops a healthy relationship as well. In addition to this, the
bank is required to determine the problems and issues being faced by the customers and must
improve their distribution channel. Business achieves growth because of customers and thus,
it is vital to understand what is being demanded by them so as to attract them in large
numbers. The customer value will significantly convey the difference amid the things being
received by the customers from bank and the things customers has given to the bank (Urde,
Baumgarth and Merrilees, 2013).
3.3 Setting prices to reflect the objectives and market conditions of bank
Price is being regarded as one of the vital aspect of the marketing mix. Pricing
decisions should be taken wisely so that bank gets maximum returns. It also influence the
perception of the customers. For instance, if the prices are low, then there will be high
demand and similarly, of the prices are high than there will be decreased demand. The main
aim of the companies is to maintain lower prices so that demands of the customers can be met
and they are satisfied. Standard Chartered bank maintain the prices of their services economic
with a view to bear the services of the firm. The main aim of the bank here is to capture large
market share and fix prices according to the market (Lindgreen, 2010). Further, the prices of
the services and products are completely based on the prices of the competitors. In addition,
they have also kept their margin low and fixed the prices so as to have more footfalls.
Standard chartered also adopts differential strategy wherein they set the prices of the products
and services differently in the market and also considers demand oriented policy wherein the
trend in analysed efficiently.
3.4 Integration of promotional activity to accomplish marketing objectives
Marketing objectives of the organization can be achieved with the help of effective
business strategies and promotional activities. Focusing in regards with promotion element of
marketing mix, it pays attention on strategies which can be used by the firms in order to offer
information to the customers. It significantly encompasses advertising, sales promotion,
personal selling and public relation for the promotion of activities of the company (Jackson,
2007). In addition to this, promotion of the products and services can also be carried out by
many activities such as through online means using social websites, marketing, sponsorship
etc. The marketing objectives and gaols can easily be achieved if promotion and advertising
message is integrated with them. In relation with promotion in Standard Chartered, the bank
hires marketing representatives which provide support in marketing the products of the banks
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and offers wide business to them. The bank is also engaged in offering sponsorship to events
as well as programs all across the globe. With this, Standard Chartered is successful enough
in reflecting their presence in the market. Further, the bank also promotes their products and
services through public relation and maintains the brand value in the intellects of the
customers so as to create reputation (Horlait, 2003).
3.5 Elements of extended marketing mix
Marketing mix has three basic elements in it i.e. people, process and physical
evidence. Explanation of these elements is being done below:
 People – It relates with the people which are doing job in the standard chartered bank.
They are the workers who serve the product and services of the bank to the customers.
They are responsible to offer quality services to the customers, as to make them
satisfied. Non delivery of promise will result dissatisfaction among the clients and the
bank will not be able develop loyal customer base. Standard Chartered bank offer
training to their staff members so that they can offer efficient services (Blythe and
Megicks, 2010). They have clean and clear processes which helps in delivering
extraordinary services to the clients. Further, proper monitoring is also done to ensure
that operations are carried out well.
 Physical evidence – It is being related with the things which are around the clients. It
is important for the bank to allure customers to make decision about the services that
it is indescribable. This is possible only through if the appearance around the
customers is good. Bank offer services good advent to the customers to make them
satisfied. In this regards, Standard chartered can put stylish and comfortable chair for
the customers all around. They can also develop physical things around the waiting
area so that customers feels good. Healthy and positive environment can be developed
in the bank to allure customers. The customers are paying money to the bank and
thus, it is there responsibility to offer essential services to them.
 Process – It is being defined as the way through which the services are being
delivered to the valuable customers of the bank. In many banks, these processes are
very long and utilize much time. Because of this, customers are required to wait for
longer period of time in queue in order to avail the services (Friedman and Parkes,
2003). This sometimes cause irritation among them and dissatisfied them with the
banking services being offered. Thus, Standard Chartered bank need to review their
process and must ensure that customers does not have to wait for longer period of
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time. Concerning this, there should be speciality counters at each and every branch of
the bank so that high number of gathering can be managed. Further, the flow of
activities of bank is according to the rules of Reserve bank which needs to be
followed and activities should be divided into varied departments accordingly
(Michelli, 2006).
TASK 4
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CONCLUSION
Thus, to conclude it can be said that marketing is not an easy task rather it requires
lots of planning and efforts. It is important for the companies to recognize the direction which
they need to follow to achieve success. It was originated that market segmentation should be
carried out by considering varied factors. Further, target base of consumers should be decided
along with proper positioning strategy to sustain in the market for longer period of time.
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Taking step by step efforts will help the organizations to become successful as well as
sustainable.
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REFERENCES
Books and journals
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management in the context of relationship marketing. Journal of Marketing Management,
4(1), pp.54-56.
Baines, P., Fill, C. and Page, K., 2011. Marketing. 2nd ed. London: Oxford University Press.
Blythe, J. and Megicks, P., 2010. Marketing planning: strategy, environment and context.
Financial Times/Prentice Hall.
Bostrom, A., Böhm, G. and O'Connor, R.E., 2013. Targeting and tailoring climate change
communications. Wiley Interdisciplinary Reviews: Climate Change, 4(5), pp.447-455.
Cova, B. and Salle, R., 2008. Marketing solutions in accordance with the SD logic: Co-
creating value with customer network actors. Industrial marketing management.
Dou, W., Lim, K.H., Su, C., Zhou, N. and Cui, N., 2010. Brand Positioning Strategy Using
Search Engine Marketing. MIS Quarterly, 34(2), pp.261-279.
Friedman, E.J. and Parkes, D.C., 2003. Pricing Wi-Fi at Starbucks: issues in online
mechanism design. 4thed. ACM.
Grimes, S.M., 2015. Playing by the market rules: Promotional priorities and
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Horlait, E., 2003. Mobile agents for telecommunication applications. London: Kogan Page
Science. Technology.
Huang, R. and Sarigöllü, E., 2012. How brand awareness relates to market outcome, brand
equity, and the marketing mix. Journal of Business Research, 65(1), pp.92-99.
Jackson, S., 2007. Market share is not enough: why strategic market positioning works.
Journal of Business Strategy, 28(1), pp.18-25.
Kerin, R., 2006. Marketing. New York: McGraw-Hill/Irwin.
Lindgreen, A., 2010. Market orientation. Farnham, Surrey, England: Gower.
Melgar, N. and Rossi, M., 2012. A Cross-Country Analysis of the Risk Factors for
Depression at the Micro and Macro Levels. American Journal of Economics and
Sociology, 71(2), pp. 354-376.
Michelli, J.A., 2006. The Standard Chartered experience: 5 principles for turning ordinary
into extraordinary. New York, NY: McGraw-Hill.
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Obizhaeva, A.A. and Wang, J., 2013. Optimal trading strategy and supply/demand dynamics.
Journal of Financial Markets, 16(1), pp.1-32.
Peter, P. and Donnely, J., 2007. Marketing Management Knowledge. 8thed. London: SAGE.
Sanchez, R. and Freiling, J., 2005. A focused issue on the marketing process in
organizational competence. Amsterdam: Elsevier JAI
Urde, M., Baumgarth, C. and Merrilees, B., 2013. Brand orientation and market orientation—
from alternatives to synergy. Journal of Business Research, 66(1), pp.13-20.
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