Comprehensive Report: Marketing Principles Applied to Next PLC

This report delves into the marketing principles employed by Next PLC, a British multinational clothing and home products company. It explores the core marketing principles, including product, price, place, and promotion, and how these elements are applied to the company's operations. The rep...Read More

MARKETING
PRINCIPLES

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK ..............................................................................................................................................3
A. Marketing Principles of the business .............................................................................3
B. Four Marketing Principles.................................................................................................4
C. Techniques used in marketing the product or services......................................................4
D. The stages of new product development...........................................................................5
CONCLUSION................................................................................................................................6
RECOMMENDATION...................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Marketing Principle are the principles which are used for the marketing business by
different ideas and concepts which widen the process. In many business their use varieties of
marketing principles in terms of optimizing the performance of the market to launch a product
for the successful business (Bearden, 2006). Marketing principle are the types of promotional
strategies of the product in the market. Next PLC is a company is a British multinational
clothing, footwear and home products. It opens new larger stores in different countries which
also acquires young women's fashion brands with huge collections and styles. This company
includes home, garden and fashion.
TASK
A. Marketing Principles of the business
Its the key word which is used to plan strategies to launch a product in the market.
Marketing principles are the objectives of the company's efforts of marketing which develops a
satisfying relationship with customers who benefits both the organisation and the customers.
These are some of the efforts made by the organisation which serves a great role in the market
society. Its a task which brings revenue and profits hopefully for the organisation which are
responsible for the marketing. It is a type of mission to attract the customers by different logics.
Marketing is a business area which mostly interacts with public which shows that how much the
customers knows its product or the company. Next PLC is a big brand which provides great
range in clothing (Hutt and Speh, 2005). There are different ways to introduce the product in the
market because the product is made for the use of the customer. This company can use a way of
time utility by buying a product when the customer wants to buy. The store manager of the food
store can store the certain amount of foods until the prime season they are brought in the market
which makes the customers ensure about the food when ever they need or have desire to buy.
Company should open the stores in such a place where there is crowd and it becomes convenient
to the customer to visit the stores (Jobber and Ellis-Chadwick, 2012). The product should be of
reasonable price so that the customer can easily buy the product from the market is process built
a good relationship between the brand which means the organisation and customer. Promotions
should be more attractive so that the customers are eager to buy the product after the launch and
advice others to do the same, which makes the product selling high.

B. Four Marketing Principles
Marketing Principles is a term which is one of the most famous word used in marketing.
Its a set of tools or the concepts which refers to the sets of actions to promote the products or the
brand in the market. Marketing mix are the elements which are influence each other, which
makes the plans for the company to handle it right. Marketing needs lots of research and
understanding with different people. Its also generates optimum income for the organisation.
There are four principles or elements followed by the organisation’s: Product-Product is the main
player of the organisation which provides services to the customers (Kotler and Armstrong ,
2010). The products should be best in quality wise, in different colour and size so that every
customer can choose the product accordingly. Its a item which is produced to satisfy the needs of
the customers. Products may be goods or service which can be intangible or tangible which
depends on the customers. Price- Its a rate or the value of the product to which its going to be
purchased by the customer. It should be competitive and beneficial to make profit to the
organisation this is called price. Its a rate basically a customer pays to buy the product. Its a
important part of the marketing mix because it determines the profits of the organisation and its
survival in the market between it competitors. Place- Its a area where the firm sells its product or
provide services is called place. The place should be so accessible that the customers can easily
visit the store and buy the products, which increases the potential buyers. Promotion- Its a
method or the way to introduce the products to the customer in different ways. Promotion of a
brand boost the sales of the product. To promote the product advertising is the most important
step should be taken which helps the promotion of the product.
C. Techniques used in marketing the product or services
Marketing technique is a plan or strategies made by the organisation before
launching of the product in the market. Its a designed plan to meet the desires, requirements of
the customers which is totally based on clear objectives. The plans should be made so effective
that the customers needs are met. Its also a explosive way which the company uses to do cross
promotion of the product according to the competition in the market (Sheth and Sisodia, 2015).
Advertising is one of the technique used in the marketing which makes the product appear good
in the public. Its also done by the help of internet, the company can give the ads by the help of
internet by which the customer can meet with the launching of the product which will increase
the sale of the product. In the advance time print media is the one way to introduce the product

by giving ads in the newspaper, magazines and social media because everyone reads newspaper
and magazine through which the product ads can be read and the promotion is done in such a
way. Public relation is also a technique through which the promotion is done much easy way by
face to face. Low price strategies are also useful when the competition is too much in the market
and when launching a new product which will increase the sale. Marketing is mainly used to
understand the needs or the requirements of the customers whereas advertising is the part which
is used to seek attention of the customer by promotions (Hoffman, 2005). Marketing's main
aspects are product, price, promotion, people and place but advertising mainly focus on the
products promotion. But both are similar because it is done for the product to launch in the
market. Marketing in done for long time but advertising is done for a short period of time.
Marketing's main aim is to produces more and more sale whereas advertising is to create
awareness of the product in the market and for the customers. Marketing is done to create a
brand image in the market to rise the sale of the product and advertising is to grab attention of
the people towards the product. Basically the motive of both the terms are same in terms of the
product.
D. The stages of new product development
Its is often referred as the new developing innovation process. Which includes:
Generating means in the current marketing use of internal and external SWOT analysis by
generating ideals which is affordable. Its a process in which the customers needs are understood
by different ideas. Screening idea means if the ideas or the plan made is good for the company
then only the organisation will apply the idea for the future use. Testing the concept is the step
done after screening in which new product development is involved after knowing the place
where the product information can work (Kotler , 2008). Business analytics is a step in which
feedbacks are kept in every launch of product which will be useful for the organisation's
agreement. All the input metrics are important for the company's feedback because its a valuable
asset for the future use. Marketability test is done before launching of the product in the market
because all the tests are done at the last times so that the customer meets with the good variety of
the product and the customer should be satisfied by the products.
Relation between marketing and HR is that the HR will help in recruiting the candidates,
train them in other departments and improve their skills and appoint the desired candidates to the
post in the company and then the marketing is done by them in the proper ways.

Production and marketing has a direct relation because marketing will provide
information about the products needs so that the production is done in such a quantity that the
costing is saved by the help of marketing (Rimal and Creel , 2008). If marketing is done in
proper way and public understands the product well automatically the production will increase
which is the positive thing for the company.
Sales and marketing are interrelated because marketing is done to promote and motive
the customers so that the sales will increase. This relation is vis versa because if sales increase
then the marketing is also done which increases the production in the market. To increase the
sales every organisation makes different plans to increase the marketing of the product.
Research and sales plays a important role when the research is done in a proper way by
different logics by which the needs of the customer for the product is understood in proper way
which increases the sales of the production.
CONCLUSION
Marketing principles are the wide business oriented function or plans which are used to
make the easy business. Its the way to find out about the needs and desires about the product
through which the services are provided to them (Dann, 2008). Its a process to find out the wants
and needs of the customers. Different techniques are used to meet the needs of the marketing
principles.
RECOMMENDATION
Next PLC organisation should use different marketing principles so that the company can
achieve its targets easily and earn good profit of sales. It should consider four different elements
to achieve the success in the market. By using different techniques in marketing the production
and sales will increase and also increase the finance.

REFERENCES
Books and journals
Bearden, I., 2006. Marketing: principles and perspectives. Academic Internet Publishers, Inc..
Dann, S., 2008. Applying services marketing principles to postgraduate supervision. Quality
Assurance in Education. 16(4). pp.333-346
Hoffman, K.D., 2005. Marketing principles and best practices. Thomson South-Western.
Hutt, M.D. and Speh, T.W., 2005. & Edition: Business Marketing Management. South-Western
Publishing Company.
Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing(No. 7th).
McGraw-Hill Higher Education.
Kotler, P. and Armstrong, G., 2010. Principles of marketing. pearson education.
Kotler, P., 2008. Principles of marketing. Pearson Education India.
Rimal, R.N. and Creel, A.H., 2008. Applying social marketing principles to understand the
effects of the radio diaries program in reducing HIV/AIDS stigma in Malawi. Health
marketing quarterly. 25(1-2). pp.119-146.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the
future. Routledge.
Wang, C.L., 2007. Guanxi vs. relationship marketing: Exploring underlying differences.
Industrial Marketing Management. 36(1). pp.81-86.
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10 key principles of agile marketing management. 2016. [Online]. Available through:
<http://chiefmartec.com/2012/07/agile-marketing-in-a-single-whiteboard-sketch/>.
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Marketing Principles and Practices. 2016. [Online]. Available through: <https://www.pitman-
training.com/our-courses/marketing-principles-and-practices/>. [Accessed on 31st
December 2016].