Marketing Principles Report: Strategies for Bentley, Vodafone, Barclay

This report provides a comprehensive analysis of marketing principles and their application in real-world scenarios, focusing on companies like Bentley, Vodafone, and Barclay. The report begins with an introduction to marketing processes, including market research, strategy formulation, plan development, and controlling. It then delves into the costs and benefits of marketing, followed by a detailed examination of micro and macro environmental factors, segmentation, targeting, and positioning strategies. The report also explores buyer behavior, competitor analysis, distribution channels, pricing decisions, promotional activities, and the extended marketing mix. The analysis includes the application of these concepts to the specific contexts of Bentley, Vodafone, and Barclay, providing insights into their marketing approaches. The conclusion summarizes the key findings and implications of the analysis.

Marketing
Principles

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Marketing Process............................................................................................................1
1.2 Cost and Benefit of marketing..........................................................................................3
TASK 2............................................................................................................................................4
2.1 Micro and Macro Analysis...............................................................................................4
2.2 Segmentation strategy......................................................................................................6
2.3 Targeting Strategy............................................................................................................7
2.4 Buyer Behaviour...............................................................................................................8
2.5 Positioning strategy..........................................................................................................9
TASK 3..........................................................................................................................................10
3.1 Competitor Analysis.......................................................................................................10
3.2 Distribution Channel......................................................................................................11
3.3 Pricing Decisions............................................................................................................12
3.4 Promotional Activities....................................................................................................13
3.5 Extended Marketing Mix................................................................................................14
TASK 4..........................................................................................................................................14
4.1 Enclosed in PPT.............................................................................................................14
CONCLUSION..............................................................................................................................25
REFERENCES..............................................................................................................................26

INTRODUCTION
Marketing is a comprehensive process wherein the marketers involve themselves in
varying activities. It is a vast subject wherein the consumers needs and requirements are given
the prior emphasises and all the activities revolve around this concept. The study presents
various components of marketing mix and aspects of marketing as well in context with Bentley,
Vodafone and Barclay company. All three are providing distinct services. Main purpose of the
current study is to create better understanding of essential elements of marketing mix (Hussain
and et.al., 2013).
TASK 1
1.1 Marketing Process
Marketing is an extensive process wherein the respective firms develop and design varied
tools, strategies and plans so as to facilitate the sale of goods and services. It is a procedure
whereby the company has its set goals and targets to be achieved in the particular period of time
thereby conducting certain activities so as to promote and sell its product in the market (Jobber
and Ellis-Chadwick 2012). The four crucial element of the marketing have been discussed
underneath:
 Market Research: This is the first and foremost step of marketing process wherein the
marketers conducted and in-depth research of the market in which the firm is operating
its business activities. They analysis the entire situation via using models and techniques
such as SWOT, PESTLE as well as Porter's five force model (British Car Brand Names-
List And Logos Of Top UK Cars, 2014). This is a method through which the Bentley, a
manufacturer identifies its own strengths and weaknesses. Along with that the
competitors strategies and tactics are also analysed reviewing the external environment in
which the business is operating its operations.
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Illustr
ation 1: Marketing Process
(Source: Lilleker, 2013)
§
 Formulating Strategies: After catering the needed information, it is being used to form
strategies and plans which best supplement the selling process. The concerned
organization uses the above data in varied form. These assist in conducting segmentation,
targeting and positioning plans wherein the target customers are identified and selected to
meet the requirements of the Bentley. Developing Plans: This is the next step wherein decisions regarding pricing, distribution
and communication mix is undertaken. Bentley is aware of its products strengths and
weaknesses along with its rivalry firms (Mason and Staude, 2009). In order to display the
product the most attractive and beneficial to the customer's, the said company develops
tactics and plans so as to attain its above inlaid strategies.
 Controlling: This is the last essential element of marketing process wherein the
marketing manager of the Bentley keeps a track and record of all the activities so as to
acknowledge that the plans and strategies are laid in appropriate manner as well as aids in
achieving its targets (Solaimani and Bouwman, 2012).
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1.2 Cost and Benefit of marketing
There are several process through which the goods can be manufactured and sold to the
final consumers. The modern concept of marketing orientation emphasises on the needs and
demands of the customers so as to provide them with those goods and services that best meet
their requirements. It is an comprehensive process used by the Bentley in order to distribute its
goods and services to the final consumer (Terpstra, Foley and Sarathy, 2012). The company shall
identify the relative benefits and cost of carrying out those activities which serves greater
advantage to the organization.
Illu
stration 2: Marketing Orientation
(Source: Thijsen, Tong and van Leer, 2014)
The relative cost that is incurred in the conducting a marketing process includes research
and development pursued by the engineers of the Bentley so as to identify new and innovative
technologies and machines that will make the product differentiate it that from its rivalry firms.
Likewise, the marketing orientation includes promotional and other activities which requires
high amount of budgets. Along with that cost of producing the cars is much higher as the inputs
involved in manufacturing the product has high rates (Yin, 2016). In addition to the above, there
are several other cost that also needs to be incurred such as indirect and direct expenses of the
company. These can be electricity, telephone bills, salary to the workers, etc.
In determining the benefit derived to the Bentley in conducting the marketing orientation
process involves the high image that shall be formed in the minds of the consumers which will
further facilitate it sales. Although the benefits are quite lower than the cost that is incurred by
the said organization. Therefore, it emphasises on using the hard concept of selling wherein they
make extensive efforts to sell the products rather then wasting money in promotional activities.
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TASK 2
2.1 Micro and Macro Analysis
In order to conduct a thorough research and marketing plan of the luxury car industry, it
becomes essential to identify the micro and macro factors and its impact on the operations of
Bentley company. The same has been highlighted underneath:
Table 1: Micro Analysis
Suppliers Power There is a low power of the supplier on the Bentley, as they only
manufactures specialized products. Therefore, it becomes devastating for
them to loose the contract from the auto-makers (Zalengera and et.al., 2014).
Buyers Power There is a high amount of other substitutes product availability in the market.
However, the number of buyers are less in purchasing luxurious cars. It can
be analysed that government has a high power as they purchase such cars in
bulk quantity.
Entry of new
Substitutes
The entrants of new substitute products is medium as the government of the
UK is taking more initiative in reducing the fuel and environmental pollution
products thereby creating awareness of the gas efficient cars (De Ruyter and
et.al., 2016).
Rivalry power It can be assessed that there is high amount of rivalry power in the United
Kingdom. Different firms are upcoming with high amount of new products
and services so as to give a tough fight to its competitors.
New entrants With the high amount of profit associated with the automotive industry, new
firms are upcoming in the market which creates high amount of competition
to the Bentley Company (French and Gordon, 2015).
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Illustrati
on 3: Micro Analysis
(Source: Krush, Sohi and Saini, 2015)
Table 2: Macro Analysis
Political The government and the political parties are the major player of the policies
and regulations of the Bentley company. The company is operating its business
activities in many country which affects the operation of the said company. It
needs to develop its strategies accordingly.
Economical It has been analysed that the European Debt is the major factor influencing the
sales of Bentley. As people with less income will not purchase luxurious cars
and products (Lim, 2015).
Social The society plays a significant role in raising the demand of the products.
Recently it has been analysed that with the peak in fuel prices, consumers are
opting for fuel efficient cars.
Technological With the innovation of technology and machines the demand for the cars have
gone very high. The high automotive used in the making the Bentley is a
significant factor in catering the attention of the consumers (Petersen,
Kushwaha and Kumar, 2015).
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Illustration 4: PEST Analysis
(Source: Pike, 2016)
2.2 Segmentation strategy
Segmenting is the strategy used by the markets to divide the entire market into various
sub groups so as to define a particular segment whose needs and demands will be served by the
Bentley. This will further assist the company in creating an exclusive marketing mix for the said
products and services (Polat and Akgün, 2015). This can be done by the method of using Ansoff
Matrix tool wherein the marketers decides to select a new market for its product or develop
another goods to meet the requirements of the customers. Bentley function in the niche market
wherein the consumers are very few. Therefore, the segmentation strategy adopted by the
Bentley have been demonstrated underneath:
Illustration 5: Ansoff Matrix
(Source: Rensburg and de Jager, 2015)
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Basis of Segmentation Geographic segmentation Demographic Segmentation
Region/ Customers India Wealthy Class
Specification of Products SUV Car SUV Car
Illustration 6: Segmentation strategy
(Source: Sun, Garrett and Kim, 2016)
It has been assessed that the company has selected the strategy of product development
thereby entering into a new market. To accomplish this purpose it has selected top enter into
India wherein it aims to cater high class customers and low number of middle class people. It is
aiming to launch a new fancy car SUV which will cater the attention of wide range of users of
sports car (Wright, 2016).
2.3 Targeting Strategy
The entire world known as a common market has been divided into small sub-groups by
the Bentley company. Thereafter, the marketers need to decide to target which customers. This
will further assist the company in making the marketing mix for diverse group of people. There
are basically three kinds of targeting strategies inlaid by the marketers which are as
differentiated, concentrated and undifferentiated.
The differentiated marketing strategy emphasises on designing diverse marketing plans
for each markets as the needs and requirements of the people differ from each other. It can be
ascertained that Bentley has selected India as the new target market wherein it will concentrate
on the requirements of the new entrepreneurs who has a different perceptions towards the
luxurious products (Atwal and Williams, 2009). Likewise, it has also selected another
segmentation strategy wherein it it serving cars in traditional market which has high number of
old and experienced businessperson, that has a different perception towards royal auto-mobiles.
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Illustration 7: Targeting Strategy
(Source: Blery and Sfetsiou, 2008)
Concentrated strategy focus on one group of people, such as in the case of Bentley
wealthy and rich class people. All have same perceptions and needs towards the product and
therefore the marketing mix of the goods remain same. There are the two targeting strategies
selected by the Bentley to meet the demands and requirements of its target customers.
2.4 Buyer Behaviour
There are wide range of consumers and it becomes difficult to analyse the needs and
demands of each. Therefore, the world is divided into distinct market segments (Hollensen,
2015). Consumers play a significant role in creating the demands of products and services of the
Bentley which have been stated below: Social: People have their respective status and roles in the society which have a high
influence on the marketing mix activities of Bentley. The high status of people in the
community can be signified through possessing royal and luxurious cars. Likewise,
reference groups and other family position in which the people stay have a significant
impact on the price of cars (Kirby and Marsden, 2006).
 Personal: Higher the education and income level of the consumers, more will they be
dedicated towards making purchase of royal cars. The education level of the consumers
also aids in distinguishing and bargaining the price with the sellers. Likewise, a strong as
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well as royal personality of the entrepreneur will cause him to purchase indulgent cars of
Bentley.
Illustration 8: Consumer Buying Behaviour
(Source: Mason and Staude, 2009) Cultural: These can be described as the groups or traditions of the people. Like in the
case of royal people that are associated with the tags of Kings and Queens of the country
can be deemed to posses the luxurious cars. Therefore, it also influences the marketing
activities of the business enterprise.
 Physiological: These constitutes of the self esteem, motivation, perception and attitude of
the consumers. The products that are provided by the Bentley have a powerful brand
image in the market, strong personality as well determine the class of the people
(Kokemuller, 2016). Therefore, the motivation in attaining these automotive plays a
crucial role in raising the demands as well as marketing activities of the concern.
2.5 Positioning strategy
Positioning is an extensive strategy that has been used in order to place the products and
services in the minds of the customers. This is undertaken so as to place the goods one step
ahead of its rivalry firms. There are certain competitors of the Bentley, these consists of Jaguar,
Land Rover, Aston Martin and Royce. All of these companies produces similar cars that are
acquired by the high income class people (Scheid, 2011).
Bentley uses a differentiated strategy so as to gain competitive advantage of its product
and services in the market. The company is supplying SUV a fancy car for the benefits of the
young entrepreneur in the new market. This can be done by the means of using promotional tools
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and techniques wherein the marketers uses the image of celebrities or sportsperson to raise the
sales of the automotive. It can be assessed that young generations are highly influenced by these
ads and they blindly follow celebs. This is the best means of creating a strong brand image in the
minds of the consumers (Lee and Kotler, 2011). It also makes the use of certain logos, slogans
and tag-lines that captures the attention of the consumers. One amongst this is “Time Changes,
quality is Constant”!! Likewise, other promotional tools and techniques to cater the relative
attention is via the means of television and social media adverts. Likewise, the campaigns are an
effective means of positioning strategy used by the Bentley.
TASK 3
3.1 Competitor Analysis
Every company aims to gain competitive advantage in the market so as to provide stiff
competition to its rivalry firms. The current selected bank that is Barclays is also providing wide
range of services to its customers. In order to sustain in the market for the longer duration, it has
adopted certain strategies so as to gain competitive advantage and also attain an edge over its
rivalry firms. The Porter's generic model can successfully be applied so as to determine the
pricing strategy of the products and services (Verma and Rathore, 2013). Some of them are cost
leadership, differentiation, and cost focus. The same has been enumerated underneath:
The bank is providing loans, investment facilities, mortgage, credit lending, facilities to
the consumers. Therefore, in order to gain competitive advantage in the market the firm is using
the cost leadership strategy wherein lower pricer will be charge for its products and services.
Additionally, it can be seen that Barclay will be providing extra benefit with the services its is
currently rendering or it can even lower the price of the services. These will add value to it and
aids in gaining competitive advantage in the market.
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