Principles and Practices of Marketing: A Comprehensive Analysis

This report provides a comprehensive overview of marketing principles and practices, focusing on the application of the SOSTAC model, marketing mix elements, and SWOT analysis within a business context. It begins with an introduction to marketing, emphasizing its role in boosting profits through strategic planning and customer analysis. The report then delves into the SOSTAC model, explaining its components (Situation, Objectives, Strategy, Tactics, Action, and Control) and its use in developing effective marketing strategies. The report also explores the marketing mix, detailing the importance of product, place, price, and promotion. Furthermore, it includes a SWOT analysis, highlighting the strengths of a company like BMW, such as market research and employee expertise. The conclusion summarizes the importance of understanding marketing methods to achieve business goals and adapt to a competitive market. The report references several scholarly articles to support its findings.

PRINCIPLES AND
PRACTICES OF MARKETING

TABLE OF CONTENT
• INTRODUCTION
• SOSTAC Model
• Situation
• Objectives
• Strategy
• Tactics
• Action Plan
• Control
• CONCLUSION
• REFERENCES

INTRODUCTION
• Marketing refers to development of various operational strategies and
plans regarding boosting up of profits by increasing sales activities of
an organisation. It is an inclusion of analysing respective market trend
of various company customers with their desired needs and wants for
consumption of various products as well as services. Management of
various business firms ensures better conduction of marketing
activities of the firm and for the purpose they also dedicates a separate
department for conduction of various marketing activities of an
organisation.

SOSTAC MODEL
• SOSTAC model is a tool used by marketing departments of various firm
for conducting firms marketing strategies ensuring effective utilisation
of valuable resources of the workforce. Respective model was proposed
in 1990's by Smith, which aimed at adoption of various modern
techniques of marketing for conduction of operational activities of the
an organisation ensuring its better market presence in firms given
marketplace

OBJECTIVES
• Smart Objectives
• To ensure better working of BMW, considering dynamic business
environment.
• To evaluate effectiveness of firm by using marketing mix tools.
• To apply SOSTAC model of marketing in conduction of various promotional
activity of the company.

ELEMENTS OF SOSTAC MODEL
• Situation
• Objectives
• Tactics
• Action
• Control

MARKETING MIX
• Marketing mix tool refers to that tool of marketing which is an inclusion of various
activities being conducted in operational firm for promoting respective products
and services offered by company to their customers. It includes product, price,
promotion and place.
• Product
• Place
• Price
• Promotion:

MARKETING MIX
• Standardization Adaption Glocalisation
Product In context to product it
formulates uniformity as well as
consistency of product or
service being offered to
company's customers.
It refer to adaption of various
operational activities as per
related market trend in
operational area of a firm.
BMW, keeps regular check on
market trends of customers, it
establishes better brand image
of various products being sold
by company.
It refers to entering a new
market with existing product.
BMW conducts proper research
and development programs
which helps in better
productivity of operational
activity of the business firm.

SWOT ANALYSIS
• Strengths-
• Market research- BMW is one of the largest automotive brand in the
world which is focusing on the trend and market analysis as an
important factors for their business plan.
• Employees- The organisation like BMW is large in terms of the
employees and they are having 1 lack skilled employees. They are
giving them salary which is above the industry average so they are
helping the organisation in increasing the performance.

CONCLUSION
• After a brief analysis of above report, it has been concluded that it is marketing is wider
and broader and it is important to be aware of these different methods so that goals are
accomplished. So, discussions have been made about concept of marketing mix,
SOASTAC framework, SWOT has been described briefly. It is seen that it is important to
have appropriate knowledge about marketing so that goals are achieved. In this
competitive market, it is essential to have relevant knowledge of marketing activities so
that organisation is able to access business opportunities easily. Furthermore, it is too
evaluated that to achieve higher growth and development entity is access goals. In auto
mobile sector, situations are flexible and it is necessary to scan business environment so
that objectives are achieved in proper manner. With use of marketing approaches &
methods entity is able to increase and enhance productivity at higher level

REFERENCES
• Bahl, 2018. Impact of Marketing Mix on Consumer Attitude and
Purchase intention towards' Green'Products. A Journal of research
articles in management science and allied areas (refereed), 11(1),
pp.1-11.
• Chen, 2018. An empirical research on marketing strategies of different
risk preference merchant. Mathematical Problems in Engineering, 2018.
• Corlette, 2019. The marketing of short-term health plans: an
assessment of industry practices and state regulatory responses.