Principles of marketing
Principles of marketing
Explain the various elements of the marketing process. Marketing is the group to everyone is exposed to the marketing daily even when they do not know it and billboards enclosed the nation. These parts explain that an opening into the world market and different aspects and you will pay attention about marketing mix. In future the customers are recognized and place between the cross chains with marketing research and target market and to achieve a particular message to particular customer and also one should have common with direct market. The internet marketing is one of the additional recent trends that many organizations.
The solution for a successful marketing effort is maintaining a level of customer liking while at the same time creating a profit for association. The marketing is a concept that it is developing the new marketing. They are also known as four “P’s”. The important for an association to have a good understanding and every element is main developing a marketing plan. In the marketing mix there are four elements that build up the marketing process. They are: Figure: 1
Price: There are several ways to price a product and have a look at a number of them try to recognize the best strategy in various situations. Such high prices are charge for comfort as cunard cruises, hotel rooms and concorde flights. Figure: 2 Pricing Strategies Matrix
The price is charged for products and services and also was located at the artificially low in order to increase market share is known as “penetration pricing”. The “economy pricing” is no additions of the low price and cost of marketing and create are reserved at a minimum. This is a charge of a high price for the reason that has a substantial competitive advantage is skimming of price. These are the four main pricing strategies premium, penetration, skimming and economy pricing. Place: The way of distribution comprises a set of institutions which perform all the actions utilised to move a manufactured goods and its title from production to consumption. The element of “Neil H.Borden’s” marketing mix is known as place. It is the mechanism through which goods and services are moved from the service provider to user or consumer.
Product: The product is simply the real physical entity that may be buying and selling. The life cycle is based upon the biological life cycle and the creation of long period as adult the plant begins to shrink. Promotion: These is one of the four process is promotion and these includes all of tools available to market for marketing communication with Neil H.Borden’s marketing mix and its marketing communications has its own promotions mix is known as promotion. In the easyjet the marketing process it is one of the best successful low cost airlines in the Europe and with achievement of the low cost subsidiary of british airways in 2002 it has became a biggest low cost airline in Europe and it is go beyond rival ryanair to the top position. The case outlines the origin of these easyjet and the major events that occurred in the airline past from its foundation in 1995 and the issues of the business representation and functioning strategies adopted by doing well low cost airline and overcome to ready for action and ecological factors. 1(b). Evaluate the benefits and costs of a marketing orientation for the case organisation. The pressure to evaluate non critical costs is a constant in commercial life and the benefits of investing in the marketing among those who have seen the customers.
A objective scorecard was often used to evaluate the largely presentation of the cost underestimation and benefit overestimation are major sources. The strategic management affects the entire association by providing direction. Sales management refers to the administration of the personal selling component of an organization’s marketing program. It includes the planning, performance, and control of sales programs, as well as recruiting, preparation, encouraging, and evaluating members of the sales force. The basic role of the sales manager is to develop and manage a selling program that in point of fact contributes to the achievement of the goals of the general organization. The term “sales manager” may be properly applied to more than a few members of an organization, including marketing executives, managers of field sales forces, district and division managers, and product line sales administrator. This text emphasizes the role of managers that keep an eye on a field sales force. 2(a). Describe macro and micro environmental factors which influence marketing decisions. To know the wide range of influence on organisation both the internal and external.
There are some of the decisions that have to make relating to these influences in order to keep the association moving ahead in line with administration plans. In this environment also need to study the impact these may contain on the marketing mix. To do this we need to examine influences that collision on the preparation process, such as: Marketing environment, both macro and micro competition social, cultural, environmental, economic issues. Marketing environment is prepared of all factors and forces that influencing on the marketing, thus these force can be in internal i.e. like departments and the external are like competitors, dealer, economic situation. To know them better, marketing personals separate them in two categories namely macro environment and micro-environment. Let’s have a look at some of the important factors involved in marketing environment. An internal influence is an influence with the intention comes from contained by the industry and can affect the business in a variety of ways. Internal influences can be aspect of the working situation such as a good member of staff helping to do well and improve and member of staff coming up with a new marketing idea.In making decisions, capitalist need to be as fully aware as possible of the fundamental economic location, both in conditions of general economic state of affairs, and in terms of the information of the particular scheme. In order to remain money making, business must be aware of the situation in the particular market in which they operate.
They supposed to be fully aware of the costs they are currently incurred, as well as the present and upcoming prices they wait for to be able to charge. A large amount of this information should be presented if records are kept of the past transactions in which the business engage. To be sure it is easier said than done to see how decisions can be made effectively unless records of this sort are kept. Business decision making usually involve choices between option courses of action. These option courses of action are often subject to limit of various types. Alternatives are then estimated, and the decision made. It is usual to then screen or check the definite decision to see whether in fact the results were in line with what was predictable. If not, questions need to be asked. Monitoring can provide useful just around the corner into what went wrong and how to rectify it. Business decisions can cover a large amount of different things. Possible decisions might include: how much of a product to sell
how much to charge for a product
whether to take over another business
whether to close down a business
whether to invest in a particular piece of equipment
choosing between alternative ways of producing something
how much to spend on research and development
plus a host of alternatives.
External factors that may occur and influence these places on these analyses the external micro and macro environment based upon case study of easyjet and the basis for making planned management decisions using the assumption and proposal. Easyjet factors in macro and micro environment customer profiles are a host of explanation in the responsible for diversify the cover of its external influence that affect internal decisions and presentation in the easyjet. 2(b). Propose segmentation criteria to be used for products in different markets. Market segmentation is the process of classified key groups or segments within the common market that share specific characteristics and consumer way of life. Once the market is broken into segments, companies can develop publicity programs for each segment, focus publicity on one or two segments, new products to appeal to one or more of the segments.
Companies often support this technique of market to the one size fits of all mass marketing approach, because it allows them to aim specific groups that might not be achieved by mass marketing agenda. To identify segments, marketers study consumer interests, taste, first choice, and socioeconomic characteristics in order to decide their outline of consumption and how they will react to different marketing approach. The most important information marketers seek consumers purchase particular products but not others. List of seller and straight marketing firms build up some of the key users of market segmentation, even though many other kinds of companies and association use this technique. Market segmentation also called micromarketing make things easier the marketing process, because it allows marketers to give attention to their publicity on groups of consumers who divide major characteristics. Marketers, as a result, can produce specific publicity geared towards specific segments; otherwise marketers have to create very general advertising and expect that it will appeal to a diverse audience. Market segmentation also can be more efficient than traditional marketing techniques such as product separation. For the
reason that marketers focus their marketing on particular segments, they can look forward to better results from each segment than they could expect from these consumer groups if delighted as a whole. In these the different segmentation and aiming methods are used in these criteria of an organisations if the monopolist is capable to perfectly segment. Four key criterions are used to evaluate easyJet strategic marketing success. Strong Financial Performance.
Shareholder value is ultimately driven by bottom line economic success, which at easyJet has been energy by capacity expansion, cost control and tapping in to highly price sensitive segments of the market. Express Sales growth between 1998 and 2003 revenues grew by a factor of twelve and profits grew by a factor of almost nine. Cash administration with the mindset of an aggressive start-up, easyJet has not paid a payment to date, prefer to retain profits to fund upcoming development. In 2003, the company had enough cash reserves to fund a complete year of operations. Exponential Market Share Growth. 2(c) Choose and explain targeting strategy for the product/service in the case organization. The target market is collection of customers that business has confined to reach the object of the marketing efforts and eventually its merchandise and also a well confined target market is first of aspect to their marketing strategy. A target market and marketing merge variables of product; promotion and price are the two elements of marketing become one strategy.
In a business classes on market strategy regularly ask over for the participants the questions like “who are the customers for u? Who will buy your products?” and also it assumptions can lead to incorrect pricing and incorrect market strategy and at the end of the day business failure. The majority of small businesses are more successful and we can easily know that there is only a limited number of persons purchase their products. In this easyjet the past case study was taken from e-business and e-commerce management volume. Easyjet has report of target market was reduced in customers but the easyjet have problem with weather. Easyjet has low-cost airline for the people who travels daily. 2(d). Demonstrate how buyer behaviour affects marketing activities in different buying situations. Marketing activities are nothing but how you are going to handle the marketing mix price, product, place, promotion, evidence in order to market product effectively. The different activities involved in handling the above talk about comprise the marketing activities. Consumer Markets and Consumer Buyer Behaviour Learning Goals Define the consumer market and construct a model of consumer buyer behaviour Name the four factors that influence buyer behaviour List and understand the types of buying decision behaviour and stages in the process Describe the adoption and diffusion process for new products Case Study Harley Davidson Building Success Understanding the customers’ emotions and motivation Determining the factors of loyalty.
Translating this information to effective advertising Measuring Success Currently 22% of all United states bike sales. Demand above supply Sales doubled in the past 5 years with earnings tripled.Thus, the marketing management seeks to affect the level and nature of demand in companies such as easyjet and dyson achieved success by on the face of it breaking all marketing activities, such as “buy one and get one free” price than buyer activities starts with a consumer social position and lifestyle. 2(e). Propose new market positioning for a selected product/service. Products that are not the first by being the first to maintain a unique position in the mind the consumer, a firm in actual fact can cut through the noise level of other products. That is, the number one product has twice the market share of number two, which has twice the market share of number three. Ries and Trout argue that the success of a brand is not due to the high level of marketing acumen of the company itself, but rather, it is due to the fact that the company was first in the product category. They use the case of Xerox to make this point. Xerox was the first plain-paper copier and was able to sustain its leadership position. However, time after time the company failed in other product categories in which it was not first. For example, Miller Lite was not the first light beer, but it was the first to be positioned as a light beer, complete with a name to support that position. Similarly, Lowenbrau was the most popular German beer sold in America, but Beck’s Beer successfully carved a unique position using the advertising, Consumers rank brands in their minds.
If a brand is not number one, then to be successful it somehow must relate itself to the number one brand. A campaign that pretends that the market leader does not exist is likely to fail. Avis tried unsuccessfully for years to win customers, pretending that the number one Hertz did not exist. Finally, it began using the line. 3(a). Explain how products are developed to sustain competitive advantage. This makes the product so it can be brought out into the market in stages instead of all at once. The product can spin the first time you bring it out to the market. The next time it can not only rotate, but now it can turn over. Even though you have the means to make it do all these things first time you made the product. In this way your customers see it as always improving and getting better instead of getting bored with the product because it was all wrapped up in one big bang. This will also help keep the competitor guessing on what else is to come as a replacement for of building a product. 3(b). Explain how distribution is arranged to provide customer convenience. Customer Satisfaction United Kingdom’s study of help to get and maintain the highest levels of service, ensuring total customer satisfaction and loyalty to company. consult you at every stage of the project, we develop a unique solution to your needs, and by linking our recommended customer satisfaction activities to business objective our in house interviewers are intellectual, experienced qualified who are expert at collecting worthless customer feedback. One of our key strengths, they serve as excellent. ambassadors on behalf of our clients.
A common definition of customer satisfaction is that it is a measure of the extent to which a company’s products or services fulfil or exceed customer’s expectations. Customers can become dissatisfied with a company’s products or services for a wide variety of reasons. 3(c). Explain how prices are set to reflect an organisation’s objectives and market conditions. The purpose of the present study is to explore the pricing methods that service companies adopt in order to set their prices, along with the service, organizational and environmental characteristics that influence these methods. Methodology To achieve the research objectives, data were collected through personal interviews in 170 companies operating in six different services sectors in Greece. 3(d). Illustrate how promotional activity is integrated to achieve marketing objectives. Establishing objectives and budgeting for the promotional program. Importance of objectives, specific objectives, relations of planning and decision making, measurement and evaluation, characteristics of objectives are: Specific
Normally stated in the firm’s marketing plan. Realized through the overall marketing plan. Experimental, such as sales, market share. To be able in a given period of time must be practical and achievable to be effective. 3(e). Analyse the additional elements of the extended marketing mix. The marketing mix is the combination of marketing activities that an association connected in as to best meet the needs of its targeted market. Habitually the marketing mix consisted of just 4 Ps. they are:
Produces products that are of the highest quality and fit for the needs of different groups of consumers. Offers a range of cars at value for money prices, depending on the market segmented they are targeted at. Sells the cars through appropriate outlets such as dealerships and showrooms in prime locations, i.e. in the right places, and Supports the marketing of the products through appropriate promotional and advertising activity. The marketing mix thus consists of four main elements:
Getting the mix of these elements right enables the association to meet its marketing objectives and to satisfy the requirements of customers. In addition to the traditional four Ps it is now customary to add some more Ps to the mix to give us Seven Ps. The additional Ps have been added because today marketing is far more customer oriented than ever before, and because the service sector of the economy has come to dominate economic activity in this country. These 3 extra Ps are particularly relevant to this new extended service mix. The three extra Ps are:
1. Physical layout – in the days when manufacturing dominated the UK economy the physical layout of production units such as factories was not very important to the end consumer because they never went inside the factory. However, today consumers typically come into contact with products in retail units – and they expect a high level of presentation in modern shops – e.g. record stores, clothes shops etc. Not only do they need to easily find their way around the store, but they also often expect a good standard or presentation. 2. Provision of customer service – customer service lies at the heart of modern service industries.
Customers are likely to be loyal to organizations that serve them well – from the way in which a telephone query is handled, to direct face-to-face interactions. Although the ‘have a nice day’ approach is a bit corny, it is certainly better than a couldn’t care less approach to customer relations. Call centre staff and customer interfacing personnel are the front line troops of any organization and therefore need to be thoroughly familiar with good customer relation’s practice. 3. Processes – associated with customer service are a number of processes involved in making marketing effective in an organization e.g. processes for handling customer complaints, processes for identifying customer needs and requirements, processes for handling order etc The 7 Ps – price, product, place, promotion, physical presence, provision of service, and processes comprise the modern marketing mix that is particularly relevant in service industry, but is also relevant to any form of business where meeting the needs of customers is given priority. 4(a). Plan marketing mixes for two different segments in consumer markets. But different customers have different needs, and it rarely is possible to make happy all.
Many of the consumer market segmentation variables can be applied to it can also be used to help a manager implement his/her own media plan. On one or two narrow market segments and tailoring your marketing mix to strategic marketing chapter objectives prelude case poor little rich. Objectives and issues of marketing strategy and marketing mix and action programmers in one consumer packaged goods category, 44 percent of consumers with different market segments and individual customers. To request the link at a different email address, update it here consumer markets individuals purchasing goods/services for their personal use businesses plan the introduction of new products to replace existing ones before they become could destroy the producer’s marketing mix this paper assesses the marketing mix of both easyJet and Ryanair, coke and pepsi have since been competing to rein the global market in consumer beverages. cuando se trata de marketing, plan and define their marketing mix to meet the particular needs of different market segments. 4(b). Illustrate differences in marketing products and services to businesses rather than consumers. Business marketing is the observe of marketing the products or services to the other companies, resell the products or services, use the products in combination with their own used products in their business process. In compare, consumer marketing is marketing directed toward the consumer, or the individual end user. The essentials of both the types of marketing are basically the same, but the issues faced can be different. All marketers select target markets and base their marketing decisions, such as price, type of promotion and distribution based on those target markets. But the nature of business purchasing is influenced by several decision makers, professional buyers and the potential for one. 4(c). Show how and why international marketing differs from domestic marketing. If you talk in general, both the terms Global and International marketing are used interchangeably at the present time. But if you are talking in terms of marketing theories, International Marketing was a stage in the evolution of Global Marketing.
Domestic Marketing: Companies manufacturing products and selling those within the country itself. So, no international phenomenon at all. Export Marketing: Company starts exporting products to another countries also. This is the very basic stage of global marketing. Approach of marketer in this stage is said to be ‘ethnocentric’ because although he is selling goods to foreign countries, product development is totally based upon the taste of local customer. So, focus is still on domestic market. International Marketing: Now, company starts selling products to various countries and the approach is ‘Polycentric’ that is making different products for different countries. So, one main difference between International and the Global marketing is the come close to marketer. A truly global business instead of offering different products to different countries increases and offers a single product to the world. Conclusion:
After consideration of all factors of marketing management parts explain that an opening into the world market and different aspects and you will pay attention about marketing mix. In this marketing mix there are seven process of marketing management. And finally it is concluded by the PEST analysis of micro and macro environmental factors that are influenced by marketing
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