MARKETING

Marketing Principle



Table of Contents

Task 1-b3

Task 2-a3

Microenvironment3

Macro Environment5

Political factors5

Economic Factors5

Social Factors6

Technological Factors6

Task 2-b7

Task 2-c7

Task 2-d7

Task 2-e8

Task 3-a8

Product8

Task 3-b9

Place9

Task 3-c10

Price10

Task 3-d11

Promotion11

Task 3-e12

Physical Evidence12

Process12

Task 4-a12

Task 4-b13

Task 4-c13

References14

Marketing Principle

Task 1-a

The first element of the marketing process is Scanning the marketing environment. It includes a constant process of scanning all through the years. This is done to analyze the changes in the market and opportunities that come along with it. Marks and Spencer is famous for its scanning strategy. One of the most important tools used in scanning the environment is SWOT analysis. It explains the detailed position of the company.

The next step of the marketing process is targeting. Targeting is the most crucial stage of the marketing process. In this section you use all the opportunities and trends that were processed in scanning the environment stage. For a marketing based firm this is stage is very important. Analysis of factors like economy, demographics, technology, politics, social changes and competition is done to give out the best result.

The next stage is segmentation. Segmentations are created on the basis of opportunities analyzed and defined in the previous step. Customers have different needs and wants, one strategy for all is not a right way to go. In this modern age companies can't afford to make one strategy for all, competition will wipe away the market share by creating custom made or tailored segments for customers.

Customers have intrinsic needs and want which are not easy to understand that is why companies like marks and Spencer focus on marketing research. Segmentation must be based on firm's strength and weaknesses. The last process for scanning the environment is market positioning. This is the most important concept. Unique characteristics about the brand must be positioned inside the customers mind.

Task 1-b

The pros of market orientation are far reaching and many organizations have incorporated market orientation rigorously in their operational mechanisms. Effective utilization of market orientation not only results in an enhanced business performance but also there is a high degree of innovation achieved through evidence based practice of market orientation. Earlier market orientation relied heavily on the aspect of just selling the products and services. The current aspect of market orientation focuses on increasing the quality of products and services as well as selling the products and services.

World leading organizations have focused on sustaining and enhancing their competitive advantage through an efficient mechanism of market orientation.

With an effective utilization of market orientation, there would be a massive decline in the overall costs for the organization. It has been observed that the differentiating factor and reduction in costs lead to the enhancement of competitive advantage. Since the organization is looking to cut costs in various processes, it is essential to reduce costs through religious implementation of market orientation.

Task 2-a

Microenvironment

The featuring players in the microenvironment of a company are the suppliers the company, the customers, the suppliers, the competitors, the market intermediaries and the public's.

Company: The Company starts out with setting certain goals and targets which it targets as achievable ...