MARKETING PRINCIPLE

Marketing Principle

Introduction3

Marketing Process3

Analyzing Marketing Opportunities4

Selecting Target Markets4

Developing the Marketing Mix4

Managing the Marketing Effort5

Cost-Benefit Analysis of the Marketing Orientation5

Situation Analysis5

Industry Analysis5

Macro Environment Analysis6

Political6

Economic7

Social7

Technological7

Ethical8

Legal8

Micro External Analysis8

Micro Internal Analysis9

SWOT Analysis9

Strengths9

Weaknesses9

Opportunities10

Threats10

Marketing Dyson Air Multiplier Fan to Two Different Markets10

Target Strategy10

How Buying Behavior Affects Strategy11

Positioning Options for the Product11

Marketing Plan for Product11

Competitive Advantage of the Product11

Marketing Mix for the product11

Product11

Price12

Promotion12

People12

Process12

Physical Environment13

Conclusion/Recommendation13

Answer 1:14

Answer 2:15

References18

Marketing Principle

Assignment No. 1: Report

Introduction

There is no doubt that innovation presents revolutionary products (GraphIT, 2007, pp. 1-3). The Dyson Inc. Pioneers in beagles vacuum cleaner manufacturing. Besides, vacuum cleaner, the company manufactures a wide range of household technological instruments including heaters and held hand fans. As we know that the company founder James Dyson took many years of hard work and continuous determination (Bloomberg, 2013). The company puts a strong and uncompromising emphasis on research and development. The company has gained enormous success in UK, USA and other European countries. While it is the need of time to expand the operations and product base of the company by undertaking intelligent marketing decisions and using strong strategic marketing tools. This report is intended to deeply analyze the organization and industry by conducting different types of analysis and to come up with the market development plan for company's products.

Marketing Process

Before arriving to any decision, we must first analyze the market trends, industry outlook and present condition of the industry and market. The marketing process is not a mere decision taken on simple factual grounds, it looks deep into the opportunities and target markets for company's products. It involves four basic steps

Analyzing Marketing Opportunities

It is the first step of a marketing process. The market for Dyson's products is strong and steady, showing continuous growth, mainly due to its revolutionary vacuum cleaner. However, the industry is already full of giant rivals competing against each other. Moreover, the consumer demand for multifunctional appliances is increasing due to lack of space availability. Dyson has already acquired more than 15% share in US market in less than two years (Kelley, 2011).

Selecting Target Markets

The Dyson uses a premium pricing approach for its products , and despite a cost double than that of customers, costumers buy the company's products. This has been made possible by an innovative, design led production approach of the company. Along with UK, US has been a major strength for Dyson's products. The company immediately got an attractive market share in US with its launch. In 2005, company had acquired more than 20% share in the market (The Guardian, 2005). Recently Dyson launched '2 Tier Radial' vacuums in US with encouraging feedback (Krepshaw, 2013).

Developing the Marketing Mix

The marketing mix differs for different markets and depends on the overall composition of the market. The marketing mix for UK market may differ than that of America, Europe, Canada or India. The company must continue with the differentiated pricing strategy in UK and USA, but this may not work in a case if the company wants to expand its operations to ...