Marketing principles

Marketing principles

Introduction

Marketing is described as the control procedure which allows to recognize, predict and offer client need effectively and viably (Blythe, 2009). Knowing of marketing is by understanding needs and wants of the client through marketing research. Marketing procedure begins with interpreting segmentation, targeting and positioning of the product.

Market segmentation is the process to divide consumers into identifiable segments or distinct groups, which helps the company to propose strategy accordingly. Segmentation is done on the basis of various variables

Geographic variables, e.g. Region, climate, urban or rural.

Demographic variables, e.g. Gender, age, marital status, education, income, culture, purchasing power.

Psychographic variables, e.g. Opinions, attitudes, personality, beliefs, values, lifestyle.

Behavioural variables, e.g. Product usage, value of purchase, consumer need required.

Targeting is the process of diving groups of people having similar needs (blythe, 2009). Targeting helps the company to decide which segments have to be covered with the company's marketing mix. A company may choose from three basic strategies, which are;

Concentrated marketing: it is also known as a single segment or niche market, which involves covering specialized segment of the market (blythe, 2009).

Differentiated marketing: it is also known as multi-segment, where company can choose two or more segments of the market.

Undifferentiated marketing: in this strategy a company offers its product for a mass market.

Positioning is the process, where a company tries to create a perception of the product in the customer's mind. A company seeks to differentiate its brand from that of competitors' brands by highlighting product characteristics and creating an image to maximize sales.

The elements of the marketing mix include product, place, promotion and price. These elements help marketer to adjust segments or target markets around to maximize satisfaction of the customer and to create competitive advantage.

Product: the product is what a company offers in a form of tangible or intangible form. It is a solution for the customer problem.

Price: the price is cost of a customer that he pays to buy a product.

Place: the place is related to distribution and availability of a product.

Promotion: the promotion is a process that a company uses to communicate its offering.

Market orientation of marks Spencer

A market oriented company considers that the client is a centre of the business. All of the actions are targeted around the client. A market oriented organization tries to make it happen to comprehend the needs and wants of the client. To create efficient market orientation, a organization has to bring out high marketing analysis, which needs powerful market intellect that has to be perfectly sensitive (Crewe & davenport, 1992). Technological innovation performs a key part to keeping database to gather and evaluate client information, and look for continuous enhancement in its items.

Marks & Spencer belongs to the product type. It is the leading clothing retailer in the United Kingdom. They are mainly involved in producing clothes and food items, although it has also expanded its business in different ranges such as technology, home wares and furniture. M&s is highly focused on the quality of food production, and charge ...