MARKETING PRINCIPLES

Marketing Principles

Introduction1

Overview of the Company1

1.1 Elements of Marketing Process1

1.2 Benefits and Costs of a Marketing Orientation2

2.1 Macro and Micro Environmental Factors Influencing Marketing Decisions2

Importance of Stakeholders3

Porter's Five Forces3

M1: Analysis of the Competitive Environment4

2.2 Segmentation Criteria5

2.3 Targeting Strategy5

2.4 Effects of Buyer Behaviour on Marketing Activities in Different Buying Situations6

2.5 Positioning for the New Product6

3.1 Development of Products to Sustain Competitive Advantage7

3.2 Distribution of the Product7

3.3 Pricing Strategy8

3.4 Integration of Promotional Activity8

3.5 Extended Marketing Mix8

4.1 Marketing Mixes for two Different Segments9

4.2 Differences in Marketing the Products and Service9

4.3 Difference between International and Domestic Marketing10

D 1: Critical evaluation of the proposed strategies10

M2: Macro Environmental Factors affecting Starbucks Coffee Company10

M3: competitors for Starbucks11

D2: Market Segmentation for Starbucks11

D3: Marketing Mix for Starbucks11

Conclusion12

References13

Marketing Principles

Introduction

This paper discusses the marketing principles of an organization. The concept of marketing and its processes are discussed for attaining comprehensive knowledge of the strategies of marketing and achieving competitive advantage in the market. The concepts of segmenting, targeting, marketing mix and extended marketing mix for the company, are also discussed, with its globalized impacts.

Overview of the Company

The selected company is “Whoosh Company”, which is about to bring a new product in the market that is an energy drink, named as “Tingle”. Based on the nature, the product will be energetic and vigorous with healthy effects on consumers. Moreover, it will enrich the mood of the people with its energy and power, providing the people with a dynamic feeling toward their lives. The company is a privatized one, and has a wide network with various soft drinks and other energy drinks, among which “Tingle” is going to enhance the market.

1.1 Elements of Marketing Process

Marketing is the process of identifying the customers and understanding their needs for providing them what they want, together with the elements of advertising and promotions. Marketing includes a number of processes focusing on the creation of value for the customers. These processes enable the company to achieve its goals and objectives, together with the integration of the interest of its stakeholders.

Considering the basic elements of marketing process, the company needs to manage the following areas,

1.2 Benefits and Costs of a Marketing Orientation

Marketing orientation is the implementation of marketing concept for approaching the customer's demands. For achieving competitiveness in the market, the company has to carry a systematic research for responding to the customers' needs. Therefore, significant cost is associated with a strong market orientation. These costs include the development of technological infrastructure for collecting, analysing and using the data of consumers. Moreover, the amendment of processes, training needs, and iteration of products also intake continuing investment (Kotler, 2009 pp. 38-60).

2.1 Macro and Micro Environmental Factors Influencing Marketing Decisions

The environment of marketing carries threats and opportunities in the same way; therefore, these are to be observed carefully in order to keep up successful association with the associated factors of outside marketing (Kotler, 2009 pp. 50-70).

Importance of Stakeholders

Stakeholders are very important to the existence of a company in the market, with the management of competitive ...