MARKETING PRINCIPLES

Marketing Principles

Introduction1

Overview of the Company1

Elements of Marketing Process1

Market and Environment Analysis2

Selection of Target Market2

Setting Marketing Strategy2

Developing Marketing Mix2

Market Controlling2

Macro and Micro Environmental Factors Influencing Marketing Decisions3

Macro Environmental Factors4

Effects of Technological Environment4

Effects of Cultural Environment4

Micro Environmental Factors4

Effect of the Company (itself)4

Effects of the Suppliers5

SWOT Analysis5

Segmentation Criteria6

Implementation of the Targeting Strategy7

Effects of Buyer Behaviour on Marketing Activities in Different Buying Situations8

Positioning for the New Product9

Development of Products to Sustain Competitive Advantage9

Distribution of the Product10

Pricing Strategy11

Integration of Promotional Activity11

Extended Marketing Mix12

Marketing Mixes for two Different Segments13

Differences in Marketing the Products and Service14

Difference between International and Domestic Marketing15

Conclusion15

References16

Marketing Principles

Introduction

This paper examines the marketing principles of an organization. The concept of marketing and its processes are discussed in order to attain in-depth knowledge of the marketing strategies and achieve 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 Company taken is “Swoosh Company” that is going to present its new product in the market, which is an energy drink, named as “Thunder”. The product is going to be extremely nutritious and healthy for the health of the people. Moreover, it will enrich the mood of the people with its energy and power, providing the people with a lively feeling towards their lives. The company is a privatized one, and has a wide network with various soft drinks and other energy drinks, among which “Thunder” is going to boost the market.

Elements of Marketing Process

Marketing includes a number of processes focusing on the creation of value for the customers with the use of effective communication and maintaining customer relationship. These processes enable the company to achieve its goals and objectives, together with the integration of the interest of its stakeholders. The effectiveness of marketing process ensures the success of marketing of the company's products (Kotler, 2009).

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

Market and Environment Analysis

The company needs to analyse its environment through primary and secondary sources. For analysing the environment, the company must use PEST (Political, Economical, Social and Technological) Analysis approach. Moreover, the company should also observe the moves of its competitors, so that the long term opportunities may also be analysed.

Selection of Target Market

Selecting the target marketing means to plan the segment groups based on different needs. The company needs to evaluate the market segment in order to target the market for catering the needs of the customers.

Setting Marketing Strategy

Marketing strategy of the company needs the evaluation of the product's life cycle, including the launching, growth, maturity or the decline. The company should know its market penetration by increasing the sales to the customers.

Developing Marketing Mix

Marketing mix includes the product, price, place and promotion concerns of the consumers, which are required to be maintained by the company.

Market Controlling

After considering all the relevant processes, the company needs to analyse and evaluate the actions and plan the corrective measures ...