MARKETING PRINCIPLES

Marketing Principles Assignment

Question # 1.1)

Elements of Marketing Process

The various elements of a marketing process involve the following (JBL, 2010, pp. 7; The Times, 2003, pp. 103):

Market Research

Marketing research involves the identification and analysis of a product related requirements for marketing, like the products target market, the color theme for the product, the initial association of the product with a character and much more.

Market Positioning

The strategic decision making and implementation of strategies in order to maintain or position the brand image in an existing or a new manner, in the minds of the targeted market population of the brand is known as market positioning. Segmentation

In the segmentation step, the overall population is divided into different parts, on a different basis which can include, population density, age, sex, taste, consumer purchasing behavior and much more.

Marketing Mix

Marketing mix is one of the most critical elements of a marketing process, there are four elements of a marketing mix which needs to be defined in detail, and these include Product, Price, Place and Promotion.

Branding

Branding is the process through which a brand builds up its image in the market or in the minds of its customers. This can base upon many factors including trust, quality, price & service etc. Advertising

Advertising is also an important of the marketing process through which the brand reaches out to its target market. It is also termed as a way of communication of a brand with its customers or potential customers. Packaging

Packaging plays a key role in the overall marketing process, as it is delivered to the customer along with the final product and thus has key importance in bringing the customer back for re-purchase behavior.

Question # 1.2)

Marketing Orientation

There are two types of approaches that a business uses; these include marketing oriented approach and the product oriented approach.

Marketing Orientation is a process of manufacturing and supply the product that there is a demand for in the market. In other words, it can also be abbreviated as a pull strategy, as it is focused upon making the product, of which there is a demand for in the market and then attracting customers.

This type of approach is mostly used by the most successful bands in the market, as the products that are produced as according to this approach are mostly the products based upon careful consumer research and thus upon the demand for the product is already present when the product enters the market, instead of the product being available in the market without the presence of its demand, which can result in heavy loss.

This approach is mostly used by businesses that are following a risk adverse approach, as the risk involved in this process is much less than the risk involved in the contradicting approach of product orientation, in which a product is first manufactured and the demand is then generated, afterwards; which increases the risk of product failure and thus the chance of loss.

Question # 2.1)

Macro and Micro Environmental Factors Macro Environmental Factors

Some of ...