Principles of marketing Essay

explicate the various elements of the tradeing process. grocerying is the group to e very wholeness is unresolved to the trade daily even when they do not know it and billboards enclosed the nation. These parts rationalise that an col into the world market and different aspects and you will pay attention about trade intermix. In emerging the clients argon recognized and place among the cross chains with selling research and only ift joint market and to achieve a particular message to particular customer and also one should amaze everyday with direct market. The internet merchandising is one of the additional recent trends that many compositions.The solution for a no-hit selling effort is maintaining a train of customer liking while at the same cartridge holder creating a pro satisfy for association. The merchandise is a concept that it is developing the new market. They are also cognise as four Ps. The important for an association to have a grave sagacity and every element is main developing a marketing computer program. In the marketing mix in that location are four elements that build up the marketing process. They are Figure 1Price on that point are several substances to terms a convergence and have a look at a number of them try to recognize the best strategy in various situations. Such spirited prices are taper for comfort as cunard cruises, hotel rooms and concorde flights. Figure 2 Pricing Strategies MatrixThe price is primed for intersections and servicings and also was located at the artificially secondary in order to growth market sell is known as penetration pricing. The providence pricing is no additions of the scurvy price and personify of marketing and create are reserved at a minimum. This is a charge of a high price for the reason that has a substantial competitive advantage is skimming of price. These are the four main pricing strategies premium, penetration, skimming and economy pricing. Place The w ay of distri only ifion comprises a plant of institutions which perform all the actions utilised to move a manufactured goods and its title from production to consumption. The element of Neil H.Bordens marketing mix is known as place. It is the mechanism through which goods and serve are moved from the service provider to uptaker or consumer. proceeds The product is simply the real tangible entity that may be buying and selling. The life cycle is based uponthe biological life cycle and the creation of long cessation as adult the plant begins to shrink. Promotion These is one of the four process is promotion and these includes all of tools visible(prenominal) to market for marketing communication with Neil H.Bordens marketing mix and its marketing communications has its own promotions mix is known as promotion. In the easyjet the marketing process it is one of the best successful low comprise airlines in the Europe and with achievement of the low cost subsidiary of british a irways in 2002 it has became a biggest low cost airline in Europe and it is go beyond rival ryanair to the top position. The cheek outlines the rakehell of these easyjet and the major events that occurred in the airline former(prenominal) from its foundation in 1995 and the issues of the telephone circuit representation and functioning strategies take by doing hygienic low cost airline and over settle to ready for action and ecological factors. 1(b). try the benefits and costs of a marketing orientation for the case achieve-up. The pressure to evaluate non critical costs is a constant in commercial life and the benefits of investing in the marketing among those who have seen the customers.A target scorecard was a good deal apply to evaluate the largely presentation of the cost underestimation and benefit overestimate are major sources. The strategic management impinge ons the entire association by providing direction. Sales management refers to the presidentship of th e personal selling component of an organizations marketing program. It includes the planning, performance, and control of sales programs, as well as recruiting, preparation, encouraging, and evaluating members of the sales force. The basic role of the sales manager is to develop and manage a selling program that in point of fact contributes to the achievement of the goals of the general organization. The term sales manager may be properly applied to more than a few members of an organization, including marketing executives, managers of field sales forces, zone and division managers, and product line sales administrator. This text emphasizes the role of managers that backing an eye on a field sales force. 2(a). Describe macro and micro environmental factors which square up marketing decisions. To know the tolerant range of influence on organisation some(prenominal) the inner and external.There are some of the decisions that have to make relating to these influences in order to keep the association moving ahead in line with validation plans. In thisenvironment also bring to contract the impact these may contain on the marketing mix. To do this we need to examine influences that collision on the preparation process, such(prenominal)(prenominal) as Marketing environment, both macro and micro competition hearty, cultural, environmental, sparingal issues. Marketing environment is prepared of all factors and forces that influencing on the marketing, olibanum these force finish be in internal i.e. like departments and the external are like competitors, dealer, economic situation. To know them better, marketing personals separate them in both categories namely macro environment and micro-environment. Lets have a look at some of the important factors involved in marketing environment. An internal influence is an influence with the intention comes from contained by the industry and can affect the task in a variety of ways. Internal influences can be aspe ct of the working situation such as a good member of staff helping to do well and improve and member of staff access up with a new marketing idea.In do decisions, capitalist need to be as fully aware as possible of the stemmaamental economic location, both in conditions of general economic resign of affairs, and in terms of the information of the particular scheme. In order to remain money qualification, business must be aware of the situation in the particular market in which they operate.They supposed to be fully aware of the costs they are currently incurred, as well as the present and upcoming prices they anticipate for to be able to charge. A large standard of this information should be presented if records are kept of the one- age(prenominal) transactions in which the business engage. To be sure it is easier said than done to see how decisions can be made effectively unless records of this sort are kept. Business decision making usually involve choices between optio n courses of action. These option courses of action are often subject to limit of various types. Alternatives are consequently estimated, and the decision made. It is usual to then screen or check the definite decision to see whether in fact the results were in line with what was predictable. If not, questions need to be contended. Monitoring can provide useful alone around the corner into what went wrong and how to rectify it. Business decisions can cover a large amount of different things. Possible decisions might include how much of a product to sellhow much to charge for a productwhether to take over an some some some other businesswhether to close down a businesswhether to invest in a particular piece of equipmentchoosing between alternative ways of producing somethinghow much to put down on research and developmentplus a host of alternatives.External factors that may occur and influence these places on these analyses the external micro and macro environment based upon ca se study of easyjet and the basis for making planned management decisions using the assumption and proposal. Easyjet factors in macro and micro environment customer profiles are a host of explanation in the responsible for diversify the cover of its external influence that affect internal decisions and presentation in the easyjet. 2(b). Propose segmentation criteria to be used for products in different markets. Market segmentation is the process of classified appoint groups or segments at heart the common market that share special(prenominal) characteristics and consumer way of life. Once the market is broken into segments, companies can develop promotional material programs for each segment, counselling forwarding on one or two segments, new products to supplication to one or more of the segments.Companies often support this technique of market to the one size fits of all mass marketing approach, because it allows them to aim peculiar(prenominal) groups that might not be ac hieved by mass marketing agenda. To identify segments, marketers study consumer interests, taste, starting choice, and socioeconomic characteristics in order to decide their outline of consumption and how they will react to different marketing approach. The near important information marketers seek consumers purchase particular products but not others. List of seller and rightful(a) marketing firms build up some of the key users of market segmentation, even though many other kinds of companies and association use this technique. Market segmentation also called micromarketing make things easier the marketing process, because it allows marketers to give attention to their publicity on groups of consumers who divide major characteristics. Marketers, as a result, can produce particular proposition publicity gear towards specific segments otherwise marketers have to create very general advertising and expect that it will appeal to a diverse audience. Market segmentation also can be mo re efficient than traditional marketing techniques such as product separation. For thereason that marketers focus their marketing on particular segments, they can look forward to better results from each segment than they could expect from these consumer groups if delighted as a whole. In these the different segmentation and aiming methods are used in these criteria of an organisations if the monopolist is capable to perfectly segment. Four key criterions are used to evaluate easyJet strategic marketing success. Strong Financial Performance.Shareholder value is finally driven by bottom line economic success, which at easyJet has been energy by capacity expansion, cost control and tapping in to highly price sensitive segments of the market. Express Sales growth between 1998 and 2003 revenues grew by a factor of twelve and profits grew by a factor of almost nine. Cash formation with the mindset of an aggressive start-up, easyJet has not paid a payment to date, prefer to retain profi ts to fund upcoming development. In 2003, the company had enough cash reserves to fund a arrant(a) grade of operations. Exponential Market Share Growth. 2(c) Choose and explain targeting strategy for the product/service in the case organization. The target market is collection of customers that business has confined to reach the object of the marketing efforts and eventually its intersection and also a well confined target market is first of aspect to their marketing strategy. A target market and marketing merge variables of product promotion and price are the two elements of marketing become one strategy.In a business classes on market strategy regularly ask over for the participants the questions like who are the customers for u? Who will buy your products? and also it assumptions can lead to senseless pricing and incorrect market strategy and at the end of the day business failure. The majority of crushed businesses are more successful and we can easily know that there is onl y a modified number of persons purchase their products. In this easyjet the past case study was taken from e-business and e-commerce management volume. Easyjet has report of target market was reduced in customers but the easyjet have problem with weather. Easyjet has low-cost airline for the people who travels daily. 2(d). analyse how buyer behaviour affects marketing activities in different buying situations. Marketing activities are nothing but how you are going to handle the marketing mix price, product, place, promotion, evidence in order to market product effectively. The different activities involved in handling the above talk about comprise the marketing activities.Consumer Markets and Consumer vendee Behaviour Learning Goals Define the consumer market and construct a model of consumer buyer behaviour hang the four factors that influence buyer behaviour List and understand the types of buying decision behaviour and stages in the process Describe the adoption and diffusio n process for new products Case Study Harley Davidson Building supremacy Understanding the customers emotions and motivation Determining the factors of loyalty.Translating this information to effective advertising Measuring Success Currently 22% of all United states bike sales. Demand above supply Sales doubled in the past 5 years with earnings tripled.Thus, the marketing management seeks to affect the level and nature of demand in companies such as easyjet and dyson achieved success by on the face of it breaking all marketing activities, such as buy one and get one free price than buyer activities starts with a consumer social position and lifestyle. 2(e). Propose new market positioning for a selected product/service. Products that are not the first by being the first to maintain a unique position in the mind the consumer, a firm in actual fact can cut through the noise level of other products. That is, the number one product has twice the market share of number two, which has tw ice the market share of number three. Ries and Trout argue that the success of a firebrand is not due to the high level of marketing acumen of the company itself, but rather, it is due to the fact that the company was first in the product category. They use the case of Xerox to make this point. Xerox was the first plain-paper copier and was able to sustain its leadership position. However, time after time the company failed in other product categories in which it was not first. For example, Miller wakeful was not the first light beer, but it was the first to be positioned as a light beer, complete with a name to support that position. Similarly, Lowenbrau was the most popular German beer sold in America, but Becks Beer successfully carved a unique position using the advertising, Consumers rank brands in their minds.If a brand is not number one, then to be successful it somehow must relate itself to the number one brand. A campaign that pretends that the market leader does not exis t is likely to fail. Avis tried unsuccessfully for years to win customers, pretending that the number one Hertz did not exist. Finally, it began using the line. 3(a). Explain how products are develop to sustain competitive advantage. This makes the product so it can be brought out into the marketin stages instead of all at once. The product can spin the first time you bring it out to the market. The coterminous time it can not only rotate, but now it can turn over. Even though you have the means to make it do all these things first time you made the product. In this way your customers see it as always improving and getting better instead of getting bored with the product because it was all wrapped up in one big bang. This will also help keep the competitor guessing on what else is to come as a step inment for of building a product. 3(b). Explain how distribution is arranged to provide customer convenience. Customer Satisfaction United Kingdoms study of help to get and maintain t he highest levels of service, ensuring total customer satisfaction and loyalty to company. consult you at every stage of the project, we develop a unique solution to your needs, and by linking our recommended customer satisfaction activities to business documentary our in house interviewers are intellectual, experienced qualified who are expert at collecting worthless customer feedback. One of our key strengths, they serve as excellent. ambassadors on behalf of our clients.A common definition of customer satisfaction is that it is a measure of the extent to which a companys products or services effect or exceed customers expectations. Customers can become dissatisfied with a companys products or services for a wide variety of reasons. 3(c). Explain how prices are set to reflect an organisations objectives and market conditions. The purpose of the present study is to explore the pricing methods that service companies adopt in order to set their prices, along with the service, orga nizational and environmental characteristics that influence these methods. Methodology To achieve the research objectives, data were collected through personal interviews in 170 companies operating in six different services sectors in Greece. 3(d). Illustrate how promotional activity is integrated to achieve marketing objectives. Establishing objectives and budgeting for the promotional program. Importance of objectives, specific objectives, relations of planning and decision making, measurement and evaluation, characteristics of objectives are SpecificAttainableMeasurableRealistic quantitative andMarketing ObjectivesNormally stated in the firms marketing plan. Realized through the boilers suit marketing plan. Experimental, such as sales, market share. To be able in a given occlusive of time must be practical and achievable to be effective. 3(e). Analyse the additional elements of the blanket(a) marketing mix. The marketing mix is the combination of marketing activities that an association connected in as to best come to the needs of its targeted market. Habitually the marketing mix consisted of just 4 Ps. they areProduces products that are of the highest quality and fit for the needs of different groups of consumers. Offers a range of cars at value for money prices, depending on the market segmented they are targeted at. Sells the cars through appropriate outlets such as dealerships and showrooms in prime locations, i.e. in the right places, and Supports the marketing of the products through appropriate promotional and advertising activity. The marketing mix thus consists of four main elements1. Product2. Price3. Place4. Promotion.Getting the mix of these elements right enables the association to meet its marketing objectives and to satisfy the requirements of customers. In addition to the traditional four Ps it is now customary to add some more Ps to the mix to give us Seven Ps. The additional Ps have been added because today marketing is distant more customer oriented than ever before, and because the service sector of the economy has come to dominate economic activity in this country. These 3 extra Ps are particularly relevant to this new extended service mix. The three extra Ps are1. Physical layout in the days when manufacturing dominated the UK economy the physical layout of production units such as factories was not very important to the end consumer because they never went inside the factory. However, today consumers typically come into contact with products in retailunits and they expect a high level of presentation in recent shops e.g. record stores, clothes shops etc. Not only do they need to easily find their way around the store, but they also often expect a good standard or presentation. 2. Provision of customer service customer service lies at the heart of modern service industries.Customers are likely to be loyal to organizations that serve them well from the way in which a telephone query is handled, to dir ect face-to-face interactions. Although the have a nice day approach is a bit corny, it is certainly better than a couldnt care less approach to customer relations. address centre staff and customer interfacing personnel are the front line troops of any organization and therefore need to be thoroughly familiar with good customer relations practice. 3. Processes associated with customer service are a number of processes involved in making marketing effective in an organization e.g. processes for handling customer complaints, processes for identifying customer needs and requirements, processes for handling order etc The 7 Ps price, product, place, promotion, physical presence, provision of service, and processes comprise the modern marketing mix that is particularly relevant in service industry, but is also relevant to any form of business where meeting the needs of customers is given priority. 4(a). Plan marketing mixes for two different segments in consumer markets. But different customers have different needs, and it rarely is possible to make happy all.Many of the consumer market segmentation variables can be applied to it can also be used to help a manager implement his/her own media plan. On one or two narrow market segments and tailoring your marketing mix to strategic marketing chapter objectives prelude case abject little rich. Objectives and issues of marketing strategy and marketing mix and action programmers in one consumer packaged goods category, 44 percent of consumers with different market segments and individual customers. To request the link at a different e-mail address, update it here consumer markets individuals purchasing goods/services for their personal use businesses plan the introduction of new products to replace existing ones before they become could destroy the producers marketing mix this paper assesses the marketing mix of both easyJet and Ryanair, coke and pepsi have since been competing to rein the global market in consumer b everages. cuando se trata de marketing, plan and define their marketing mix to meet the particular needs of different marketsegments. 4(b). Illustrate differences in marketing products and services to businesses rather than consumers. Business marketing is the observe of marketing the products or services to the other companies, resell the products or services, use the products in combination with their own used products in their business process. In compare, consumer marketing is marketing directed toward the consumer, or the individual end user. The essentials of both the types of marketing are fundamentally the same, but the issues faced can be different. All marketers select target markets and base their marketing decisions, such as price, type of promotion and distribution based on those target markets. But the nature of business purchasing is influenced by several decision makers, professional buyers and the potential for one. 4(c). Show how and why international marketing dif fers from domestic marketing. If you talk in general, both the terms Global and global marketing are used interchangeably at the present time. But if you are talking in terms of marketing theories, International Marketing was a stage in the evolution of Global Marketing.Domestic Marketing Companies manufacturing products and selling those within the country itself. So, no international phenomenon at all. Export Marketing Company starts exporting products to another countries also. This is the very basic stage of global marketing. Approach of marketer in this stage is said to be ethnocentric because although he is selling goods to foreign countries, product development is totally based upon the taste of local customer. So, focus is still on domestic market. International Marketing Now, company starts selling products to various countries and the approach is Polycentric that is making different products for different countries. So, one main difference between International and the Gl obal marketing is the come close to marketer. A truly global business instead of offering different products to different countries increases and offers a single product to the world. ConclusionAfter consideration of all factors of marketing management parts explain that an opening into the world market and different aspects and you will pay attention about marketing mix. In this marketing mix there are seven process of marketing management. And finally it is concluded by the PEST analysis of micro and macro environmental factors that are influenced by marketingdecisions. Need an essay? You can buy essay help from us today