Marketing Principles Assignment Sample

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Marketing Principles

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MARKETING PRINCIPLES

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CONTENTS

INTRODUCTION ......................................................................................................................................5

1 Concept and process of marketing..............................................................................................................5

1.1 Various elements of the marketing process ............................................................................................5

1.2 Evaluate the benefits and costs of a marketing orientation for a selected organization..........................6

2.0 Concepts of segmentation, targeting and positioning .............................................................................6

2.1 Macro and micro environmental factors which influence marketing decisions......................................6

2.3 Targeting strategy for a selected product/service....................................................................................8

2.4 How buyer behavior affects marketing activities in different buying situations ....................................8

3.2 Explaining how distribution is arranged to provide customer convenience ...........................................11

3.3 Explaining how prices are set to reflect an organization’s objectives and market conditions................11

3.4 Illustrating how promotional activity is integrated to achieve marketing objectives.............................12

3.5 Analyzing the additional elements of the extended marketing mix.......................................................14

4. BE ABLE TO USE THE MARKETING MIX IN DIFFERENT CONTEXTS .....................................14

4.1 Plan marketing mixes for two different segments in consumer markets ..............................................14

4.2 Illustrating differences in marketing products and services to businesses rather than consumers........15

4.3 Showing how and why international marketing differs from domestic marketing...............................15

REFERENCES ...........................................................................................................................................17





LIST OF FIGURE

Figure 1 Micro and macro environmental factors.........................................................................................6

Figure 2 Black box model of buyer behavior ...............................................................................................8

Figure 3 Buying behavior process ................................................................................................................9

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INTRODUCTION

British Telecom is UK’s Multinational Telecommunications service provider, headquartered

in London. The company has its operations in 170 nation of the world. The main activities of the

company relates with the provision of fixed line services, mobile and TV products and services

(British Telecom, n.d). British Telecom sells their products and services to small and medium enterprise,

consumers and many other public sector organizations. The main aim of the company is to help the

customers in this ever changing world. The marketing mix and tactics is adopted by the organization as

per their objectives as well as the needs and wants of the customers (Kotler, 2008).

1 Concept and process of marketing

1.1 Various elements of the marketing process

The key elements in marketing process helps in accomplishing the goals and also create value for target

customers. Marketing mix includes 4 P’s of marketing. These elements are vital and forms backbone

for effective marketing strategies (Mazzucato, 2002). The essentials are very important in the present

airline firm like Thomson Airways and are as follows;

• Product – The product and services provided by Thompson Airline includes types of seat, departure and

arrival of scheduled and charter flights, vegetarian and non vegetarian food options, entertainment in form

of phones, films and radio etc.

• Price – This element decides the price which should be charged for various services offered by

company to customers. Pricing of service directly affects the decision of the consumers and

psychology towards service offering. The airlines prices may vary in accordance to seasonal demand

(Lamb, Hair and Daniel, 2011).

• Promotion – It includes all types of communication employed by firm to market and promotes

product & Services. These mainly concerned with retailers, distributors, consumers etc. The

promotion of Thomson airlines can be through various modes like TV channels, website, magazines

and newspaper, radio etc (Clemente, 2002).

• Place – This factor includes the all the channels of distribution that forms the part of process.

Effective distribution is the key to success of Thomson Airway. In this era, booking process must





be made convenient to consumers as it is way to switch airlines if passengers find it difficult to book

airlines. This heightens the importance of effective distribution.

1.2 Evaluate the benefits and costs of a marketing orientation for a selected organization Marketing

orientation can be defined as business philosophy whereby main focus of a company is to discover

needs of consumer market and ways to meet them. It is very significant for Thomson Airways as it is

growing company and hence there is a need to evaluate cost- benefits for the same (Rogers, 2011).

The market orientation for Thomson airlines can provide numerous benefits as the airlines firm can

develop products that help to meet needs of passengers in a timely manner. It will also help in providing

accuracy with understanding of airline industry. It drives the process of constant improvement and gives

room for experimentation (Kolb, n.d). Cost factors of market orientation are in form of investment in

market research, technological infrastructure to collect, analyzed and use data. Constant modification is

also required in services and strategies (Cento, 2008). Service modifications also involve investment

in form of new equipments for better service delivery.






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superior service experience (Rogers, 2011). Then are the travel seekers who love travelling and seek out

new experiences. They expect the journey to be comfortable. Reluctant travellers are also a category

where individuals show no interest in travel and prefer privilege programmes.

Optimizers wish to reach destination on time and select flights accordingly. Air mile users take flights to

build their air mile points (Bharadwaj, Varadarajan and Fahy, 1993).

2.3 Targeting strategy for a selected product/service

Targeting strategies are good means for advertising and very useful to maximize sales as well as profits

by directing marketing activities to the consumer base. The basic goal is to identify target market

and consumers who are interested in service and reaching them for inducing purchase (Mazzucato,

2002). For the charter flight service offered by Thomson airways, the firm can target leisure

consumers as a part of its holiday package. In such a scenario, differentiated targeting strategy can be

adopted. Here airlines can develop separate marketing mix strategy for the holiday packages. In this way

it can attract customers for each holiday type. In present case, a value added differentiation can fulfil

wants of leisure tourists and also provide a basis for premium pricing (Kolb, n.d).

The behavior of buyers is made up of internal and external factors that provide a detailed explanation

about why consumers prefer some services and reject others. This has a significant impact on marketing

strategy undertaken by firms to promote the service. The Black box model of buyer behavior helps to

identify the process undertaken by consumers when they decide on purchasing a service. Consumer

buying is affected by marketing stimuli like product, place, price and promotion. The other stimuli include

the PEST factors (Ferell and Hartline, 2010).






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3.2 Explaining how distribution is arranged to provide customer convenience

The distribution channel plays a very significant role in order to provide convenience to the customers.

Articulating from this fact, distribution channel of British Telecom can appear as one of the major source

of competency for the firm (Brocke, 2012). The distribution channel possesses such importance

because it is a part of creating visibility and accessibility to the customer. In addition to this, it also

helps in enhancing the potential sale for the company. British Telecom can possibly look at the 5 rights of

distribution. These five rights are:

• Right place

• Right products

• Rights time

• Right quantity (Tinson, 2004).

• Right price

The distribution channel comes under the category of place mix of marketing. Distribution is

considered as the major cost of airline industry. Due to intervention of online sales, the face of

distribution is changing. British Telecom can arrange their distribution channel by making use of

global distribution system, through travel agents, corporate sales and via airlines websites.

3.3 Explaining how prices are set to reflect an organization’s objectives and market conditions

The pricing policy of the company generally reflects the market in which it is aiming to sale their products

and services (Tinson, 2004). Prices are set not only to maximize the sales or profit margin of the firms,

but there are many other factors, which are also considered by organizations. For instance, an

airline can charge high prices from their customers because they are aiming to sale products and services

as exclusive, not because the production cost is high

(Oxenfeldt, 1982). Thus, from the fact it can be attributed that prices should be set by keeping in

consideration various factors, some of them are as follows:

• Level of competition in the market

• Fixed and variable cost of the company

• Target group

• Willingness and ability of potential customers to pay for the products and services





• As per the objectives of organization

• Proposed positioning strategies

British Telecom can adopt different pricing strategies. These strategies should be selected as per the

objectives and goals of the company. The important pricing strategies are explained underneath:

• Skimming pricing – Under this strategy, company initially charge higher prices for the products and

services and afterwards lowers the prices with a view to make the product available in wider market

(Oxenfeldt, 1982).

• Penetration pricing – Here in this pricing strategy, company sets lower prices for the products and

services in order to increase the sales and profits. In addition to this, by adopting this strategy,

company can also increase their market share.

• Competition pricing – Under this strategy, prices of the goods and services are fixed by the company as

per the competition prevailing in the market.

3.4 Illustrating how promotional activity is integrated to achieve marketing objectives

Promotion refers to the process of communicating the benefits and products in the potential

market. The main objectives of promotion are twofold i.e. providing information in regards with

product to existing customers as well as persuading them to make a purchase of the product. It is also

being considered as an important element from all other parts of marketing mix (Bowman and Gatignon,

2010). Without this element, customers will not be aware in relation with the products and services and its

potential to fulfill their needs and desires. Generally, there are four major tools of promotion mix i.e.

public relation, advertising, sales promotion and personal selling. Thus, it can be said that promotion

mix is regarded as the total communication program of the company which consist of various blends of its

components (Brocke, 2012). It is also further used to accomplish the objectives of the organization.






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REFERENCES

• Books and Journals

• Bowman, D., and Gatignon, H., 2010. Market Response and Marketing Mix Models. Now

• Publishers Inc.

• Kleindl, B., 2006. International Marketing. Cengage Learning.

• Kotler, P., 2008. Principles of marketing. 12th Oxenfeldt, A. R., 1982. Pricing Strategies. Amacom.

• Tinson, J., 2004. Marketing Strategies- A 21st century approach. FT/prentice hall. Pearson education

India.

• Zachariah, P., 1996. Marketing Management. 1 ed. Mittal publication.


Marketing Principles Assignment Sample

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