marketing principles assignment sample
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Assignment
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
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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
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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
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• 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.
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