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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 organizations
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 P lan 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 UKs 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 Ps 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
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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.
2.0 Concepts of segmentation, targeting and positioning
2.1 Macro and micro environmental factors which influence
marketing decisions
Figure 1 Micro and macro environmental factors
(Source: Janey, 2009).
Micro and macro environmental factors have an influence on
marketing decisions
according to above figure. The micro elements include suppliers,
consumers, intermediaries and
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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).
2.4 How buyer behavior affects marketing activities in different
buying situations
Figure 2 Black box model of buyer behavior
(Model of consumer behaviour, 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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In case of Thomson airlines, the purchasing behaviour of
consumers has a significant
impact on marketing activities. Researchers show that 70% of
consumer care about corporate
social responsibilities in their buying decisions and are ready
to pay a premium price.
Figure 3 Buying behavior process
(Source: Colgate, 2011).
Buying starts with recognition of a need or problem and hence
marketing decision of
airline should be based on how firm can persuade consumers by
catchy websites, pricing and
packages offered to clients. Next is the search for good
airlines which begins from personal or
commercial sources. Hence challenge for marketing team is to
identify which information source
influences the target markets. In the customer evaluation search
the marketing decision are the
kind of information that team need to provide clients in every
buying situation. In the final stage
of post evaluation purchase the marketers must be able to
persuade the airline passengers that the
airline service will satisfy the needs (Rogers, 2011).
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Generating the idea
Screening of idea
Development of concept and testing (Brocke, 2012).
Marketing strategy and development
Business analysis
Developing the product
Test marketing
Commercialization (Competitive Advantage, 2012).
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 organizations
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
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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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3.5 Analyzing the additional elements of the extended marketing
mix
Marketing mix is being defined as process of integrating and
designing various elements
of marketing in such a way so that the objectives of the
organization are accomplished. The
marketing mix of a company includes mainly four elements i.e.
price, place, promotion and
product. The additional elements of marketing mix include
people, process and physical
evidence.
People: It is considered as one of the most important
ingredients to any service provision.
The effective and appropriate use of employees and people is
vital in any business. The
company should hires and trains those employees, which reflects
their organization in the
market (Tinson, 2004).
Process: Process element relates with the system, which is being
used to assist the
company in delivering the service.
Physical evidence: It is being defined as that element of the
service mix that persuades
the buying behavior of customers and also allows them to visit
again and again in order to
make decision in regards with the company.
4. BE ABLE TO USE THE MARKETING MIX IN DIFFERENT
CONTEXTS
4.1 Plan marketing mixes for two different segments in consumer
markets
Consumer market encompasses fast moving products and services
for the customers,
which are high in quality as well as have high durability.
Consumer market is being represented
by households and individuals that purchase goods and services
for their own use and purpose.
This market is increasing at a steady pace each and every year
(The truth behind a niche market,
2011). A market segment on the other hand, includes group of
consumers, who share alike wants
and needs. It is also known as segment market. Marketing mix for
two different segments i.e.
niche and local marketing in consumer market are as follows:
Niche marketing Niche market is nothing, but the target portion
of the market. It is
narrowly defined fraction of a customer group seeking a unique
mix of benefits. Through
niche marketing, companies aspire to boost up their sales while
attracting more and more
customers (Jackson, 2008). Generally, marketer determines the
niche by dividing one
segment in to other sub- segment. Thus, in this particular
segment, marketing mix will
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be: product should be as per the needs and wants of the
customers. Pricing of the product
and services need to be attractive so as to make sure higher
sales and profits. The place as
well as the position of the market is very significant in niche
marketing. And finally,
promotion should be such that fits with the objectives of the
firm and aware consumers in
regards with the products and services as well as its features
(Jackson, 2008).
Local marketing The growing trend of gross-root marketing is
being reflected by Local
marketing. In this market segment, all marketing related
activities concentrate on grass-
roots level. In local marketing, the products and services are
promoted by connecting
them with the unique and interesting experience and not only by
communicating its
benefits and characteristics. Thus, marketing mix will be
according to its objectives (The
truth behind a niche market, 2011).
4.2 Illustrating differences in marketing products and services
to businesses rather than
consumers
The aim and objectives of companies is quite different while
marketing products and
services to businesses or organizations rather consumers. This
is because of the fact that the
decision making process being involved in purchasing products
and services is different from
that of the consumers (Manktelow and Carlson, n.d). In addition
to this, the market segment is
also diverse as the firm target market is employees or the
departments. While selling goods and
services to the organization, there will be no direct contact
between the buyer and seller as in the
case of consumer market (Zachariah, 1996). The demands and
services will be different in the
organization and probably they will require more intense
knowledge and understanding in
regards with the products, its quality and production. Further,
in case of business to business
marketing, the volume of transaction is also higher as compared
to the consumer market. This
can be attributed from the fact that it involves more
sub-components and raw-materials. On
contrary, consumer market specifically includes sale of finished
goods to the ultimate users
directly (Kotler, 2008).
4.3 Showing how and why international marketing differs from
domestic marketing
International marketing is being adopted by those companies who
wish to globalize their
products and services and implement international marketing
strategies in order to promote their
goods (Zachariah, 1996). Each and every nation has different
culture, political background,
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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. 12
Oxenfeldt, A. R., 1982. Pricing Strategies. Amacom.
Tinson, J., 2004. Marketing Strategies- A 21 century approach.
FT/prentice hall.
th
ed. Pearson education India.
st
Zachariah, P., 1996. Marketing Management. 1 ed. Mittal
publication. st
Online references
British Telecom. . [Accessed on 26 2012].
n.d. [Online]. Available through: th
December
Brocke, K. V., 2012. The importance of public relations.
[Online]. Available through: . [Accessed on 24 December 2012].
Competitive Advantage. through: 2012. [Online]. Available
. [Accessed on th
26 December 2012].
Jackson, J. B., 2008. Niche Marketing matters. [Online].
Available through: th
. [Accessed on 26 December 2012].
Manktelow, J., and Carlson, A., n.d. The Marketing Mix and 4 Ps
tools. [Online]. Available through: . [Accessed on
th
24 December 2012].
Porter's sustainable competitive advantage model. n.d. [Online].
Available through: .
th
[Accessed on 26 December 2012].
The truth behind a niche market. 2011. [Online]. Available
through: .
th
[Accessed on 24 December 2012].
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