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Marketing is termed as the activity of management so that customers can be served effectively with profit. Also the marketing is defined the sequential procedure to deliver the product with desired quality and benefits to customer for organizational purpose. The report will discuss the various elements of marketing process along with benefits and costs on marketing orientation. Unit 2 Assignment on Elements of Marketing Principles will also discuss the environmental factors on marketing along with segmentation criteria and strategy for products. The report will also illustrate the positioning of new product and buyer behaviour. Later report will discuss the development of product, distribution, pricing and promotional activities for market benefits and marketing mixes. The report will determine the differences in marketing in domestic as well as international market with the differences in delivery to business rather than the customers.
Marketing process of car sales organization can be classified into four categories to accomplish the business objectives effectively.
Marketing orientation defines the activities and reaction of the organization to meet the specific strategic goals. In order to win the market, organization can use five kinds of concepts: production, product, selling, marketing and social marketing. Each orientation has own benefits and costs for the organization.
The marketing decisions may be influenced with the environmental factors as the variation in business associates and outer environmental factors affect the approaches to meet desired benefits.
Segmentation defined the classification of target customers according to various factors. For example, customers can be grouped according to their interest, age or similar demands. Segmentation helps achieve high benefits and customer satisfactions along with opportunities to grow and sustain in business.
Various organizations use the various strategies to meet the market benefits and customer satisfaction. For example, the car industry uses the occasional discount offers to target the customers. Also they offer the free accessories with products to serve customer satisfaction. Car industry also uses the concept of lower down payments and easy to fill procedure to sale the products. In many cases the amount is segmented to sale the product to customers. The presentational tools and advertisements are used prior to launch of the product to acquire the market and to determine the requirements in market. Cars with special innovative features are promoted in market and trade fairs to acquire the attention of customers and to make the benefits on special occasions (Solomon, 2014). Many vendors also offer the free maintenance over the year to sale the product and services. In this manner, the car industry is targeting the customers with attractive offers and promises in business.
The buyers react to marketing strategies according to buying situations. For example, the customers have influence with their personal beliefs, culture, social and psychological needs. Various countries have different living pattern and customers are also vary in behaviour and beliefs according to their social values and personal emotions. Addition to it, the marketing strategies and activities have influence of buying time and potential of buyer in specific countries and location. The behaviour of the customers according to their age and region along with social beliefs has great affect on their buying power to products and services. The personal factors like the availability, language, living standard etc have impact on the buying situations as their choices on products and pricing may be vary from others (Sorescu.et.al.2011). In this manner the psychological needs and demands also affect the market selling of an organization.
The products and services in market can be sold effectively by balancing with the view of the buyer or customer. The positioning is required to make the strong background to sale the products with benefits and to cover the market. For the positioning of the new car in industry, the organizations can analyze the strategies and features in the products of competitors. Also the innovative features can be offered in cost effective manner along with some other additional services so that customers can be made interested and inclined towards the products. Proper positioning also required the analysis of the market for the time to appear and to offer sales. Right time entry in market helps to achieve the maximum benefits and customers (Cooper and Kleinschmidt, 2011). The product can be designed according to already available products so that something new can be used as the key selling point for the product. The new cars and accessories can be sold on the basis of the inclination on market and to set the pricing according to market opponents and customer potentials.
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The market competition is being constraint to lower pricing and higher quality. In such cases, the customers are looking for the maximum returns from their investments. As a market manager for the large bank, the services can be designed according to the customers so that loyalty can be increased and business can be move into stable positions. The organizations use the products as the unique in feature or price to gather the market attention and to make the maximum sales within a short time. It is also observed that only the innovative changes in services and products can serve the customer effectively and help to retain in market. The product needs to develop according to demands and requirements of the customers along with proper pricing so that customer can be reached (Porter, 2011). Addition to it, the product must be according to trend and needs to be promoted in market to meet the advantages for the sustainability. Proper analysis of market and competitors can help to develop the beneficial product for the organizations.
The customer convenience can be delivered with the effective distribution in banking sector. The banking sector needs to deliver the ATM services to customers in which ATM cards are sent to customers on their postal address and then they contact the breach to obtain their PIN numbers. In this system, it is required to deliver the cards within seven days and to respond them with secret codes. For that, distribution channel needs to be faster and liable (Heskett, 2013). Also the banking sector use the transmission of customer information during their login on internet banking and shopping cards so that distribution of information as well as physical documents should be faster for the customer convenience. The timely and secure delivery of the information to customers can enhance the loyalty and the perception towards the bank. For example, the Barclay banks have effective distribution of information and documents to customers to conquer their trust and to establish the market image. Bank serves with the customer for services within time so that customer satisfaction can be enhanced with bank.
The organizations need to set the price on products and services according to market conditions and to win the desired benefits. Pricing are set after the proper analysis of the market for the available set of products and features in same price (El Saghier and Nathan, 2013). Also the competitors are examined to ser the pricing. Addition to it, the market inclination is determined and customers are viewed with their trends and interests in specific occasions to set the pricing. The organizations have the objective to earn the maximum profit with higher cost or to establish the market image with lower profit. In both the methods, organizations try to cover the maximum customers and provide the offers of high quality in adorable prices. If the market is going down and the organizations have the stock of products, then they can serve the customers with minimum benefits and earn the market reputation. High prices are also set on products and services to keep the premium services to users. A banking sector can issue various kinds of credit as well as debit cards to customers to earn the profit and reputation according to customer economic level. The price also may be based on the penetration in marketing or to promote the business (Haurin.et.al.2010).
For the marketing of the product and services, most of the organizations use the pricing as they lower the pricing on products to acquire the market attention and interest. The products are promoted with the lower price, high quality services, on time guarantees and better supports to accomplish the marketing objectives. Organizations use consistency, coordination, repetition and reach as the methods for the promotion of the products. The same product can be available with the other sales on lower prices or can be sold independently to reach customer. Also the products and services can be repeated in promotional activities to make space in market appearance. Customers can be served on doors with new products and services. In this manner, organizations encourage the customers to make use of their products (Davis, 2013). In case of banking, the cards are provided free along with internet banking to encourage their usage but later demand for the cards on existing account needs to pay some extra cost. Therefore, the distribution of banking cards with new account is a promotion activity to reach the customers and the benefits is made with existing users in bank.
There are basically four marketing mix elements: price, product, promotion and place. Addition to it, there is three other marketing mix elements:
Various segments of customers can be fulfilled for their requirement from organization. Vodafone UK provides effective services in internet plans for the youngsters and corporate world. Different marketing mixes are used to cover the customers for organizational benefits:
In order to meet the market advantages, it is necessary to work with other businesses as they are enriched source of continuous sale and usage of the product. Vodafone UK also targets the businesses along with customers to make the benefits. The businesses are encouraged to use the services with lower price along with continuous and seamless services so that loyalty can be established in another business to make the revenue (Wild.et.al.2014). In comparison to customers, businesses are treated as the regular source of income in organizations and help to retain in market. The customers are solely users and expect the economic prices on packages to use the service and may move away from the service if they found lower values from competitors. At other side, the businesses can be negotiated to promote the business as well as to serve the continuous services. For instance, the wireless internet tools with huge internet packets are sold to corporate world because they have no such consumption in homes. Also to market the products to businesses, it is required to have strong communication skills along with transparency in deals to acquire the trust (Shani and Chalasani, 2013).
The international marketing is differ from the domestic marketing as the organization needs to manage the business operations according to various political and legal factors along with dealing of global competition. There are following major difference in international as well as domestic marketing of product:
The report has been concluded the various elements of the marketing process along with benefits and cost of the marketing orientation. The report has been also determined the environmental factors on the marketing decisions and segmentation criteria for the market customers. The strategies and positioning has been prepared for product promotion and sale. Later report has discussed the 7P’s with individuals’ explanation with case study. The differences in business promotions rather than to customers have been identified and different segments have been compared. The report has been illustrate the difference between domestic as well as international marketing.
Books and Journals:
Cooper, R.G. and Kleinschmidt, E.J., 2011. New products: The key factors in success. Marketing Classics Press.
Davis, A., 2013. Promotional cultures: The rise and spread of advertising, public relations, marketing and branding. Polity.
Douglas, S.P. and Samuel Craig, C., 2011. The role of context in assessing international marketing opportunities. International Marketing Review, 28(2), pp.150-162.
El Saghier, N. and Nathan, D., 2013, April. Service quality dimensions and customers’ satisfactions of banks in Egypt. In Proceedings of 20th International Business Research Conference (pp. 4-5).
Gaston-Breton, C. and Martín Martín, O., 2011. International market selection and segmentation: a two-stage model. International Marketing Review, 28(3), pp.267-290.
Haurin, D.R., Haurin, J.L., Nadauld, T. and Sanders, A., 2010. List prices, sale prices and marketing time: an application to us housing markets. Real Estate Economics, 38(4), pp.659-685.
Heskett, J.L., 2013. Controlling customer logistics service. International Journal of Physical Distribution & Logistics Management.
Hoyer, W.D., Chandy, R., Dorotic, M., Krafft, M. and Singh, S.S., 2010. Consumer cocreation in new product development. Journal of Service Research, 13(3), pp.283-296.
Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.
Kumar, V., Jones, E., Venkatesan, R. and Leone, R.P., 2011. Is market orientation a source of sustainable competitive advantage or simply the cost of competing?. Journal of marketing, 75(1), pp.16-30.
Majaro, S., 2013. International Marketing (RLE International Business): A Strategic Approach to World Markets. Routledge.
Meissner, H.G., 2012. Strategic international marketing. Springer Science & Business Media.
Porter, M.E., 2011. Competitive advantage of nations: creating and sustaining superior performance. Simon and Schuster.
Shani, D. and Chalasani, S., 2013. Exploiting niches using relationship marketing. Journal of Services Marketing.
Solomon, M.R., 2014. Consumer behavior: Buying, having, and being. Engelwood Cliffs, NJ: prentice Hall.
Sorescu, A., Frambach, R.T., Singh, J., Rangaswamy, A. and Bridges, C., 2011. Innovations in retail business models. Journal of Retailing, 87, pp.S3-S16.
Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.
Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.
Wilson, R.M. and Gilligan, C., 2012. Strategic marketing management. Routledge.