Delivery in day(s): 5
Diploma in Business
Unit Number and Title
Unit 2 Marketing Principles and Decision Influencing Assignment
Charted Institute of marketing has defined the marketing as the process of management to find, meet and serve the customer satisfaction. Kotler also defined the marketing as the process to deliver the requirements and demands to target customers so that values and benefits can be created for both. The report will discuss the various elements of marketing process along with benefits and cost associated with marketing orientation. The report will also discuss various macro and micro factors affecting the marketing activities. The report will discuss the segmentation process and buyer’s behaviour in marketing. Strategies will be planned to position a product into market. Later report will determine the role of pricing, product, distribution and other marketing mix in organization. Report will plan the marketing mix to cover the satisfaction of two different segments. The report will also present the difference among marketing activities with businesses rather than to customers. Also the differences will be shown between domestic and international marketing approaches.
Coca Cola organization uses the following steps in marketing of products and services.
Marketing orientation defines the prospective and values of organization towards the operations to serve the customers. The orientation helps Coca Cola to conquer the market and to build the strong brand image. The organization has benefits in term of innovative idea because the orientation helps to understand the operations and customers demands accurately (Alrubaiee and Al-Nazer, 2010). The marketing orientation of the organization helps to decision the products and services according to market driven factors and demands. The organization has more control on the trends and requirements in market for the product. Al though Coca Cola needs to invest a significant amount in marketing orientation. The organization needs investment on powerful marketing intelligence for research purpose. Also technical infrastructure needs to be robust to collect, share and analyze the customer data. Cost is required to improve the existing products and to train the employees to present the business for effectively. Coca Cola has own training programs and infrastructure along with skilled employees for marketing orientation. Cost is also required to improve the equipments and services to enhance the product quality (Kumar.et.al.2011).
Micro factors are tightly related to the process, strategies and outcomes in comparison of macro factors to make market benefits. Coca Cola organization has impact of following micro and macro factors on marketing decisions.
Segmentation means to divide the market scopes into manageable sections so that strategies and decisions can be made more effectively to accomplish the business objectives. The market of Coca Cola can be segmented into following four segments:
Coca Cola organization needs to analyze the customer data for the knowledge of total consumption and effectively of approaches to reach them so that these analytical results can be used to design targeting strategy. Organization can segment the market according to demographic factors as customer’s income and interest are first to divert the decisions towards products. The product must need to be according to customer expectation and demands. Coca Cola can introduce the products in market in most acceptable season with comparatively low prices so that maximum benefits can be achieved. Innovation is necessary to promote and sale the products. New and innovative products can be designed to accomplish the market benefits. The customers can be attracted with high quality support and supply chain in business (Cooper and Kleinschmidt, 2011). Target strategies can be prepared to deliver the quality products within price constraints to customers.
The individual’s perception and life style matter in marketing activities of organization. The customers’ personal values and beliefs along with motivation points, learning through practices and attitude is important to know the behavior towards product. The buying situation depends on the facts like consumption of products, income of customers, availability in market and environmental changes. The social, cultural, psychological and demographic characteristics of the customers determine the buying behavior with a product. Organization must need to address the trends and life patterns of customers to sale the products effectively. The buying situations can be based on the motivational presentation before the customers. The customers of Coca Cola can be attracted towards the products through the learning like promises of less sugar, natural flavor and high energy etc (Hsin Chang and Wang, 2011).
To promote the product and services, organization needs to position the business. Positioning means to prepare the market strategies and approaches so that objectives can be accomplished effectively. The positioning is tightly related to marketing principles so that organization needs to use the proper strategies with marketing mix to meet the benefits. The marketing mix like production cycle, pricing of products, promotion and place to distribute the product must be customized according to changes in market. The rapid growth and change in business approaches should be analyzed and used in Coca Cola to position the new products. Organization can use the legal promotional activities; offer based pricing and effective distribution channels to position the new product into market. The organization can use attractive price, innovative features and offers to position the new product in market along with fulfillment of customer demands and requirements (Hoyer.et.al.2015).
In order to develop the product in market, it is necessary to generate the idea on the actual need of the customer and their demands. Once the idea is generated, the banking sector can screen the idea for its requirements and sustainability information. Bank like Barclay may use the idea that customers are facing issue to transfer the money with cards. In such cases, the management can develop the concept and test it with higher authorities for sustainable growth. The capabilities of thesinesss and market opportunities are identified to develop the product or service. Proper marketing strategies are made to promote the development. The developed product and services are analyzed and tested again to accomplish the requirement of business through the introduction in market. Once the services are developed to help the customers to transfer the money through the swipe cards, bank can commercialise the services to reach the target customers (Porter, 2011). Barclay needs to understand the business impacts and profits with new products before to make it commercial in market.
Barclay banks need to communicate with customer and to send them their secret documents like pass-code for ATM, transactional details, authentication codes for online services etc. In order to deliver the PIN code to customers for their new ATM card, organization can move from traditional to modern approach. Organization can use the online services featuring the customers to handle their ATM cards and PIN numbers so that they can easily reissue the pin, block the cards and request for new card. In this manner, there is no need to send envelop of PIN numbers to customer’s postal addresses. Organization can enhance the distribution work with the help of online services. The customer convenience can be addressed with easy to reach services between bank and customers. The customer can use online services to manage their transactions without any additional cost and delay to process. In this manner, the distribution of cards and related information can be simplified to enhance the customer satisfaction. It is also effective to attract the new customers in Barclay (El Saghier and Nathan, 2013). The security and loyalty with Barclay can be enhanced with services in customer relations.
The pricing of product and services are set according to organizational objectives and market conditions. The organization can use cost, considerations, demands and competition on specific products to determine the price. The organization can set the price without discount to illustrate the premium nature of products and brand. At other side, the price may be variable to attract the customers in demand driven market conditions. Barclay may offer the low pricing on services under the competitive market. The customers’ demands can be aligned with consideration of organization to sustain and grow. The services of cards and online functions can be chosen according to prices so that premium accounts can be managed differently among customers. Also the use of cards and services can be limited in comparison of pricing to fulfil the requirements of every customer (Pullman and Dillard, 2010). The prices reflect the organizational approach which may be for market benefits or to create the space for the sustainability in market. The poor and strong market demands and competition determines the price of services in banks. Barclay has premium prices and constant rates on services for customer convenience and business brand image.
Barclay uses the advertisement and promotion activities to sustain in competitive market and to reach the target customers. The communication process is used as part of promotional activity in Barclay as it is effective to satisfy the customers and to direct them towards more benefits. The organization also uses the efficient online banking services on zero cost to make the customers loyal for business. The organization promotes the business though advertising in local region and posting on internet for the offers and benefits with Barclay. The public relations are managed in effective manner as organization play contribution in environmental awareness and development of local community. The organization use online media and websites to promote the business to global customers. The services and benefits are offered through the direct sales and interaction with customers to meet the demands (Shimp and Andrews, 2012). Barclay use customer requirements and demands as the point of selling services. These kinds of pull and push strategies are used to promote the business and to engage the customers for market benefits. Direct marketing is also used to meet the customer convenience and requirements in services. The promotions activities are integrated in business operations and practices also.
The Barclay needs to utilize the additional elements of marketing mix to promote the business and to achieve high customer satisfaction. Following are three additional marketing mix elements to be used in Barclay:
Majorly there are two kinds of customers in Vodafone UK, one those prefer the use of tariff plans for calling and other needs the benefits of low cost internet services. The organization can plan the marketing mix to address the both segments effectively:
Vodafone offers the services and products to other businesses to accomplish their business needs. The organization uses the low cost and high performance services with businesses to meet their expectations. The packets of internet usages and call rates are prepared according to business demands (Lovelock, 2011). In order to achieve the trust of other businesses, organization may use the best services and discounts to them so that sustainable marketing can be visualize. The marketing approach may be direct communication, promotional or demo activities in organizations. Recently, Vodafone has introduced the high speed internet with 4G services for individual and business users. The organization has used the different marketing methods to reach them. Demo services are used to experience the product of Vodafone. The plans are set to number of users as more the users more the benefits are delivered to business. The organization offered the services through dedicated dongles and routers for business to meet their convenience and expectations. The prices, speed and durability are collaborated in effective manner to conquer the market benefits (Grönroos, 2011).
The domestic marketing is more close to the use of cultural values in comparison of international marketing. Vodafone UK needs to use the different cultures and standards according to hosting country to achieve the adaption of business. The organization needs to follow EU Act to business in Europe. There is low risk and benefits with domestic marketing due to limitation of customers and scopes but international marketing helps are termed as open end for risk and benefits. The organization can attract the customers from global market to make the benefits whereas in domestic market, there are less issue of legal frameworks and policies. Organization can manage the business effectively in domestic market in term of cultural values and business risks (Terpstra.et.al.2012).
The report has been discussed the marketing process elements and evaluated cost and benefits of marketing orientation. The report has been identify the various macro and micro factors on marketing and proposed the segmentation criteria. It has been discussed how the buyers behavior affect the marketing strategies. Addition to it, all marketing mix elements are discussed for marketing activities in organization. The marketing mix elements has been planned to meet the Vodafone UK customer segments. The report has concluded the difference between marketing of products and services to businesses rather than to customers. The report has been shown the differences between domestic and international marketing procedures.
Books and Journals
Alrubaiee, L. and Al-Nazer, N., 2010. Investigate the impact of relationship marketing orientation on customer loyalty: The customer's perspective. International Journal of Marketing Studies, 2(1), p.155.
Cooper, R.G. and Kleinschmidt, E.J., 2011. New products: The key factors in success. Marketing Classics Press.
Czinkota, M.R. and Ronkainen, I.A., 2013. International marketing. Cengage Learning.
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.