Unit 2 Marketing Principles Segmentation Criteria Assignment
Diploma in Business
Unit Number and Title
Unit 2 Marketing Principle segmentation Criteria
Organization is comprised of several complex set of activities and is being incorporated by promoters groups with a view to earn profit and satisfy clients at large. In this fast moving business environment in order to grab more clients and expanding market share a sophisticated marketing strategies needs to be developed. Throughout the time with the increasing ramification of changes in the working system of the organization and consumers’ demand there is needed to adopt an effective marketing mix.There are several benefits of an effective marketing strategies such as establishment of brand image, high turnover of sales, product awareness and furthermore. In this Unit 2 Marketing principles segmentation criteria Assignment a complete adamantine study would be made about how marketing strategies are useful in grabbing determined market share.
1.1 Explain the various elements of the marketing process?
- Marketing process- It is the management process which is used by sales persons in order to identifying, anticipating and develops a plan that could be used to develop customized products to satisfy clients’ needs and demand. Various other associations have also revealed the definition of Marketing process e.g. it is the process of identifying and capturing consumers’ needs and develop an action plan accordingly in significant manner.
- Key elements of marketing process- Auto Trader Company is the big company which is selling cars and other automobile goods in all over the world. There are various elements which are used by Auto Trader Company in making marketing process effective.
- Situational analysis- It is the analysis which is used to understand internal and external factors of Auto Trader Company. However company could easily use Situational analysis to evaluate micro and macro factors such as client’s purchasing power, economic conditions. Eventually Auto Trader Company can easily identify the client’s choice of action and can use eradicate the consumer’s wants and what is being offered by Auto Trader Company in determined approach (Atasu, et. Al., 2010).
- Marketing strategy- In the scenario given it is considered that various marketing planning team are making consistent efforts in harsh way to get more sales. This type of marketing practice lives brand image of the organization negative. Therefore Auto Trader Company needs to analyses all the internal and external factor of the car industry and then needs to make effective marketing strategy.
- Marketing mix decision- It is related with the production of right goods to right people. Auto Trader Company needs to make determinedchanges in its value chain activities so that clients want and needs could be satisfied with the offered products.
- Implement and control- With the gradual efforts of the Auto Trader Company in its marketing process there is requirement to make implementation of the planned activities. In this process Auto Trader Company will implement its marketing strategy and evaluate U
- Client’sreciprocate behavior- In the end top management will make plan to overcome identified gap in its control analysis activities.
1.2 Evaluate the benefits and costs of a marketing orientation for a selected organisation?
- Marketing orientation- It is the business model which focus on delivering products and designing it according to clients desire, wants and need and provide at most suitable customised product
- There will be several benefits of marketing orientation of Auto Trader Company which are shown as below.
- Better marketing program- Auto Trader Company is being following marketing orientation technique in its marketing techniques. Therefore available feedbacks from clients and other required document regarding competition could be useful for better marketing program (Shaw, 2012,).
- Increment in the client’s numbers- Marketing orientation helps Auto Trader Company to evaluate all the required needs and wants of the clients from all over the world. Therefore development of customized products in its value chain activities results into drastic profit to grab more market share.
- Increment in the brand image- Auto Trader Company by following marketing orientation could easily fulfill client’s wants and desire which eventually results into high creation of brand image in the mind of customers at large.
- More market oriented- This type of strategic tool of Auto Trader Company will provide company a privileged to gain information about the current and recent trends that will results into betterment of sustainability of the organization.
The most effective benefit of this market orientation would be that sales person would be very soft in handling clients and will give proper assistance in selecting the car as per their choice of action.
Cost of market orientation- Auto Trader Company needs to hire a separate teams and sales persons who will be complete indulge in collecting data and required information form potential clients. There will be so many sources involved in collection of required data such as primary andsecondary sources. In addition to this Auto Trader Company also needs to changes its value chain activities in order to make customized products that will also require high amount of investment in new technology, plants and machinery at large.
In this report CEO has asked to make a complete evaluation plan on all the unforeseen micro and macro factors which could affect the marketing activities of Auto Trader Company. A complete adamantine study has been made to make an effective representation to CEO in next meeting (Cheben, et. Al., 2015).
2.1 Show macro and micro environmental factors which influence marketing decisions?
In this fast moving world where all the organizations and companies are grabbing international market share in order to increase their market share then at the same time there will be emergence of so many threats and factors. These factors could be bifurcated in micro and macro factors (Zeriti, et., Al., 2014).
- Micro factors- These factors are related with customer supplier and intermediaries choices.Auto Trader Company needs to make effective plan to understand macro environmental factors. This factor directly affects the business and marketing strategies of Auto Trader Company. In addition to this this factors could be controlled by management of the Auto Trader Company in determined approach (Morgan, et. Al., 2012).
- Macro factors- This are the factors which are not in the control of the organization and Auto Trader Company needs to make its plan and policies according to this factors at large.
Customers-These are the potential persons who are the prime concern for the organization. Therefore Auto Trader Company should make efforts to provide best suitable cars to their clients.
Intermediaries- These are the agents and firms who have taken franchises or entered into joint venture with the organization. Auto Trader Company should evaluate their needs and demand and adequate profit should be granted for their activities.
Supplier- These are the manufacture of cars who provide goods to Auto Trader Company. Their pricing policies and other factors affect the buskins at very large.
Political- Auto Trader Company needs to evaluate the politicalstructure of the place at which it is selling its products. A stagnate political government tend to be very much help for the proper functioning of the organization.
Social- It is comprised of client values. belief, perception and their reciprocatebehavior. Therefore Auto Trader Company needs to evaluate all the associated factors of their stake holders at large.
Economical-This reveals the market conditions and clients purchasing power in determined approach. Therefore Auto Trader Company needs to fix the price of the product according to clients accepting price range.
Technology- Today’s era is accompanied with high upgraded gazettes and tech which needs to be developed by Auto Trader Company in its marketing strategies.
2.2 Propose segmentation criteria to be used for products in different markets?
- Segmentation criteria- It is the process which could be used by Auto Trader Company for making segregation in its marketing activities. In simple words it is the process which is coupled with dividing total market for the cars and marketing activities into different- different segments. However In selling of car Auto Trader Company could use stratified technique that make bifurcation in clients such as age, gender, income and further more.
- Demographical criteria- Auto Trader Company needs to evaluate its selling from all the branches all over the world and then sophisticated strategy should be developed to the area in which high amount of sales is made. Therefore Auto Trader Company should make different price and product and place strategies to draw an effective outcome form the marketing strategies (Cheben, et., Al., 2015).
- Gender- This is related with selling cars to different gender of people. It is assumed that male candidates are more inclined toward buying cars than female candidates. Therefore Auto Trader Company should focus on male candidates.
- Age- With the complete level of stratified survey it is observed that Auto Trader Company needs to marketingcampaign in context with the age of the different employees at large so that best suitable course of action could be developed.
- Proposed segmentation criteria: Auto Trader Company needs to make strategic alliance with that care manufacturing who are producing environmental friendly products at large. Therefore segmentation strategies related with price, product and place should be taken effectively for cars which are environmentally friendly.
2.3 Choose a targeting strategy for a selected product/service?
Auto Trader Company is direct selling company which provides cars and other automobile products to clients. Company is being focusing on selling environmentally friendly which is accompanied with less by product emission in the social society. In addition to this there are following strategies which could be developed by Auto Trader Company in order to grab more market share (Scott Rader, et. Al., 2014).
- Cost leadership strategy – In this strategy Auto Trader Company needs to sell its products at a price less than its current offering in the given market segment. In addition to this company also needs to evaluate all the internal and external factors in order to bring down the cost of production.
- Product differentiation- In this strategy Auto Trader Company needs to put down this point in its marketing strategies that company has been offering environmental friendly products which are completely differ from those of others. In addition to this this will help organization to grab more market share in determined approach.
- Development of core competency- Auto Trader Company needs to make core competency in its sales team so that best effective results could be drawn in determined approach. As currently company current sales team is not that much effective (Scott Rader, et. Al., 2014).
2.4 Demonstrate how buyer behavior affects marketing activities in different buying situations?
- Buyer behavior- This is related with sum total of buyer’s perception, likes wants, need intention regarding consumer’s burying in the given market segment. In simple term it is understood that it is buying behavior of final consumers who buy product from the market for the better satisfaction of their needs and want.
- When clients are more inclined toward the low price products- Auto Trader Company in its marketing strategies lower down the price of the cars offered in the market in order to grab more market share. It is clearly understood that clients are more inclined toward products which are available to them at lower price than other offered by other rivals in the market. Therefore company needs to sell its product accordingly (Petrovna & Alexandrovich, 2013).
- When clients are more inclined toward sophisticated technology- In many of the market segment such as highly income earning clients are more inclined toward purchasing newly sophisticated car for their own needs. Therefore Auto Trader Company needs to make collaboration with other manufacture that use high tech in their products at large.
- When clients are more inclined toward the services offered by seller- Auto Trader Company is engaged in selling cars to customers at large. In order to make its sales effective and high in number company should provide best effective services such as soft handling by sales team, no manipulation in clients purchase decision making. In addition to this company could also use some additional purchasing offers such as free hotel booking, movie tickets gift vouchers and further more (Morgan, et. Al., 2012).
2.5 Propose new positioning for as elected product/service?
Positioning- This is related with selling products to specified broad market. It is related with focusing on selling cars in newly identified area that is imperative for the increment in sales of the product at large. However, positioning strategies is used to provide a clear idea about the new market on which company and sales team needs to focus in determined approach.
Auto Trader Company needs to make complete positioning statement in which all the required factors will be taken into consideration such as market demand, target market, client’s choice of action and other intents in determined approach. In addition to this it is also observed that clients are more inclined toward business environment friendly products therefore with this complete understanding it would be observed that Auto Trader Company needs to change its existing working system and marketing strategies so that best suitable action plan could be generated in determined approach.
Therefore Auto Trader Company needs to focus on developing environmental friendly cars for capturing more market share (Shaw, 2012).
In this report a complete adamantine study has been made on the marketing mix of large bank. I being a marketing manager of large bank have evaluated all the required internal and external factors for the betterment of marketing struggles of the organization.
3.1 Explaining how products are developed to sustain competitive advantage?
- Competitive advantage- This is the quality or intent of the organization which is developed in the long run of the business. In addition to this it is the unique quality of the company which put organization in the same market segment. However, this advantage is hard to adopt by other rivals but could be copied with the significant efforts at large (Shaw, 2012).
- Competitive advantage- It is the intent or quality of the organization which is developed throughout the time with the extravagant efforts of all the team members. However, this type of Competitive advantage could be copied by other rivals in the market if they make the same significant efforts. Therefore it is required to understand that company needs to make extravagant efforts in order to generate competitive strategy in its working system. Large bank needs to develop its Competitive advantage in its services activates so that more and more clients could be attracted to make high level of deposit in its working system.
There are following ways which could be used to by large bank to sustain Competitive advantage
- High quality of services would be provided to clients while handling their accounts.
- Timely net banking conflict should be handled by a separate department for the betterment of client's satisfaction
- Excellent services and other offers should be granted to clients for maintain high.
- Effectiveness should be established in public relation with clients
3.2 Explaining how distribution is arranged to provide customer convenience?
Distribution is related with movement and coordination of supply and demand of the large banks offering. The company should make good distribution management in order to increase the effectiveness of customer convenience. Therefor Large bank needs to open up new branches at several place and other required factors should be undertaken in determined approach
- Opening branches- Large bank needs to open up new branches in order to increase the effectiveness of client’s experience.
- ATM- It is the newly generated machine which helps clients to withdraw and deposit money in significant manner.
- Grievance portal- Large bank needs to develop an effective portal so that client’s grievance could be resolved in timely approach (Wu, 2016).
- Order, processing and dispatch- Large bank needs to develop its separate portal so that automation in work could be established for eh betterment of clients experience.
3.3 Explaining how prices are set to reflect an organization’s objectives and market conditions?
- Pricing- it is the price determination policies and framework which is used by Large bank in selling of service around all over the world. The price of the services offered by large bank depends upon cost of the services customer’s response and quality of the services provided throughout the time.
- Market condition- This is comprised of all the macro and micro factors at large. In today’s world several banks and their current offering will be taken into consideration for the betterment of quality of the services offered.
There are following factors which are used by large bank in determining the price of the services offered.
- Brand image- It is the brand established by the organization throughout the time in the mind of clients. This helps large bank to set up high prices in determined approach for the sale of its services.
- Product life cycle- Services which are newly introduced will be charged high prices as compare to other services offered in the market by the organization
- Demand of the services- Large bank needs to evaluate all the demand of the market in order to determine the price of the services offered in the market.
3.4 Illustrating how promotional activity is integrated to achieve marketing objectives?
- Promotional activities- This is the activities which are used by large bank in order to make awareness about the products and the organization at large. It is the process or tool to inform clients and attract them with the current offering in determined approach.
- Advertising- It is related with methods which are used by large bank to showcase the quality of the services and newly introduced products to clients. It is the paid advertisement and promotion method which is used by organization to make promotion its products such as use of TV, Social media or sponsorship.
- Public relation- It is accompanied with establishment of personal relation with clients with the help of following program such as direct selling, meeting, booking calendar with clients and further more.
- Promotional activities- This is related with attracting clients from all over the world by using several methods such as personal meeting, organizing events or functions using mails and other methods to make effective promotional plan
In simple words effectiveness of marketing strategies depends upon the sales individual at large. However, in this sophisticated technical world there are various integrated marketing communication strategies which could be used to attract clients at large such as social media, sponsorship, hiring celebrities and using direct communication personal relation with customers. Now in the end it would be said that company needs to develop an effective working marketing strategies for the betterment of the clients.
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