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Diploma in Business (Marketing)
Unit Number and Title
Unit 4 Marketing Principle Aston Martin
Aston Martin provides different kind of cars in UK it is the most renowned organization of UK. It provides varieties of cars to the customers thus clients are able to choose the car of their choice. The study explains various elements of marketing process and identifies the benefits and costs of marketing orientation for Aston Martin. It reflects micro and macro environmental factors that affect marketing decisions and explain the segmentation criteria that are used for products in different markets. Report explains the targeting strategy for car sales service and explains the positioning for the car sales services. The study identifies the products are developed to sustain competitive advantage and distribution services that is being provided to the customer convenience. The report helps to identify the promotional strategy of the organization and additional elements to extend the marketing mix. It plans the marketing mix for Vodafone UK and also provides the difference between international marketing and domestic marketing.
Marking is the process under which any organization can sell the products directly to the customer. It helps the Aston Martin to sell the goods to the customer make the buyer aware about the services to the clients. The main role of marketing is to identify the demand of cars in the market and assure the availability of the products in the market. There are wide ranges of marketing elements that facilitates in achieving the management goals and also assists management to create the valuable image in eyes of targeted customers. The major elements of marketing process in Aston Martin are planning, strategy, tactic and market research that help the management to identify the demand of services in the market of UK. These elements are the basic pillar of the organization by which management can easily achieve the success. With the help of this management can take the appropriate decision and meet the goals effectively. This element plays vital role in setting the mission and vision of the organization. The elements also focus on various other terms like business risk, future demand, and finance planning and distribution channel (Lusch and Vargo, 2014). This all predictions help the management to reach the expectation of customer.
Marketing orientation is defined as an organizational model that help the business to deliver the product and services that are designed for the customer to meet their demand. The marketing program helps the organization to set the basic criteria for the marketing in the organization thus they are able to sell the product to the consumer. It also emphasize on the product effectiveness and product functionalities in the Aston Martin. It is considerable to evaluate the marketing goals and develop the useful marketing tactics to achieve the desired activities. The marketing orientation approach is used by Aston Martin consists different elements of marketing like price, place, promotion and product. For instance, Aston Martin has recognized current market trends and brought the innovative methods in the procedure in order to raise the sales. The approach had supported the organization in achieving the customer demand thus they are able to achieve the organizational goals. In relation to this cost of marketing orientation in Aston Martin is mainly related with creating public relation, advertisement campaign, sales promotion etc (Boso.et.al.2013).
Aston Martin is affected by various factors either internal or external. Business environment contains two kind of factors micro and macro that affects the decision making process of the organization.
Macro environmental factors:
Micro environmental factors: This kind of factors influence the organization within the boundaries of the organization thus it can be said that internal or micro level factors.
Market segmentation is the technique under which organization classify the customers in the market on basis of income, geographical factors etc. Management conducts the research for the customer’s perception over the product and service of Aston Martin. The segmentation process is mainly focused to classify the market and reach that market which is suitable for growth of organization. Aston Martin’s market segmentation is totally based on the identifying the demand of the customers at different levels in the market and try to design services in form demand. It is important for the organization to identify the market trends in form that easily meet the organizational goals. The basic criteria for the market segmentation are to identify the popularity of product in the market. The criteria for market are segmentation is income of customers, age, gender, taste and preferences etc (Wedel and Kamakura, 2012). Segmentation process is totally depends on the taste and preferences of the customers that depends on the classification of the market.
Targeting strategy is the technique under which an employee can easily identify the customers for the organization. It helps the organization to identify the perception of the customers towards the organization. It has been evaluated that organization provides variety of high class cars to the customers thus it is important for the management to identify the customers. Demographic factors are best way to target the customers in the organization. To target or attract the customers management has to develop innovativeproducts. To target the customers in the organization management has to develop the policy that records of the customers can be collected and management can easily identify the view of customers towards the business. Targeting is the best policy by which employees can easily recognize the customers and make the formal contact with them. The feedback of the employees towards the products and services provided by the organization helps the management to target the customers. To target the new customers in the organization management has to keep certain criteria like gender, income level, age etc (Chen.et.al.2014). This kind of factors help marketing department to identify the best suitable client for the organization.
Buying behaviour of any of customer affects the decisions process of whole organization. The buying behaviour of customer affects the design of the product and motivates the organization to create the product according to the desire of clients. Spending power of customer also affects the marketing decision in the organization. If customer is not able to spend on the luxury cars so Aston Martin has top design economic cars for the clients. Buyer behaviour depends on the price and quality of the product so management has to identify the income level of the customer that designs the marketing strategy of car. The buying behaviour of the clients is affected with various factors like political, social, economical and cultural factors thus management has to set policy by considering this all factors in the mind. In relation to this management has to focus on the marketing activities and then identify the customers. There are various situations that affect the marketing activities like price, quality, location, comfort level, and after sales services provided by the Aston Martin (Wind.et.al.2014).
To increase the brand image of the organization management has to design the positioning strategy. It is the most essential aspect that helps the business to create positive position in the market. Positioning strategy is been used to develop the position in the market and set the benchmark of quality for the organization. With respect to the positioning strategy of Aston Martin it has to develop the new strategy that includes various aspects like perception of customers, demand of cars, quality of cars etc. To create the good position in the market organization has design variety of products that can be offered by organization. Innovation is another factor that helps the management to create good brand image in the market. This strategy helps the organization to achieve the organizational goals in more effective manner(Ryu.et.al.2016). Quality of the product is the most effective factor that creates good brand image in the eyes of customers.
Standard Chartered is the bank that provides quality service to the people of UK. Competitive advantage can be achieved by contributing the latest ideas to design new product for the customers. Standard Chartered develops new and innovative products for the clients thus they are able to attract new customers in the organization. It is the bank that is located in different parts of the world so it is the liability of the organization to deliver quality services to the clients and maintain good relation with the customers. Continuous development in the services helps the organization to gain the competitive advantage and maintain good position in the market. Various factors are considered by the Standard Chartered before launching the new policy in the market like perception of the customers, demographic factors etc. New products help the management to attract the new clients towards bank and create positive image of the organization in the market. The management should identify the demand of customers and try to deliver the product on time (Porter and Heppelmann, 2014). The major factor in achieving the competitive advantage is to satisfy the demand of customers.
Suitable distribution method for the clients is the most important factor to keep the employees satisfied. Standard Chartered has developed new product for the customers thus they are able to retain them in the organization. The product must be delivered easily to the clients and it is responsibility of employees that collect the feedback of the distribution services to the clients. Now a day’s all the banks sell their services online thus employees can get desired services easily and maintain the brand image. On online selling of the services employees can ask the queries to the customers and try to improve them as soon as possible. Various offers are provided by the organization to the clients like free processing charges, free insurance, no charges on the money transfer etc. This kind of distribution method makes the banking easy and safe thus half load of the organizations lower down (Reisman, 2014). Organization provides representative to the valuable clients in case of any manual problem in the bank they can easily ask him to solve that problem.
Standard Chartered keep in mind various points before implementing the price of any product and policy like market conditions, competitor’s price, quality of product, environmental factors etc. Before launching the new product organization has to do deep analysis of the market by which they are able to set the price of product. The major factor in setting the price is purchasing power of customer in the market another factor competitor’s price. In order to gain the competitive advantage management has to set the price that affects the customer base of competitor in the market. There are various factors that facilitate organization to set the price like strong customer base, quality of product, trust of customers over Standard Chartered etc. Organization has classified the price of the policy in two factors expenses and profit margin. The price of product will set by calculating different aspects like labour cost, raw material expenses, employee salary, delivery charges, technological cost etc (Paliwoda and Thomas, 2013).
Promotion is the core part for all the organization it help the business to create the strong customer base. Standard Chartered used to do various promotional campaigns like sponsoring various sports tournament, free education to the children, hoarding at the public places, development of public parks etc. Promotion helps the organization to increase the sale of services and also help the business to demand of customers in the organization. For effective promotion business use social media, local advertising outlets and for global promotion management is using international sports tournament. It is the best way to keep the business updated and create good customer base for the organization. Digital marketing is the best way to keep the business promoted in the market. Standard Chartered provides app facility to deliver and promote the services to the clients. The promotional activities help the business to maximize the sales and achieve the organizational goals. It create good brand image of the organization in the market and improve the quality of services (Shank and Lyberger, 2014). Management can use the television, news paper, national and international magazines to promote the services of Standard Chartered.
Marketing mix is the action that is used by the Standard Chartered to promote the services in the market. It is also known as the increased marketing mix that facilitates the management to maintain the quality of the product. Standard Chartered considers 3P’s to achieve the organizational goals this is as follows:
Marketing mix help the organization to evaluate the present position of the organization in the market. This mix helps the business to identify the brand value of business in the present market. Following are the points that help the business to plan the marketing mix for two dissimilar segments:
Table 1 Marketing Mix
In geographic factor organization will design the services of high range and quality in order to maintain the global image of Vodafone.
In demographic factor organization design the services according to the income standard of the customer.
Under geographic factor management use to advertise the product through internet.
The advertisement of the product and services is done through local media.
In geographic factor organization is more focused to the selected country (Christopher.et.al.2013).
In demographic factor management is focused too according to place and customers.
The price of the products will decide the according to the price of international competitors.
The price of product is set according to the local competitors.
Table 2 Difference between and B2B and B2C
|Business to business
Business to consumer
Vodafone use the term in global industry to serve quality services to the clients.
Under this option management does the marketing of the services and products in very effective and continent way.
Long and detailed advertising content are being used by the management to deliver the details properly.
In business to consumer marketing of the services are generally depends to small and short that is easy for the client to understand.
The buying process in the B2B is normally identified that it is too longer and takes time.
The decision of buying is depends on the income level of the customer.
The main in B2B is to develop the industrial relation and do the long term marketing (Kotler.et.al.2015).
In B2C marketing is done on the basis of various social media sites and local hoardings.
Table 3 Difference between international market and domestic market
Global marketing is being divided as the exchange of goods and services from the national to international market.
On the other hand local marketing is being identified as the exchange of goods and services in the local markets.
There are various problems in the context such as tax and non tax hurdles in the different countries.
In domestic marketing Primark do not include the high taxes by which consumer can easily buy the product and did not feel uncertainty on the small amount of tax while purchasing the product.
In global marketing currency exchange plays the important role sometimes clients face the hurdle of the currency exchange due to another country.
On contrary, Local market deals in the national currency so there is no problem of currency fluctuation.
In international market the mode of payment is the letter of credit among B2B.
In local market the customer can pay through cash, ddetc (Turnbull and Valla, 2013).
The current study various elements in the marketing process that help the Aston Martin to grow their business and create the benchmark of services. Aston Martin segments the customers on the basis of income of the person, age, gender etc thus they can serve quality services to the clients. Standard charted develop the policy by which management can easily serve quality services to the clients. Vodafone develop effective relation with the clients at the national and international level.
Books and Journals
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