Delivery in day(s): 5
Diploma in Business (Marketing)
Unit Number and Title
Unit 4 Marketing Principles
Marketing is the most crucial part of the organisation. It is one activity on which the complete existence of the business is dependent (Jobber & Ellis-Chadwick, 2012). Companies these days small or big have to adopt adequate marketing strategies in order to sustain in the market for long period of time. The report will discuss in detail about various marketing principles which are important for the business.
According to the chartered institute of marketing (CIM), Marketing is the management process which is responsible for identifying, anticipating and satisfying customer requirements profitability (Jobber & Ellis-Chadwick, 2012).
This definition can be explained further by stating marketing as the bunch of many ideas, the brand or the way to communicate or the design, process of print and also measurement of the effectiveness of the marketing program, market research and the basic psychology behind the consumer behaviour of all kinds which is also the part of the bigger picture of marketing (Jobber & Ellis-Chadwick, 2012). Marketing essentials is basically related to the understanding of what usually people wants and it is also related to the needs and preferences of the consumer. Being in the business and the motive to succeed in the market, it is very important for the organisation to understand the need and wants of the customers which can help in adding the value in the sales through structured marketing activities in order to achieve success in the business in the long run (Jobber & Ellis-Chadwick, 2012).
The weakness of the statement defined by the chartered institute of marketing is that the definition has narrowed the limit of the marketing whereas scope of marketing is much wider and it includes a lot of activities besides identifying and attracting the market and it also includes sustaining in the market in the long run (Jobber & Ellis-Chadwick, 2012).
The American Marketing Association: According to the American Marketing Association marketing activity are not just an activity but set of institutions and also the processes in order to create, communicate, deliver and also exchange which help in offering which have values for the customers, clients or partners and it also include society on the larger frame (Kotler & Armstrong, 2013).
According to this definition, the marketing is the function which links the consumer or customers or public to the marketing executives through series of information which used to identify and defines opportunities related to marketing and also the issues which help in generating, refining and evaluating actions in marketing and also monitor the performance of the marketing and improving the understating of marketing which can be treated as a process (Kotler & Armstrong, 2013). The definition is also important from information point of view which requires addressing the issues, designs the ways for collecting the important information, manages and also implements the collection of data process, analyse the results which are crucial for the company and also communicate in the proper manner which are the finding of the research and its implications (Kotler & Armstrong, 2013).
Following is the diagrammatical representation of the market process: -
Marketing orientation is more related to decision making methods and scenarios. It also includes marketing intelligence, analyses of the culture based behaviour pattern and also the customer orientation perspective (Struthers, 2014). Market orientation can be defined as the combination of market intelligence, dissemination of this intelligence and other information across the departments and various organisations responding to it. It can be further defines as an actual and real implementation of the various marketing concepts and principles. In addition to that, the culture of an organisation is usually affected by effectively and efficiently creating the important workforce and defined set behaviour in order to create the superior value for the buyers which will further results in the superior form of performance for the business point of view (Struthers, 2014). Market orientation consists of three basic behaviour elements like customer orientation, competitor’s orientation and also coordination which are inter-functional. Following is the detailed discussion of product orientation and sales orientation: -
Benefits and cost of market orientation
Benefits of the market orientation
Cost of market orientation
Micro and macro environment is the part of market environment which is a marketing term and also refers to the factors and also some forces that affect the ability of the organisation and also build and maintain a successful relationship with the customers. There are two types of environment which is micro and macro environment (C?toiu et al, 2013). Micro environment can be defined as small forces in the company that can be responsible to affect the customer base. Macro environment mean a company operates in an industry and the forces are larger forces from society and it affects microenvironment. Following is the PESTLE analysis of company Sainsbury: -
How international markets differ from domestic?
Following is the detailed discussion of domestic and international business: -
Importance of the 4Ps of the marketing mix: The marketing and sales section in any business constantly struggles to devise a right marketing formula for a business (French, 2010). There are number of factors which are responsible for the success of the marketing of the company and combination of these factors is known as marketing mix.
Marketing mix includes what price to offer and where it has to be offered and how to offer it in long run. There are basically four Ps in the marketing mix which are essential for the business and help the business to find many answers. These 4 Ps includes strategic positioning so that in return there are maximum profits in any type of market (French, 2010).
Following are the four Ps of marketing mix: -
The additional three Ps of the marketing mix: The additional Ps in marketing mix is very important in the service marketing and they are used to define marketing strategies for the service industries (Rudd & Mills, 2011). Following are the additional three Ps of the marketing mix.
Developing products to sustain competitive advantage: Sustaining a competitive advantage is not an easy process and for this the company will have to constantly develop and update as per the change in the market. Changes are the only constant thing which exists and the company also have change as per the changes in the industry (Challagalla et al, 2014). Developing products and constantly innovating in it is an only way through which the company can sustain for long run in the market. The company will have to challenge its competencies and update it as and when required.
Marketing is most important element of business and something on which the business exists (Challagalla et al, 2014). The report has discussed in detail about various marketing principles and its application in the companies.
Challagalla, G., Murtha, B. R., & Jaworski, B. (2014). Marketing Doctrine: A Principles-Based Approach to Guiding Marketing Decision Making in Firms. Journal of Marketing.
French, J. (Ed.). (2010). Social marketing and public health: Theory and practice. Oxford University Press.
Hanekom, L. M., Gericke, G. J., & Becker, P. J. (2011). South African private practising clinical dieticians’ perceptions of the relevance of service-specific healthcare marketing principles and communication elements. South African Journal of Clinical Nutrition, 24(4), 192-198.
Jobber, D., & Ellis-Chadwick, F. (2012). Principles and practice of marketing (No. 7th). McGraw-Hill Higher Education.
Jung, S. E., Hermann, J., Parker, S., Shin, Y. H., & Phelps, J. (2013). Formative Assessment using Social Marketing Principles to Identify Rural Older Oklahomans’ Perspectives of Health. Journal of Nutrition Education and Behaviour, 45(4 Supplement).
Rudd, D., & Mills, R. (2011). Expanding Marketing Principles for the Sale of Higher Education. Contemporary Issues in Education Research (CIER), 1(3), 41-52.
Struthers, A. (2014, August). Impact of High School Based Wellness Program on Adolescent Attitudes toward Fruits, Vegetables and Physical Activity. In2014 National Conference on Health Communication, Marketing, and Media (August 19-21). CDC.
Weinstein, A. (2013). Handbook of Niche Marketing: Principles and Practice. Routledge.
Wright, S., & Cawston, J. A. (2012). The Shifting Sands of University Funding: A Values-Benefits Driven Approach to Formulating Employer Liaison Direct Marketing Activity. Why Marketing Standards?