Unit 4 Marketing Principles Assignment H Samuels
Diploma in Business (Marketing)
Unit Number and Title
|Unit 4 Marketing Principles H Samuels|
Marketing is the essential part of every business. It is the combination of many activities like Research and Development, advertisement, selling, storing, promotions, etc. thisunit 4 marketing principles H Samuels assignment covers the discussion about Principles of Marketing in relation to H. Samuel which is a jewellery brand in UK (Samuels, 2016). As I am an assisting marketing manager in H. Samuels, a report has been prepared which covers many aspects of marketing and the available opportunities for H. Samuels so that the company can grow in future and achieve more success by using the marketing planning concepts in the processes and functions of the business. Discussion regarding the promotional activities of the company has been done which will help the organisation in achieving its objectives.
1.1 From your additional research, explain the various elements of the marketing process that H. Samuel has adopted.
Marketing has now become an essential part of every business organisation because the industry is highly competitive; marketing provides an edge to the business and its products (Armstrong, Adam, Denize, & Kotler, 2014). It is very important to understand the process of marketing which is followed at H. Samuels. Marketing process is the procedure which starts from identifying the opportunities in the market and then goes on in the sequence which is explained below:
- Identify the opportunities in the market: There are huge opportunities available in the market. H Samuels can do the scanning of the industry and the competitors to achieve the defined goals of the company. The company can do market research for the same. Pest or SWOT analysis can be used to scan the industry and the organisation.
- Make strategies: After identifying the opportunities, the company can plan the strategies which can be used for taking the advantage of the opportunities available in the market. H. Samuels can use segmentation, targeting and positioning for better development of marketing strategies (Armstrong, Adam, Denize, & Kotler, 2014). In this step, creative concepts can be used to design and review the strategies. The content to be used is developed at this stage.
- Apply the strategies: the strategies are applied. It can be applied through websites, advertisements on media, blogs, social media, etc. Marketing mix decisions are to be taken that at what price a product should be sold and at what place, what should be the promotion and growth strategy, etc. (Armstrong, Adam, Denize, & Kotler, 2014).
- After the implementation, here comes the final stage of the process of marketing where the strategies applied are to be controlled and analysed whether it need any changes or not. It is analysed whether the strategy is effective or not. And corrective actions are taken by the company if needed.
1.2 Explain the concept of marketing orientation and evaluate the benefits and costs of a marketing orientation to H. Samuel.
Marketing orientation refers to the philosophy which is adopted by the business for meeting the needs of its customer satisfaction and to satisfy them, which is the most important objective of any business. Every business tries to adopt the model which creates maximum value for its buyers and maximum profit to the firm . There are various benefits and costs of marketing orientation to H. Samuel, which are discussed as under:
- Marketing orientation carries a cost with it because the company will conduct a marketing research which will definitely include a cost with it.
- Costs will be to hire more employees, more resources will be needed, and time will be needed.
- So a company should only adopt the marketing orientation if it gives sufficient benefits which are over the costs of the same.
- Marketing orientation brings an organisation close to the customer and allows it to understand the customer in a better way.
- It is very important for every business to first understand its customer and then design the strategies.
- Marketing orientation is beneficial because it makes understand that what the customer actually wants and how the organisation will be able to fulfil his needs and demands.
- H. Samuels will be able to understand that what designs and patterns are expected by the customers from them and by this way, the company will be able to satisfy the and will be able to build a very good relationship with them.
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Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of Marketing. Australia
Blythe, J. (2013). Principles and practice of marketing. . Sage.
Samuels, H. (2016). About Us. Retrieved 06 25, 2016, from http://www.hsamuel.co.uk/about_us/