Marketing Principles (Article Sample)

MARKETING PRINCIPLES
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Table of Contents
Introduction………………………………………………………………………………………..3
1.1Explain the various elements of the marketing process………………………………………..4
1.2 Evaluate the benefits and costs of a marketing orientation for the case organization………...4
2.1 Show macro and micro environmental factors which influence marketing decisions………..5
2.2 Propose segmentation criteria to be used for products in different markets……………….....6
2.3Choose and explain targeting strategy for the product/service in the case organization………7
2.4 Demonstrate how buyer behavior affects marketing activities in different buying situations..8
2.5 Propose new market positioning for a selected product/service………………………………9
3.1 Explain how products are developed to sustain competitive advantage………………………9
3.2 Explain how distribution is arranged to provide customer convenience……………………...9
3.3 Explain how prices are set to reflect an organization’s objectives and market conditions…..10
3.4Illustrate how promotional activity is integrated to achieve marketing objectives…………..10
3.5 Analyze the additional elements of the extended marketing mix……………………………11
4.1 Plan marketing mixes for two different segments in consumer markets…………………….11
4.2 Illustrate differences in marketing products and services to businesses rather than consumers………………………………………………………………………………………..12
4.3 Show how and why international marketing differs from domestic marketing……………...12
Conclusion……………………………………………………………………………………….13
References………………………………………………………………………………………..14
Introduction
It is important to market the company products as it increases market share, ensure customers are satisfied and therefore increases customer loyalty (Hollensen, 2013). In this report, we would like to examine marketing strategies of Marriott Company which has employed different marketing techniques and positioning strategies to achieve its objectives (Aldás-Manzano et al, 2009). This report also considers different marketing elements such as price and products which this company must use effectively to market its products (Czinkota & Kotabe, 2014). Marriott has to produce and sell products of high quality different from its competitors in order to be unique as compared to competitors.
1.1Explain the various elements of the marketing process
Marketing is the process of ensuring that customers are aware about the products and also involve practices which ensure that customers develop positive attitudes towards the products. The marketing elements consist of different marketing mix which marketers use to increase customer satisfaction and also attract different customers (Beins, 2014). To make marketing successful it is important to increase the liking of the products which is an effective way of increasing profitability of the company (Hill, 2011). There are four elements which are used to develop marketing process and they include price, place, products and promotion.
Price
Price is the value at which a product is sold (Beins, 2014). To set appropriate price for a product there are different strategies which can be used. Price is therefore used to attract the products of a company by using price discrimination strategy so that customers can perceive the products to be sold at a fair price. Other pricing strategies include skimming, penetration, premium and economy. These strategies can be used to increase the competitive advantage of the company.
Place
Place is also a very important element of marketing (Aldás-Manzano et al, 2009). It is used to identify the best place where the company can sell its products at a reasonable price to maximize profit. It also provides appropriate location at which the company can be located for easy accessibility and also where the company can have high market share.
Product
This is the real entity of value that the customer requires and the company or the seller need to sell (Beins, 2014). It is the physical asset that the customer exchange with money of equivalent value to ensure that the buyer and the seller receive value.
Promotion
This is a tool that is used to market the product or service of the company. It involves creating awareness about the products, changing customer’s attitudes towards the products and ensuring that customers are attracted to the company products.
1.2 Evaluate the benefits and costs of a marketing orientation for the case organization
There is need to evaluate non critical costs and the benefits which are derived from investing in marketing. The benefits of marketing are great because marketing increase the market share of the company through increasing awareness about these company products and also by opening new market niches and other market segments which ensure that this business organization is able to access different customers. Marketing orientation is also essential in increasing customer loyalty and satisfaction (Beins, 2014). This is by ensuring that the company produces products of high quality and also by offering superior customer services which make the customers to have positive attitudes towards this company. This therefore able to retain them and enable customers to develop liking of this company products hence have customer loyalty. This can be achieved by using strategies such as cost leadership and product development.
2.1 Show macro and micro environmental factors which influence marketing decisions
Micro-environmental factors
Competition
Competition is a very important factor to be considered when making marketing decisions. In a place where there is high competition, marketing decision must decide to use marketing strategies which are able to increase competitive advantage but when it low marketing strategies which are meant to increase competitiveness of the company are not used (Aldás-Manzano et al, 2009). It is therefore able to influence marketing decision by considering the nature of competition in the market.
Cost
Cost of marketing is also a factor that influences marketing decision. It is important for the company to use marketing method which is less costly in order to increase profitability. The cost therefore is essential in choosing the method of marketing which is cost effective and is able to reach different customers.
Income of customers
The income of customer is a factor that must be considered when making marketing decision. It influences the ability of the customers to afford and buy more products from the company.
Macro- Environmental Factors
Legal Factors
There are some policies and regulations which control marketing. These rules must be considered when making marketing decisions. The company must ensure that the information they use when marketing does not infringe the right of others.
Social and cultural factors
When making marketing decision, it is important to consider the culture of the customers so that the products that the company sells to them conform to their cultural beliefs. It must also consider the styles and buying behavior of customers.
Economic Condition
Economic condition is also a very important factor that must be considered when making marketing decision (Beins, 2014). The change in economic environment influence marketing decision as it is able to dictate the price and cost of the product.
2.2 Propose segmentation criteria to be used for products in different markets
Market segmentation is the process of separating the market into different customer groups. It can be done based on customer behavior, geographical region and demographic factors. The best segmentation criteria that this company can use for products in different markets are by grouping customers with the same characteristics together (Beins, 2014). This will make customers with similar characteristics to be distributed the products of the same quality and quality in order to increase the company market share. It can also group customers based on the geographical regions. Customers found within the same geographical region can be used as a market segment. The company then considers their taste, interest and other needs which when fulfilled can be able to increase their satisfaction. Segmentation can also be based on customer behavior. Customers who have th...