Marketing Principles TED (Research Paper Sample)

Marketing Principles TED 6801‏
Customer Inserts His/Her Name
Contemporary Management Research G106602
Joanna Jones
Writer Inserts Date Here (Day, Month, Year)

The paper will focus upon devising a marketing mix strategy to reinforce the marketing efforts being made by Boots in order to sustain its image ad position in the market. In light of the information regarding the mergers and acquisitions made Boots it has become very clear that the company intends to excel in all the fields in order to have a diversified portfolio (Markets and business environment, 2014).
TASK 1: MARKETING CONCEPT AND PROCESS
From the case it has been made pretty clear that Books is really concerned about its position in the market and have researched well enough to initiate such efforts that involve a lot of financial investments as well as risk. A firm or an organization is only willing to take risk when it sees fair chances of success; whereby the insight regarding the expected outcomes, comes from the marketing research and development. The organizations are positioned in the market so that they can serve the demands of the consumers and capitalize upon their specialties and for Boots the specialty areas are healthcare and beauty. These two areas are the main in which the organization has strengthened itself and has rooted itself deep in order to make the maximum profits. It is responsible for ensuring that the three main routes through which they operate in the market are smoothly running; propriety brand, third party supplies and their own manufacturers. As per a research conducted, it was seen that about 10% of the products are being changed annually according to the change in demand which directly points towards the fact that this organization keenly reviews the market trends and then grab the opportunities which is why they are at the top amongst their competitors (Boots Strategic Planning and Implementation, 2014).
Marketing Processes Adopted By Boots
Regarding the marketing concept of Boots it has been made very clear that they are in the market specifically to serve the beauty and healthcare needs of the customers and giving them the best products/ services is what they aim at. This also points towards their business orientation which is customer centered so as to bring the demands of the consumers before everything else. The goal behind providing the best of all products and services comes from the need to bring in the best experience to the consumer segment so that they are bound to stick to it. The motive behind all such activities including the mergers and acquisitions is that they want the people to perceive it to be the best of all and should put it on first in their priority list.
Benefit and Cost of Marketing Orientation
As per the marketing orientation of the company in light of its cost and benefit analysis it had been seen that the company has eventually drive itself from just fulfilling the demands to a more sustainable approach whereby it aims at positioning itself in the market based on its Corporate Social Image.
The organization is bent upon making its image and enhancing its value using tactics like; Corporate Social Responsibility that is meant to serve the purpose of increasing it customer value proposition. The concept of the Customer Value Proposition emphasizes upon the value of the products and it’s relative perceptions in the minds of the consumers is enhanced if appropriate steps are taken by the organizations to increase the compliance of its specifications to the demand criteria of the customers. The more an organization will be customer oriented the greater will be its value proposition of that organization, Boots has been expanding and growing at a very fast pace but the true ingredient for its success is the fact that they have been able to manage their growth which is in consistent with they financial performance and capitalization policy. For a company to be able to manage its growth well, it’s necessary to keep increasing its profitability. However failing to do so will put the functioning to a halt. The given formula in-fact explains it all; Value is equal to Benefit over Cost, which means that the greater the benefits a company given for a smaller cost, the greater will be the value of that company (Kim, 2011).
In this case Boots has been focusing upon the sustainability which it aims to derive from ensuring the people that they care about the society as a whole; and not just about making profits, from selling goods and services in the market. They aim at ensuring the audiences that they really care and are responsible/ accountable for all their actions that may affect the societal norms in any possible manner (Our approach, 2014).
TASK 2: SEGMENTATION, TARGETTING & POSITIONING
As per the literature available the main competitors for Boots in the market are as mentioned; Sainsbury, Superdrug, Morrisons, Tesco and Asda. Right now the main strengths that make the organization stand in the position it is right now are the cost cuts that are greater in comparison to that of the competitors. However, as far as the supplies of the products are concerned, they is over dependence upon the domestic United Kingdom Market and not globally. Going global means ensuring greater opportunities for future, and greater profitability in short period of time. However with over reliance upon the products domestically is amongst the greatest weakness of Boots. Although they try to make sure that they comply to all the standards of performance and manufacturing criteria however, some loopholes remain within. The organization is bent upon seeking greater opportunities and strengthening its research and development department and has initiated greater efforts for attracting the consumer segments towards it by using various business tactics and strategies including their association with Walgreen.
Targetting & Positioning by seeking available opportunities
Seeking conclusion from the above mentioned economic conditions of Boots, it has become an important task to ensure that the products and services are made available outside United Kingdom. The need of the hour for Boots is to tap the markets that are in the developmental stages so that they can get a grip in those markets which will not only help in engaging the customers to one of the best facility providers but also create the value amongst the customers based upon the low cost benefits that Boots is providing. Right now the brand is not as such diversified and has multiple lines operating under one name. the mergers and acquisitions are also being made under the same products categories. Therefore if Boots focused its efforts upon creating a diversified portfolio it will serve as a not only just a competitive advantage but also will help in generating more profits from more sales volume. Offering multiple offerings to the people will help the brand in gaining recognition and eventually people will be bent upon recalling it relating it to the first impressions it made and the value perceptions of the products as well as services offered by the brand.
Regarding the positioning of the organizations it should be positioned as an organization meant to serve the medical and beauty needs of the customers which already it is. However the target market and the segmentation plan can be changed in accordance with the needs of the people. Keeping in view the strategy and the plan used by Sainsbury in positioning itself as a brand that can serve; the medical needs even on the weekend, which is something that differentiates it from the rest of the lot. The organization should focus on provision of medical facilities along with the first complementary checkup. This will help the organization in creating an image that it is there purely to help the people and not for making money. This will mean that the organization aims at first letting the customers know whether they have any medical issues and then the fee can be charged upon the diagnosis process. The positioning strategy will be used as differentiation which will be the competitive advantage that the company is offering as opposed to its competitors. The timing chosen by Sainsbury is very wisely decided however, offering the first free checkup will drive the audiences to Boots (Madiba, 2012). The segmentation should be done geographically whereby the treatments are given to people, in specially designed clinics within the localities. The clinics built in with the dispensaries shall be the point where the patients can come and get the checkups done.
TASK 3: MARKETING MIX
Marketing mix is basically made up of 4Ps which are price, place, promotion and product. With regards to the given marketing mix it can be said that Boots can further develop its marketing strategy by entering into newer market segments with the similar products however designed in a better and improvised manner so that it can compete with the market competitors. The competition has increased because of the new entrants therefore Boots can focus on developing skills and a product portfolio which is not easily imitable for the new entrants posing a threat to their sustenance as well as serving as a barrier of entry. Increasing investments and lowering the cost will further add value to the products. Changes in the products should be done keeping in view the impact it will have upon the audiences. Therefore as far as product development is concerned the organization should try to introduce newer and better products in the same market to enhance its product line as well as add value to its existing line of products. Making products in accordance with the specifications of the customers will enhance the likelihood of Boots to remain operating in the market for a longer period of time. The organizations should always focus upon ensuring their long term s...