PRINCIPAL AND PRACTISES OF A MARKET RESEARCH (Research Paper Sample)

Principles and practice of marketing report Name: Institution: Table of Contents TOC \o "1-3" \h \z \u Transactional marketing PAGEREF _Toc469320578 \h 3Relationship Marketing PAGEREF _Toc469320579 \h 4Development from transactional to relationship PAGEREF _Toc469320580 \h 4Difference between transactional and relationship marketing PAGEREF _Toc469320581 \h 5How Virgin group organization uses relationship marketing techniques PAGEREF _Toc469320582 \h 6Product: PAGEREF _Toc469320583 \h 7Price PAGEREF _Toc469320584 \h 7The UK’s Brexit vote PAGEREF _Toc469320585 \h 8Losing access to single market PAGEREF _Toc469320586 \h 10A sensation to UK exports PAGEREF _Toc469320587 \h 10Conceivable decline in foreign exchange PAGEREF _Toc469320588 \h 11Organization’s response to changes after Bretix PAGEREF _Toc469320589 \h 11The Virgin Group’s current pricing policy PAGEREF _Toc469320590 \h 13Relationship between the current portfolio and the market prices PAGEREF _Toc469320591 \h 14Conclusion and Recommendation PAGEREF _Toc469320592 \h 16 Transactional marketing Marketing is referred to as an act of selling and buying goods and services. However, the process of purchasing is viewed in a different perspective, directly, its basic purpose on buyers purchase power & tendency. Moreover, it is termed as the art of creating and maintaining customers. However, transactional marketing involves maximizing the profit for the enterprise by engaging more customers to produce firm’s merchandise where they don't closely relate to them (Christopher et al., 2013). Notably transactional marketing out of many marketing approaches that aim at maximizing the capacity and revenue of trades, this strategy bases highly on advancing sales by concentrating on only businesses. Hence long-term relationship with their customers is not entertained, but instead, it promotes high diminutive term sales. The transactional approach is based on the four traditional elements of marketing, referred to as the four P’s: * Product: Generating a product that encounters consumer needs. * Pricing: Establishing price of a product that will be profitable and attractive to consumers. * Placement: Creating an efficient supply chain for the manufactured goods. * Promotion: creating a discernible profile for the product that makes it look more pleasing to consumers Relationship Marketing Relationship marketing than transactional marketing it has a long term goal. This marketing aims at developing a relationship that is long lasting with their clients to secure transactions well in future. However, marketing strategy with the focus on relationships supports the know-how of consumer needs and wants, hence implementing successful sales. Notably, relationship marketing application and knowledge aids in accomplishing customer acquisition, customer retention and customer satisfaction (Shani, & Chalasani, 2013). Worth emphasizing effectiveness of relationship marketing must intrude every potential or current customer to their contact. Some of the strategies of relationship marketing including branding, community and media relations, customer service training, newsletters referral programs, blogs and frequent buyer incentives. These efforts are hoards in the promise of lasting sales. Technology also plays an important part in relationship marketing. Through the use of the internet, it has become so easier for companies to store, track analyze and then make use of infinite amounts information about consumers. Meanwhile, customers are getting offered adapted ads, expedited services, and special deals as a token of thankfulness of their loyalty. Development from transactional to relationship Relationship marketing offers a vast scale of what a company can do to gain and keep customers. Whether it is a consumer remuneration program, interaction of the customers within the improvement of the product, populate marketing, internal marketing or the appliance of the six markets model. They all help to come up with sustainable communally beneficial relationships, which is the major goal of relationship marketing. (Hollensen, 2015) Customer reward is a strategy used widely in companies, when put into practice it builds loyalty within clients by making personalized offers according to their previous purchases or by rewarding them with discounts. However, relationship marketing aims more by providing the best goods and services to the consumers. The primary emphasis focuses on maintenance of their client for the longer remuneration of the company, and not discovering new customers every day. This marketing provides their potential buyers with valued products and go-getting to the satisfaction of the client that in return gives the organization a competitive advantage over its rivals. The cost incurred by attracting new customers is so huge hence marketers nowadays try to implement long-term relationship with the clients, which lowers the cost of discovering new ones. The biggest risk any business bears is the panic that their customers could move to its competitors, but when a good relationship is followed strategically their clients hardly switches to their competitors hence creating hindrances for the competitors to come into the market (Koga, 2013).Worth emphasizing marketers come to conclusions that transactional marketing has shifted to on-going relationship based marketing. Transactional marketing positioned the emphasis within the individual sale while relationship marketing placed their prominence on individual customers, and come to the establishment of a long-term relationship between company and customers. Difference between transactional and relationship marketing Mainly, transactional marketing aims at getting the client to purchase a particular good and walk away, while relationship marketing comes on the look with the sale being an initial step in the building of affiliation. Transactional commercialization in the viewpoint of luring the client for one off procures strongly on worth and short-range benefits and product presentation, with inadequate service. Relationship marketing is all about generating repeated sales and client dealings, hence aiming at bringing worth to the customer and promising long-term concert and service all portion of quality turning into a major concern. Moreover, relationship market conveys customer’s convincement of the spotlight. This visualization has contained the fact that the clients don't purchase a product. Instead, they acquire a solution for a précised need (Bejou, & Palmer, 2013). Though this company accesses many chances that at some point meet consumer’s needs hence gaining much more than just a single sell. Transactional marketing aim relies on price, short-term reimbursement, and product presentation, with inadequate services. Finally, relationship marketing targets on retention, creation, and satisfaction of the customers. Its concern focuses on maintaining and building the long-term relationship with consumers, hence pull towards new ones every time. However, this repels the historical accent of creating customers and no attention needed on retaining them. Transactional marketing also recognized as traditional marketing (Jones et al., 2015). Additionally, this makes use of pull technique, generating with quality as a crucial concern, and meeting the customer’s wants and needs without having any relationship with them. However, transactional marketing aims at increasing the profit on the business by engaging more and more customers to acquire firm’s product How Virgin group organization uses relationship marketing techniques The Virgin Group is a gigantic corporation with many of contributory companies. For it to gain global victory over related competitors in production sectors like leisure, travel, mobile, media and much more, however, the virgin group must have an enormously thought out, and effective selling mix attained through the four key elements; product, price promotion, and placement. Product: With the product Virgin corporation with their distinct area must survey same philosophy in order their addresses can identify their group, whereas a consistency brand focus is a primary factor that Stands on the monetary value, innovation, quality, fun and sense of economic challenge. It is a statement brought about by the company, and through the report, they delivered a clear information about their product and distinguished them from their competitors. However, this creates a buzz about the merchandise because consumers look onward to expanding the service since they are requisite it. Price: With the Virgin Group, their pricing approach is brilliant, through their undoubtedly influential promotional adverts. The message that says `price is no object as long as customer service is of the high standard. Therefore this becomes an essential tool markets well with entrepreneurs and woman because they are expected to enjoy this luxury and the excellent outline of life (Giannakis et al., 2015). However Virgin implements an aggressive valuing plan where their fright compromises a stimulating cost related to other corporations. Due to set off basis for whatever their produce is, other companies with the same price don't attract customers hence lowering their prices which remunerate Virgin Group. Promotion: Virgin Atlantic`s elevation has a growing impact on consumers, this being a large company it has made a global title and its promotion has played a significant role in the expansion of their business (Gentry et al., 2014 ). The initiator of ...