An assignment On Marketing principle

An assignment On Marketing principle

Table of Contents

Introduction: 2

Task 1. 2

Task 1.1 explain the various elements of the marketing process of Jaguar. 2

Task 1.2 evaluate the benefit and cost of a marketing orientation for Jaguar

. 3

Task 2. 4

Task 2.1 show macro and micro environmental factors which influence marketing decision. 4

Task 2.2 propose a segmentation criteria to be used for different market segments. 5

Task 2.3 choose a targeting strategy for a racing car. 6

Task 2.4 demonstrate how buyer behavior affects different buying situation. 7

Task 2.5 propose a new positioning for racing car. 8

Task 3. 9

Task 3.1 explain how products are develop to sustain competitive advantage. 9

Task 3.2 explain how distribution is arrange to provide customer convenience. 9

Task 3.3 how prices are set to reflect organization objectives and market conditions. 10

Task 3.4 illustrating how promotional activity integrated to achieve marketing objectives. 11

Task 3.5 analyzing the additional elements of marketing mix. 11

Conclusion: 12

References: 13

Introduction:

Now in the emerging business market every organization should very carefully maintain the marketing principle to achieve their targeted goal. By applying marketing principle a business can add value to their product and make a profitable relationship with their customer. Jaguar is the largest UK car company which start their journey from 1922 in Whitley, United Kingdom. A trademark in the area of luxury cars, Jaguar is planning on developing new models that use recent technologies. Marketing helps Jaguar to sustain in the market, to get competitive advantage and to achieve company business goal. In this report we clear about various marketing elements and orientation, business environment, STP & 4P’s, and product development and distribution strategy.

Task 1

Task 1.1 explain the various elements of the marketing process of Jaguar

To become succeed in the business activities Jaguar firstly needs to identify the various marketing elements. Marketing is the way of creating value, exchanging and offering this value to the customer in order to make a profitable business relationship. Some elements of marketing process are-

Market and environment analysis:

Jaguar needs to identify their target market that means targeted customer and what is their needs & wants. Then they try to develop their services on the basis of customer needs. Again they also consider the marketing environment when they develop their strategy (Kotler & Keller, 2006). So to identify market and business environment they can go under SWOT and PESTLE analysis.

Setting marketing objectives:

Then Jaguar determine on their vision, mission and marketing objectives. Because this determine helps them to drive to achieve their targeted goal. Their marketing objectives is to retention of customer.As their sale is decreasing day by day so their objectives should be focus on relationship building with customers.

Plan to target market and marketing mixes:

Then the business organization selects the target market and develops marketing mixes for that market. Marketing mix’s is a set of controllable variables such as product, price, place, promotion on which the business structure develop to achieve goal.

Monitoring and controlling:

The success of marketing elements is mostly depends on the time to time monitoring the system and take proper measurement if any fault found in the monitoring time.

Task 1.2 evaluate the benefit and cost of a marketing orientation for Jaguar

In the competitive business time every organization faces more challenges to get market share or to increase more customer. To solve this problem there are now various marketing orientation program which drives them to get benefit. The marketing orientation and benefits of this concept are given below-

Production concept:

This concept basically builds on production. If the product is available in the market then the customer buys the product. But this concept is near about now obsolete. Here they don’t focus on customer preferences.

Product concept:

Here the business organization focuses on innovation and adding value to the product. If the product is more qualitative than their competitor then they can easily attract the customer.

Selling concept:

Production and quality product is not enough to get become success by selling more. So if the organization wants to sell more products then they have to provide some promotional activities.

Marketing concept:

In the marketing concept target market and customer demands are being considered. Here the business focuses on relationship building with the customer and they believe on pull strategy to attract the customer. So hard driving bargain can adopt on this concept because a loyal customer is twice profitable than a new customer.

Social marketing concept:

In this concept an organization consider the well beings of the society. They don’t develop their product in such a way what may be harmful for the society. It is more customers driven.

Task 2

Task 2.1 show macro and micro environmental factors which influence marketing decision

When Jaguar goes for any business decision then it should consider some environmental factors. By analyzing this macro and micro environmental factors they can take effective marketing decision which also drive them to get more market share.

Macro environmental factors:

This is the large environmental factors which directly or indirectly influence the marketing activities. This factors are-

Demographic factors:

The demand of the products is mostly influence by the age, occupation and religion. So an organization should target the mostly demanded segment. The main demand of their products is to the young and job holder.

Economic factors:

Some economic factors such as GDP, per capita income, inflation are major forces to the market demand (Baines &Fill, 2010). In the high income people and higher GDP growth countries normally show high demand for their products.

Natural environment:

On the basis of natural environment their product design or category should be taken. If the natural environment is congenial to their business operation then they can easily operate their business.

Political and cultural factors:

If the political riots and cultural movement are arise in the operating countries then they cannot make enough profit to those countries. Again the lifestyle, attitudes and behavior also affect the business.

Micro factors:

This is the internal factors of business which also drive the business success. So this organization also fulfills their demand to get success in their business. They are-

·         Shareholder

·         Employee

·         Distributor

·         Suppliers etc

Task 2.2 propose a segmentation criteria to be used for different market segments

Market segmentation is dividing the market on the basis of consumer common needs and responds similarly if any marketing action is taken (Cravens& Piercy, 2002). So when an organization segmenting their market they should follow some criteria.

Homogeneous:

The all customer of each segment has the same needs and requirements so that the business organization can take one strategy for all members.

Measurable:

Segments should be measurable by its sales volume or market share so that an organization can choose the most profitable market segment. Here they also identify the number of competitors in the each segment.

Accessible:

They segment their market in such a way so that they can reach their market easily through communication and distribution channel.

Substantial:

The segmentation should be basis on the size and determine on the resources required to meet the demand of that segment.

So when this organization goes for segmenting their market then they should focus on these criteria so that their segment becomes much effective. This is also help them to get competitive advantage.

Task 2.3 choose a targeting strategy for a racing car

The organization needs to target few segments from many identified segment which has the maximum chance to become profitable. Targeting strategy is mostly depending on the segmenting customer size and product life cycle stage and competition etc. they normally target the large segment where they have the potentiality to large market share. Again they can go for huge competitive segment or less competitive segment.

Differentiated targeting strategy: A differentiated targeting strategy is when a firm focuses on its items at an assortment of various fragments utilizing distinctive promoting blends. Regularly the item qualities might be distinctive crosswise over various portions; in any case it might be just the advertising and special points of interest that are diverse over the sections.

Undifferentiated targeting strategy: Full market scope happens when a firm tries to serve all sections in a whole market. This does not generally infer a mass market technique; rather a firm can offer an assortment of advertising blends to each significant portion in a market (Smith, 1988). This is the thing that numerous general store chains have endeavored with their esteem, standard and premium extents.

Again when there are one or two competitors then they can go for undifferentiated targeting strategy but if there are huge competitors then they can choose segmented targeting strategy.

Task 2.4 demonstrate how buyer behavior affects different buying situation

Buyer behavior is a great influential factor to choose the purchase decision. This is the customer attitudes and perception towards the product and decision making time. Buyer shows different behavior in different buying time.

The buying behavior is varying to the demographic factors such as age, occupation in different ways. Because all the age segment people is not behave in a same way (Schifman, 2004). When an old people want to purchase something then they find the product what is more qualitative and tastier. But a child chooses the gorgeous design whatever the quality. Their psychological perception is work more than the logical thinking.

Again organizational buying is lengthy and logical process but consumer buying is short process they go to the straight rebuy. In straight rebuy when they go to the shop then they take the decision instantly what brand they purchase. Consumer buying is largely motivated by others. So positive words of mouth from others drive buyers to think time when they are at shop.

Task 2.5 propose a new positioning for racing car

Effective product positioning is necessary to success; even more so when marketing a new product. Product positioning is a technique for achieving the customer soft corner towards the product or brand. Product positioning is more applicable for luxurious cars. As a result of product positioning the customer when they recall to purchase this product then they can easily remember this brand. Product positioning provides strong brand value and brand equity and helps to get competitive advantage. There are some strategies for new product positioning.

Low price strategy:

Jaguar can take low price strategy by maintaining its quality. For that reason they have to efficient and effective in the production. Because of low price when the consumer will get same benefit then they prefer their product over the competitor (Duncan, 1998).

USP:

A simple tool Jaguar can use to develop a positioning strategy for its products or services is to use the USP, or the unique selling proposition. The USP identifies and communicates the company's most compelling offer and benefit in a way that answers the customer's question.

Distribution:

Where you offer your item says much in regards to its quality. On the off chance that the item is accessible to the countrywide then the client will acquaint with that item. At that point they can without much of a stretch recall this item when they need to purchase these products.

Task 3

Task 3.1 explain how products are develop to sustain competitive advantage

Now a day’s business organization faces huge competition and that’s why they can adopt product development strategy to get competitive advantage. According to porter (1985) competitive advantage is a strategic benefit which helps one firm to take extra advantage over the competitor of same product. To get competitive advantage city bank N/A can reduce their servicing cost and ensure strong intellectual property rights.

Competitive advantage exists when the firm can convey an indistinguishable advantages from contenders yet at a lower (cost advantage), or convey benefits that surpass those of contending items (differentiation advantage). In this way, competitive advantage empowers the firm to make unrivaled incentive for its clients and prevalent benefits for itself.

Cost and differentiation focal points are known as positional favorable circumstances since they portray the association's position in the business as a pioneer in either cost or separation. An asset based view underscores that a firm uses its assets and capacities to make a competitive advantage that at last outcomes in prevalent esteem creation. The accompanying outline consolidates the asset based and situating perspectives to delineate the idea of competitive advantage.

Task 3.2 explain how distribution is arrange to provide customer convenience

Distribution is the way of making available the products or services to the customer. So city bank develop their distribution network in such a way so that customer get their branch wherever they fell its demand. But the organization should consider the distribution cost and try to keep it as low as possible.

Available branches:

They can build available branches in their market. For that reason they can choose city area and high density area and commercial area.

Online banking:

They already is based on online banking facilities to the customer. Moreover they can add some unique facilities in the online banking which is absent to the competitors bank. They can send gift to the valuable customer at their home. This helps the customer to get all information through online. Again they can check balance or secured their account through their device.

Task 3.3 how prices are set to reflect organization objectives and market conditions

Price is the only element in marketing mix’s which generates profit but other P’s generates cost to the organization. So when city bank N/A set their prices then they critically analyze the factors and set the prices. So this price setting can ensure them to get competitive advantage. Some ways they can set their prices.

Cost based pricing: this price is set up on cost of per unit product with addition to profit percentage. So the bank should consider the cost so that it doesn’t more than their competitor.

Premium Pricing

Premium pricing system sets up a cost higher than the contenders. It's a system that can be successfully utilized when there is something exceptional about the item or when the item is first to advertise and the business has a particular upper hand. Premium estimating can be a decent procedure for organizations entering the market with another market and wanting to augment income amid the early phases of the item life cycle.

Penetration Pricing

A penetration pricing is intended to catch piece of the overall industry by entering the market with a low value in respect to the opposition to draw in purchasers. The thought is that the business will have the capacity to bring issues to light and inspire individuals to attempt the item. Despite the fact that entrance estimating may at first make a misfortune for the organization, the trust is that it will produce informal exchange.

Task 3.4 illustrating how promotional activity integrated to achieve marketing objectives

Promotional tools provide the more competitive advantage. Because when city bank use their promotional tools then there would be normally more sales. Again they can easily attract the customer to open a bank account to their bank. So if they want to achieve their organizational objectives then promotional activities will be so much supportive to achieve this (Roman, K. and Maas, 2005).

Advertising: Advertising - paid messages by an identified sponsor (the advertiser) placed in a non-personal mass medium. The main objectives is to inform, remind and persuade the customer about their product or brand

Public Relations - corporate activities designed to promote goodwill. 
Direct Marketing - interactive system which uses one or more advertising media to affect a direct response or transaction.

Personal selling: it is a personal communication between the advertiser and consumer. It is very much effective for this bank.

Sales promotion: when the bank provides some incentives or discount in the product or service providing then it is called sales promotion. This also helps this bank to build a positive image.

Task 3.5 analyzing the additional elements of marketing mix

The additional elements of marketing mix are very crucial in service industry. So it is most applicable for city bank, N.A. the additional elements of marketing mix are given below-

People:

To become succeed they need to effectively manage the employee. Because the customer gets service from this employee. Individuals are a basic fixing in administration arrangement; enrolling and preparing the correct staff is required to get competitive advantage. Clients make judgments about administration arrangement and conveyance in light of the general population speaking to your association.

Process:

A procedure should be unmistakably characterized for the specialist organization. This essential procedure ought to guarantee a similar level of administration conveyance to each client, whenever of day, on quickly. Inside this procedure, there ought to be characterized zones where a client inclination can be suited to give a one of a kind affair.

Physical Evidence

The location of the service delivery also takes on significance. The level of comfort and attractiveness of a service location may make a lot of difference to the user experience. So the design, lightening and position are important to make a positive image.

Conclusion:

So today’s in the globalized market every organization should focus on marketing activities very critically. An effective marketing strategy helps the organization to capture maximum market share and to achieve the organizational long term objectives. So an organization can make SWOT analysis and effectively set 4p’s which help them to get competitive advantage.

References:

Roman, K. and Maas, J. (2005) How to advertise – what works, what doesn’t and why.3rd edition. London, Kogan Page.

Baines, P., Fill, C. and Page, K. (2010) Marketing.2nd edition. Oxford, Oxford University Press.

Cravens, T & Piercy, R (2002). “ Strategic Marketing.” 9^th Edition. Higher Education. McGraw Hill.

Duncan, T., (1998). “IMC: Using Advertising & Promotion to Build Brands” New York: McGraw-Hill, Inc.

Kotler, P. and K. L. Keller (2006). “Marketing Management”. Upper Saddle River, NJ: Pearson Education.

Schifman, G (2004) “Consumer Behavior” 9^th Edition. Prentice Hall, India.

Porter, M E. (1985). “Competitive Advantage.” New York: The Free Press

Smith, W. R. (1988). “Product differentiation and market segmentation as alternative marketing strategies. Journal of Marketing”. (Vol. 21, Issue 1, July). P3-8.

Vodafone (2016). “brief history of Vodafone in UK.” [Online] available at: <http//www.vodafoneuk.com> accessed on: 15^th Feb, 2017.