Marketing Principles

Only available on StudyMode
  • Download(s) : 183
  • Published : February 20, 2013
Open Document
Text Preview
Table of Contents
1.1 Explain the various elements of the marketing process.1
Marketing Process:1
Situation analysis1
Marketing strategies1
1.2 Evaluate the benefits and costs of marketing orientation for a selected organization.2
2.1 Show macro and micro environmental factors which influence marketing decisions.4
Micro environmental components4
Macro environmental components5
2.2 Propose segmentation criteria to be used for products in different markets.6
2.3 Choose a targeting strategy for a selected product or service.6
2.4 Demonstrate how buyer behavior affects marketing activities in different buying situations.7
Supply and Demand7
Routine buying behavior7
Complex Decision-Making7
Internal Factors7
2.5 Positioning selected product/service.7
Bibliography9

1.1 Explain the various elements of the marketing process.

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offers that have value for customer, clients, partners and society at large. (Williams, 2013)

Marketing Process:

Situation analysis focuses more on the possible opportunities that will satisfy a customer’s need. This depends on how the product can influence the a specific environment and how the product can control you a specific group you want to target. It is being familiar with the SWOT forces.

Marketing strategies is a process that specifies the information of the market to obtain its effectiveness.
Segmentation involves dividing the market into groups, where individuals have similar needs and wants for services and products. It could also be a segmentation of people on the basis of behavior, culture and economic status. (Rajeev, 2012)

Targeting also known as the target market is the potential consumers of a product/service. Targeting helps tap the subset of the customer population most likely to purchase and use the product to effectively achieve maximum sales and profits. (Johnson, 2012)

Positioning is how you want to be perceived in the minds of prospects versus your competition. It is also creating a positive image in the minds of the target market.

Value Proposition pertains on how you want your consumers distinguish you from your competitors and make it obvious you are the best available choice. This marketing strategy summarizes what makes your product/service unique as it relates to addressing specific customer decision making criteria. It must be all about what’s important to them – your prospects. (Core Marketing Strategies, 2013)

Market mix decision is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is the best known way of defining marketing mix: (P.1) Product refers to any services or conveniences that are part of the offering. (P.2) Pricing should take into account profit margins and the probable pricing response of competitors. (P-3) Place is associated with channels of distribution that serve as the means for getting the product to the target consumers. (P-4) Promotions are those related to communicating and selling to the potential consumers. This includes advertising, public relations, media types, etc. (Internet Center for Management and Business Administration, Inc., 1999-2010)

1.2 Evaluate the benefits and costs of marketing orientation for a selected organization.

Jollibee is our chosen food organization. It is the largest fast food chain in the Philippines, operating a nationwide network of over 750 stores. It is a dominant market leader in the Philippines.

It is a family oriented work environment, the brand’s values also reflect on their advertising and marketing. Jollibee knows their target audience very well: the traditional family and all communication materials focus on the importance of family values.

Jollibee is so well-loved every time a new store...
tracking img