Mr malik

Topics: Marketing, Pricing, Product differentiation Pages: 41 (11706 words) Published: November 17, 2013
MARKETING PRINCIPLES
ASSIGNMENT 01
UNIT 04

TASK 01

1.1 The marketing process consists of various elements. Using a working example of your choice illustrate this. (outcome 1.1)

The marketing process consists of four steps. These four steps are all completed with the goal of creating value for your target customers. Some elements of the steps are performed continuously, such as monitoring the marketing environment. Some are done annually, such as the annual development of a marketing communications plan. Lastly, some of the steps, if done correctly, should last for decades, such as segmentation, targeting, and positioning. The elements of marketing process is referred to “As a set of controllable tools that the firm blends to produce the response it wants in the target market, so it consists of everything the firm can do to influence the demand for its product. The Elements of Marketing or Marketing mix which is famously known as the “4P’s of Marketing” Which include Product, Price, Placement or Place and Promotion? When these elements of marketing are analyzed with the Easy jet case study, it gives a good example as how the 4P’s help an organization scale to new heights with increased sales and customer base. [Online]. Available from: http://www.ukessays.com/essays/marketing/explain-the-various-elements-of-marketing-process-marketing-essay.php#ixzz2YgaAB7mc

There are many ways to keep a consistent marketing process of various elements. One way of this is…For example… The various elements of marketing process is referred to “As a set of controllable tools that the firm blends to produce the response it wants in the target market, so it consists of everything the firm can do to influence the demand for its product”( Kotler and Armstrong, Principles of Marketing 2004, Tenth Edition, New Jersey Pearson Education Inc.) [Online]. Available from: http://www.ukessays.com/essays/marketing/explain-the-various-elements-of-marketing-process-marketing-essay.php [Accessed 24 May 2013].

Furthermore, These Marketing Elements are also famously known as the “4P’s of Marketing” (stated by McCarthy in 1960) which include Product, Price, Placement or Place and Promotion. A good example to as how 4P’s help an organization scale to new heights with increased sales and customer base. These elements of marketing are analyzed with the Tesco case study. [Online]. Available from: http://www.ukessays.com/essays/marketing/explain-the-various-elements-of-marketing-process-marketing-essay.php [Accessed 24 May 2013]. Another way that Tesco’s would be consistent in making process of various elements is by the use of equipment and resources that Tesco’s provide for staff. The way that Tesco’s does this is by…

The 4 P’s

Product: -
The business has to produce a product that people want to buy. They have to decide which ‘market segment’ they are aiming at – age, income, geographical location etc. They then have to differentiate their product so that it is slightly different from what is on offer at present so that people can be persuaded to ‘give them a try’. In the respective case study as Tesco is a British multinational grocery and general merchandise retailer. And wants to be the first thing the customer thinks off when it comes to groceries, retails and much more. [Online]. Available from: http://www.ukessays.com/essays/marketing/explain-the-various-elements-of-marketing-process-marketing-essay.php [Accessed 24 May 2013]. When it comes to age, education, gender, and life style, Tesco is one of the world's largest retailers employing over 520,000 people with over 6,700 stores in 12 markets and serving millions of customers every week.

Price: -
The price must be high enough to cover costs and make a profit but low enough to attract customers. There are a number of possible pricing strategies. The most commonly used are:

PENETRATION PRICING – charging a low price, possibly not quite covering costs, to...
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