Principles and Practices of Marketing Assignment Sample

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Introduction to Principles and Practices of Marketing Assignment

Marketing principles implies for the techniques and methods that are used by the organization for the promotion of services, product or brand. This enables organization to enhance their revenue and brand image, drive sales and improves the retention of customers. On the other hand, practices of marketing are a strategic process that focuses on creating and delivering value-based services for the offered product. This marketing report will be based on the organization named All Things Butter which was incorporated by renowned Chef Thomas Straker in UK. It was founded in year 2023 and deals with products of salted butter, flavoured butter, baker`s bundle, pantry pack and multiple other butter related products (All Things Butter, 2024). This report will evaluate STP strategies of the organization and will create perceptual map to visualize perceptions of customers of various products and brands. Further it will also analyse branding elements of All Things Butter along with the implementation of different theories. In addition, this report will critically evaluate the marketing mix of All Things Butter and will provide practical recommendations aims at improving the promotion mix. At last, multiple metrics and tools will be stated that could be used by organization in its promotional activities.

Furthermore, it will analyze the branding elements of All Things Butter and apply relevant marketing theories to assess their effectiveness. The report will also critically evaluate the company’s marketing mix and propose practical recommendations to enhance its promotional strategies. Lastly, it will outline multiple tools and metrics that can be used to strengthen the brand’s marketing performance. For students aiming to improve their academic understanding of marketing strategies and analytical frameworks, Assignment Help in UK offers professional guidance and support in report writing and marketing analysis.

Principles and Practices of Marketing Assignment Sample

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Vicky Scott 6 Years | PhD

Task 1

Evaluation of STP strategies and perceptual map

STP analysis of All Things Butter

Segmentation: In STP analysis, market segmentation refers to the process of dividing potential customers into multiple groups, termed as market segments. Further, segmentation is done on the basis of similarities with identification and selection of customers (Andrews and Shimp, 2017). For instance: All Things Butter segments its market based on demographics and customer behaviour (Chaffey and Ellis-Chadwick, 2019). On the basis of demographics, its customers comprises of all ages, especially focuses on young consumers and families. All Things Butter products are value for money that attracts middle class consumers to all ranges, aims to promote its brand image within household sector. However, to gain competitive edge All Things Butter also need to segment its market on based on industry. Food chains, restaurants, snack or pizza retailers and confectioneries and bakery are its prime customers (Kotabe and Helsen, 2022). On the other hand, based on the behavioural market segmentation, All Things Butter has targeted economic category on household and retail sector that are attracted towards afford able and quality products. Kotler, Keller and Chernev, (2022) argued that market segmentation may cause high expenses of marketing for All Things Butter while gaining insights about current market and its potential customers.

Targeting: This step of STP analysis involves breaking of target customers into segments and creation of attractive marketing strategy to reach towards target customers. As per the view of Dash, Kiefer and Paul, (2021) an effective targeting aims to enhance chances of success of All Things Butter by reaching diverse range of customer segments within target market. For instance: All Things Butter targets customers with the modest consumption of butter products and has limited power of purchasing. Lang, Lim and Guzmán, (2022) stated that low-cost price strategy enables All Things Butter to make its butter products attractive and affordable to consumers. This leads to promote competitiveness and brand image of All Things Butter and enhances its customer base. However, All Things Butter does not attract health- conscious customers as its products contains high calories and saturated fat. As a result, health conscious customers are out of its target customers. Farris et al, (2021) critically acclaimed that limited reach can emerge as potential disadvantage for All Things Butter while targeting specific segments of customers. Brand only deals within UK and currently did not have any plans to expand its market reach. In that case, targeting is not effective due to limited customer reach for All Things Butter (Vollrath and Villegas, 2021).

Positioning: In STP analysis, positioning is an effective marketing strategy that assist brand to promote its services and products among customers as compare to its competitive brands. According to Fayyaz et al, (2020) goal of positioning is to establish a unique factor of differentiation among customer’s mind that influences them to purchase brand’s product. For instance: All Things Butter has successfully cultivated family based image by offering value based best quality butter at reasonable price. All Things Butter offers different flavour butter that helps brand to establish unique position among customer’s mind. Besides that, strategy of social media marketing also enables brand to maintain a competitive position within target market through posting of effective user generated content (Melović et al, 2020). All Things Butter owns a branding campaign on social media in the name of Straker`s personal account that leads to promote organic butter through creation of engaging recipe content (All Things Butter, 2024). However, Ward et al, (2020) contradicted that All Things Butter’s positioning strategy does not offer clear proposition and information about its products that results in weak or eclipsed position as compare to its competitors.

Perceptual map

A perceptual map is a simple diagram that is used for the visualization of diverse perceptions of customers of multiple products and brand. A recent report indicates that All Things Butter ranks at second position among its 14 competitors within UK market. Pip and Nut, Castle Diaries, Kinda Co., Yumello and The Butterworks were identified as key competitors of All Things Butter (Tracxn, 2024).

Perceptual map of All Things Butter

It was resulted from the perceptual map that customers are highly attracted towards All Things Butter as it offers quality butter products at affordable price as compare to its competitors (Cheung, Pires and Rosenberger, 2020).

Critical evaluation of branding elements

Branding elements were identified as key aspects of brand that enables brand to distinguish from its key competitors. Brand elements of All Things Butter are identified as brand proposition, brand voice, brand purpose and Logo, which are described as below:

Brand proposition: Barijan, Ariningsih and Rahmawati, (2021) mentioned that brand proposition is a statement that defines brand’s offering in terms of services and products to its target customers. This branding element assist All Things Butter to establish a unique differentiation factor as it offers different types of flavoured and salted butter. In reference to value proposition theory, All Things Butter adopts an effective marketing strategy such as digital marketing to influence customers to purchase its butter products. Andrews and Shimp, (2017) acclaimed with the leverage of brand value proposition theory, All Things Butter promote its brand equity and competitiveness within business market.

Brand purpose: As per the view of Chaffey and Ellis-Chadwick, (2019), it is termed as one of the most crucial element of branding that comprises of vision and mission and purpose of organization. Branding purpose enables All Things Butter to create a distinct identity with the establishment of mission and values of brand. Key vision of All Things Butter is to provide maximum satisfaction to its customers by offering best quality butter products at reasonable prices. Kotabe and Helsen, (2022) analysed that its mission statement is to place butter at forefront among digi-food generation along with the celebration of British farming’s time-honoured traditions. In context of brand theory, All Things Butter can implement the strategic branding as a conceptual framework that assist brand in future development and growth (Bowler, 2024).

Brand Name: The brand name “All Things Butter” represents that brand engages in manufacturing of diverse butter products that comprises of unsalted, slated and flavoured to meet customer’s needs. According to Kotler, Keller and Chernev, (2022) Aaker`s brand equity model, brand elements focuses on the promotion of brand awareness, competitiveness and loyalties by improving quality and services of offerings. The brand name “All Things Butter” directly reflects about the prime offered product of company that is butter. However, Dash, Kiefer and Paul, (2021) disagreed and contented that cost is the major drawback of brand name while using it in marketing campaigns as it required huge investment in promotional advertisements to maintain consistent presence.

Task 2

Evaluation of marketing mix and Recommendations

Marketing mix refers to a set of marketing tactics or tools that used by an organization for the promotion of its products and services. Lang, Lim and Guzmán, (2022) evaluated that product; price, place and promotion are the key marketing mix elements that are used by All Things Butter in its marketing strategy.

Product: The product marketing strategy of All Things Butter encompasses with diverse offering that caters to meet preferences and needs of consumers. It offers regular butter with creamy texture and distinct taste that are available in different sizes. Along with that, All Things Butter offers flavoured butter that is infused with the flavour of herbs and garlic (Vollrath and Villegas, 2021). This are aimed to enhance flavourful addition to customer’s baking, cooking or as a spread. Fayyaz et al, (2020) reflected that All Things Butter further plan to innovate its product strategy through launching of low fat Lite butter to target health conscious customers. This variant of butter offers rich taste while contains low calories and fat. However, Melović et al, (2020) criticized that the product strategy of All Things Butter comprises of high risk evolved with manufactured product within competitive market. This may decrease its profitability and number of customers if not executed in effective manner.

Price: All Things Butter adopted strategy of penetration pricing for its offered butter products to attract large customer base towards brand. As per the view of Ward et al, (2020) All Things Butter initially offers diverse range of butter products at lower price as compare to its competitors to create strong brand image. Along with that, company also implements value based pricing strategy that enables brand to capture large market share. It ensures products at perceived value with great taste, high quality and brand reliability, aims to promote brand loyalty (Cheung, Pires and Rosenberger, 2020). For instance: All Things Butter sold butter at regular Sale price of £13 (All Things Butter, 2024).

Place: All Things Butter offers its diverse product offerings through physical store or at online in-store supermarkets of ASDA and Sainsbury’s (Duncan, 2024). Brand also operates its business on digital marketplace with the creation of official website that can be used by customers to place their orders with UK. In addition, brand offers its products at different places throughout UK with the implementation of home delivery services at nominal cost. However, All Things Butter has limited physical stores that are inefficient to meet customer’s needs, emerges as drawback of place strategy of marketing mix. Thus, for enhancing brand image, market share and customer base focus needs to be placed on opening more new stores (Barijan, Ariningsih and Rahmawati, 2021)

Promotion: All Things Butter primarily used the promotional strategy of social media marketing to promote its services and products among target customers. Andrews and Shimp, (2017) analysed that social media platforms such as Facebook, Instagram, Twitter and Tiktok helps organization in communicating about its products to the target customers. Recently, All Things Butter has adopted the unique promotional approach of branding campaign through starting of successful Tik Tok series through posting of engaging recipe content (Bowler, 2024). This promotional way of branding showcases the use of butter in appealing way among its target customers. However, Kotabe and Helsen, (2022) contented that digital marketing strategy possesses high privacy and security issues that emerges as disadvantage of promotional strategy.

Recommendations for improvement in promotion mix

• It is recommended to All Things Butter that it can adopt the different sales promotion incentives such as coupons, free samples and discounts to improve its promotion mix. These identified temporary incentives aims to attract large customer base that results in the creation of strong brand image and high competitiveness within business market (Chaffey and Ellis-Chadwick, 2019).
• Along with that, it is suggested that All Things Butter can adopt omni-channel marketing strategy that focuses on offering exceptional experience to its customers. With the integration of different promotional tools such as website, email or in-store, brand can improve its promotion mix (Lang, Lim and Guzmán, 2022).

Tools and metrics used for promotion activities

There are multiple metrics and tools that are used by All Things Butter in its promotional activities that help brand to evaluate marketing strategies success, which are as follows:

Conversion rate: it is termed as an effective marketing KPI that measures potential ratio of website visitors towards conversion. This metric provides critical insights to All Things Butter about the effectiveness of website, campaign or sales funnel. A high rate of conversion indicates positive respond of users whereas a lower conversion rate suggests about improvement needs.

Website traffic: All Things Butter used the KPI tool of website traffic metric to measure about successfulness of traffic source in terms of driving visitors. This also provides a strategic comparison among each marketing source that enables brand to measure potential success rate of its promotional campaigns (Cheung, Pires and Rosenberger, 2020). This leads improvement in the website of All Things Butter, results in boost of revenue turnover and effective tracking of website traffic.

Social media engagement: It is also known as social media engagement, measures interactions of target customers with social content on the basis of comments, shares and likes (Barijan, Ariningsih and Rahmawati, 2021). All Things Butter used this metrics to gain quantifiable data points that reflects the interaction of target users with posted content. Through the application of social media engagement metrics, All Things Butter gained valuable insights about the resonance of its content with target audience that further guides brand in the formulation of effective content strategy in near future.

In addition to that, All Things Butter can implement other metrics and tools for the promotional activities in near future which are as follows:

Click through rate: This metric could be used by All Things Butter to measure the number of click in terms of percentage received against link or online advertising. It serves as a crucial gauge of content effectiveness, ad text and ad-relevance within digital promotion strategy (Vollrath and Villegas, 2021). It will help All Things Butter to understand its target customers and assists brand in attracting the large customer segment within the competitive market.

Return on investment: All Things Butter could implement the tool of ROI to determine the cost-effectiveness of marketing or promotional campaign. A high ROI indicates about the successful promotional campaign whereas low ROI indicates failure (Lang, Lim and Guzmán, 2022). It offers the marketing quantifies to All Things Butter by offering justification about generation of revenue through marketing campaigns and strategies.

Conclusion

From the above marketing report, it has been summarized that marketing practices and principles plays a significant role in driving competitiveness, promotion of growth and profitability of an organization. All Things Butter has brand implemented the STP strategy for the identification of its target customer segments along with the creation of diverse promotional strategies to capture competitive positioning within market. Besides this, it can be inferred that All Things Butter tends to make focus on the adoption and implementation of strategic marketing mix for the achievement of long and short term sales objectives. In order to improve promotional mix of All Things Butter, it was recommended that sales promotion incentives such as coupons, free samples and discounts and omni-channel marketing strategy could be adopted. At last, tools and metrics such as conversion rate, website traffic, click through rate and Return on Investment (ROI) could be used by brand in its promotion activities.

References

Books and Journals

• Andrews, J., and Shimp, T., 2017. Advertising, Promotion, and other Aspects of Integrated Marketing Communications (10th edition), South West.
• Barijan, D., Ariningsih, E.P. and Rahmawati, F., 2021. The influence of brand trust, brand familiarity, and brand experience on brand attachments. Journal of Digital Marketing and Halal Industry, 3(1), pp.73-84.
• Chaffey, D., and Ellis-Chadwick, F., 2019. Digital marketing: strategy, implementation and practice. Seventh edition. Harlow: Pearson Education.
• Cheung, M.L., Pires, G. and Rosenberger, P.J., 2020. The influence of perceived social media marketing elements on consumer–brand engagement and brand knowledge. Asia Pacific Journal of Marketing and Logistics, 32(3), pp.695-720.
• Dash, G., Kiefer, K., and Paul, J., 2021. ‘Marketing-to-Millennials: Marketing 4.0, customer satisfaction and purchase intention’, Journal of business research, 122, pp. 608–620.
• Farris, P.W., Bendle, N., Pfeifer, P. and Reibstein, D., 2021. Marketing metrics: The manager's guide to measuring marketing performance. FT press.
• Fayyaz, Z., Ebrahimian, M., Nawara, D., Ibrahim, A. and Kashef, R., 2020. Recommendation systems: Algorithms, challenges, metrics, and business opportunities. applied sciences, 10(21), p.7748.
• Kotabe, M., and Helsen, K., 2022. Global Marketing Management (9th edition). Hoboken: John Wiley & Sons, Inc.
• Kotler, P., Keller. K.L., Chernev, A., 2022. Marketing Management Global Edition (16th edition), Harlow Essex: Pearson.
• Lang, L.D., Lim, W.M. and Guzmán, F., 2022. ‘How does promotion mix affect brand equity? Insights from a mixed-methods study of low involvement products’, Journal of business research, 141, pp. 175–190.
• Melović, B., Jocović, M., Dabić, M., Vulić, T.B. and Dudic, B., 2020. The impact of digital transformation and digital marketing on the brand promotion, positioning and electronic business in Montenegro. Technology in Society, 63, p.101425
• Vollrath, M.D. and Villegas, S.G., 2021. Avoiding digital marketing analytics myopia: revisiting the customer decision journey as a strategic marketing framework. Journal of Marketing Analytics, 10(2), p.106.
• Ward, E., Yang, S., Romaniuk, J. and Beal, V., 2020. Building a unique brand identity: Measuring the relative ownership potential of brand identity element types. Journal of Brand Management, 27, pp.393-407.

Online

• All Things Butter, (2024). About Us. Online. Available through: <https://allthingsbutter.co.uk/>.
• All Things Butter, (2024). “All Things Butter” Mastered Marketing! Available through: <https://www.topview.ai/blog/detail/all-things-butter-mastered-marketing>.
• Tracxn, (2024). All Things Butter competitors and alternatives. Online. Available through: <https://tracxn.com/d/companies/all-things-butter/__XCzCMDKGjxTtl9hhvFNC8KTGy1ti2Rbr7xdYsYrXHhY/competitors>.
• Bowler, H., (2024). 5 ways All Things Butter is churning out sales. Available through: <https://www.thedrum.com/news/2024/09/24/5-ways-all-things-butter-churning-out-sales>.
• Duncan, G., (2024). All Things Butter secures first in-store supermarket listings at Asda and Sainsbury’s. Online. Available through: <https://www.thegrocer.co.uk/news/all-things-butter-secures-first-in-store-supermarket-listings/689056.article>.