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Principles Of Marketing Assignment Sample

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Principles Of Marketing Assignment Sample

Introduction

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Marketing principles are the ideas of marketing companies that are used for an effective strategy of marketing. Every company should follow SMART criteria that help them effectively to get profit with sustainable development. The principles are made for the promotion of the products or services. Some of the companies follow the principles of 4Ps and some of the companies made their strategies of marketing.
In this report, different principles of marketing are discussed and how these strategies help the organization to promote the growth of their products and services. The marketing mix and development of a strategy for marketing is a very important part of the growth and development of the company.

Objectives of marketing plans:

  • To develop a specific and active marketing strategy for the promotion of the products and services.
  • To analyze the customer-driven strategy and the marketing mix to make a plan.
  • To identify and set a specific SMART goal that gives a profitable result.
  • To measure the requirements that can help to attain this goal as per market demands.

Develop the marketing strategy

The marketing strategy helps the company to increase its growth and share in the market. This strategy helps the organization to focus on their limited resources and how these resources could be used on the greatest opportunities and that increases the sales in the market and helps to achieve a sustainable and constant advantage over the competition.

Ansoff Matrix:
The Ansoff Matrix is a popular marketing strategy, also called an Expansion Grid of Market, this tool helps the organization to increase their growth with the help of their existing products. This matrix was developed by H, Igor Ansoff who was a business manager and mathematician. The four strategies of this matrix are:

  • Market Penetration- this part helps to focus on the sales increase rate of the existing products for an existing market. The company sells its products in the existing market and it aims to increase its share in the market with this penetration strategy. To execute this strategy the firm uses different ways; as they decrease their products' prices to attract new customers, they increase their efforts in distribution and promotion of the products and accrue a competitor in the same marketplace with the same type of products.
  • Product Development - this part helps to concentrate on new products development and introducing innovative products to the existing markets. To implement this strategy the firm invests their capital in R&D that help to develop new products in existing markets, to meet the needs of existing market marge the resources of competitors and make new products, and make a partnership with other organizations to gain access. This strategy consists of movement of one quadrant so it is a little bit riskier than market penetration and has a similar risk as in the development of the market.
  • Market Development - this strategy helps the organization to focus on the new market and introduce their old existing products. This strategy involves catering to different segments of customers, expanding regionally by introducing new products, expanding internally to enter into the foreign market.
  • Diversification - this part of the matrix defines the new products how to introduce them in the new markets and the sales growth rate increases. This strategy offers an opportunity to increase revenues with the greatest potentiality. Related diversification helps to realize the synergies between new and existing products and markets. Unrelated diversification does not realize the marketing strategy between existing and new markets. This diversification is termed conglomerate growth because it gives a result of cooperation which is a conglomerate, i.e without any relationship to the other company with their collection of business. This strategy helps the company in growth by acquiring a business and starting up a new business outside the current products and market of that company.

This matrix is used to identify and explore the growth option that they can implement with their new and existing products in both new and existing markets. The risk varies between these quadrants and diversification is the riskiest.

Discuss the Marketing Mix

The marketing mix means a pile of different marketing requirements that an organization implements to get desired responses in their target market. This mix consists of all the important elements that directly impact the demand for the products that the company offers to its customers. This marketing mix is used for the sake of promotion of the products or brands of the firm in their competitive market. Traditionally in this market mix, four important components are present. These four components are; Price, Product, Promotion, and Place, that is 4Ps, but in recent strategy, some other Ps also included in this marketing mix.

  • Price - it is an important component of 4Ps, the price refers to the value of the products. Prices of the product depend highly on many factors including the ability of the market in purchasing the products, costs included in the production, the buyer's target, supply of products, the demand of the customers, and many others. Many of them are directly related and some others are indirectly linked with the price. Marketers must put the price to their product's perceived and real value, but they must consider seasonal discounts, prices of competitors, cost of supply.
  • Product - Products refer to the services and goods that companies offer to their customers. Existing customers' demand should be fulfilled by the products and it is so compelling that customers believe that they need to have these products, this faith increases the demand for the new products. The understanding of the cycle of products is very important for marketers and they need to develop a plan for dealing with the changes in the cycle of the products. The product type helps partially to detect the charge that should be changed for business.
  • Place - when the company makes decisions for their place of business, then they make a plan of where and what type of products should sell and how to deliver their products to customers as early as possible. The aim of management executives is always to get their demanding and new products in front of customers that they like most to buy. The products, which are sold from different departmental stores there, the new and trending products should be displayed in the front side to attract the concentration of customers. In some cases when new products are launched then these products are promoted through social media, web pages, television where the customer pays attention and it increases the sales growth rate.
  • Promotion - it includes the strategy of promotions, public relations, and advertising of the products. Promotion is important because it helps the customer to understand why they use this product and why they should pay for it. To reach core audiences, the company ties promotion and placement of products together. The company should promote its products through different popular social media platforms and different web pages that people visit daily. This refers to thoughtful and specific advertisements that help the company to reach its target market.

Marketing Analysis BCG

BCG is a model of marketing and it was created by the Boston Consulting Group. This model is very simple and this tool is used to analyze the position of a company in terms of its range of products. The design of this matrix to help the organization to focus on their products and customers services and in decision making that which product is to keep and which is not and in which products they should invest to get more profit and increase share in the market. This matrix model helps to calculate and examine sales over a quarter or a year and compare that revenue with the whole market.

Create a BCG model for Company -
Creating the Company Matrix needs information about the rate of growth and share of products market and services. Next, calculate sales over a quarter or a year and compare the revenue with the whole market. Then draw a matrix of four quadrants or find an online template. In the vertical axis of the matrix write "Rate of Market Growth" and along the horizontal line write " Relative Market Share, and divide the chart into four quadrants;

  • Cash Cows (Lower left quadrant)
  • Stars (Upper left quadrant)
  • Dogs (Lower right quadrant)
  • Question Marks (Upper right quadrant)

After making this chart place all the products and services in the quadrant basis of the growth and market share of the company.

Four quadrant meaning of BCG -
This model assumes the market share of a specific product that indicates the potentiality to generate cash for that product. A product that has a high share in the market which has a high rating in cashback and it has a relatively more brand position to its maximum competitors, these all features are the future success indicators. The growth rate of the market is an indicator for the outflows of the cash. The maximum rate of growth indicates a product is an incoming well but that product needs large cash injections to stimulate growth for the future. Every quadrants has an accurate meaning;

  • Cash Cows (Lower left quadrant)

These Cash Cow products are the leaders of the market, these products are in the bottom right quadrant of the matrix and help to give more revenues than the company consumes.

  • Stars (Upper left quadrant)

First- to-market fall into this category and the products are to be stars. Star products have a strong market share and they generate more revenue. The companies are advised to give priority to their star products because the potentiality of these products is to be a cash cow when they sustain cash generation while the rate of growth is leveling out.

  • Dogs (Lower right quadrant)

These products have an underwhelming rate of growth and market share and they cannot generate and cannot consume a large amount of cash.

  • Question Marks (Upper right quadrant)

This indicates a low relative share in the market and a high rate of growth, they have the potential to grow at a rapid rate.

Discuss the Customer Driven Strategy (STPD)

STP marketing (Segmentation, Targeting, and Positioning), is the framework of three steps marketing, is the modern-day marketing core concept. This strategy helps the company to segment the company's market, target customers of the company, and each segment gets an offer from the position of the company as well as the communication ways to their benefits to specific segments of customers. This strategy is very much effective in marketing because it focuses on breaking the base of customers into smaller groups. These strategies reach and engage target customers by developing very specific marketing plans.
Around 59% of the customers say that they are influenced by personalization in their shopping decision and another 44% said that they are influenced by personalization to become regular and repeat customers of that specific brand.
STP marketing represents a shift from product-focused marketing to customer-focused marketing. This shifting helps the company to understand which customers are ideal for their business and how they should reach those customers. The targeted and personalized marketing efforts increase the success rate in the future.
The formula used to calculate marketing strategy is; Segmentation + Targeting = Positioning, which means that the positioning of the market comes from the collaboration of segmentation and targeting.
This formula define that each segment of STP requires a tailored marketing mix and positioning to ensure their success.

  • Segmentation

The first step of this marketing model and the main aim is to create different types of customer segments depend on specific criteria. Segmentation is of four types;

  • Geographic segmentation - this refers to the division of the customers according to their countries, state, region, and provinces. The geography helps to determine the taste of the customers and the priorities of the specific products. Every regional people have their different priority products and they like to use them. This segmentation helps in the expansion of business worldwide.
  • Demographic Segmentation - this refers to the division of the customers as per their education, gender, age, occupation, etc. Age and gender affect the marketing of products and occupation also determine how costly products they should buy. This segment helps the company in its manufacturing as per the demography of the customers.
  • Behavioral Segmentation - dividing the audiences based on choices of products, how they interact and how often they buy products what they browse most, etc. The behavior with the customer and interacting with them when they face problems with products is very important. Strong communication services and giving answers to all the queries make customers happy and they buy from them again.
  • Psychographic Segmentation - dividing the audiences who are more potential customers of the company and their lifestyle, activities, hobbies, opinion, etc. The psychological assessment is very important for business growth, if the company can analyze customer psychology then it is very easy to handle them and understand their needs.
  • Targeting

This is step two and the main aim is to determine which segments generate the most likely desired conversation. The ideal segment has some specific characteristics that are; growing actively, has a high-profit rate, and a low rate of acquisition.

  • Size - always consider the area of the segment and the future growth potential of that segment.
  • Profitability - consider that segment that is willing to spend more money on products and services. Calculate the lifetime value of the customers and compare it for each segment.
  • Reachability - consider the difficulties and solutions of how the company reaches segments by their marketing efforts. Always calculate customer acquisition costs (CACs) for every segment because when the value of CACs increases then it decreases the rate of profit.
  • Positioning

This is the final step of this framework, allowing to set products and services apart from the competition. Three factors help to gain an edge of competition;

  • Symbolic positioning - It enhances the real self-image, ego, and belongings of the customers. Car industry is an example of this factor.
  • Functional positioning - provide genuine benefits to the customers after solving their problems of them.
  • Experiential positioning - focus on the connection with the customer emotionally to the company's products, brand, or services.

Conclusion:

In this section different types of business strategies, their effectiveness to the business, and customer satisfaction through these strategies have been discussed. All the principles of the marketing mix, STP strategies, BCG matrix models all are discussed in detail. Every business has its specific strategies and goals to achieve long-term success. To expand the business and to promote the growth of the business every company should follow an active and perfectly planned strategy. To develop a marketing strategy here Ansoff Matrix is discussed because this matrix is very easy to use and it gives an effective result.

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