Principle Of Marketing Assignment

Principle Of Marketing Assignment Words: 4195

Marketing makes a profitable elation with customers and also makes them as their loyal customers. An organization when it is small, it can’t understand the important of marketing. When it becomes big, then it realizes the important of marketing and gives important on marketing. Beverage and food company sees everywhere in the world. Their competitors in world are too much. Struck is also such that kind of company. To compete with their competitors and want to get competitive advantage they need a successful market strategy which take them to their desire success.

Executive Summary: Marketing is the managerial process which activities starts from developing a reduce in market and end with consuming the products by customers. Marketing’s two objectives are satisfying the consumers need and achieving organization goals and objectives. Marketing main four elements are product, price, place promotion. A marketing should target their product on the basis of market and product feature as well as the condition of competitors. They should choice such target which gives them competitive advantage.

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For this, they should understand each elements with the market condition. They should choice such target market which sustains in long run benefited. Another importance thing is that the current target is how different and distinguish from the competitors. In this market, they should have SMART objective. LOL : Understand the concept and process of Marketing: 1. 1 Explain the various elements of the marketing process: Before explaining the various elements of marketing process, first of all we want to discuss about the definition of marketing and the concept of marketing.

Marketing is the managerial process of building a communication between customers and sellers in order to sell, promote the product and service and make a profitable relationship. It is also an art and science of finding, retaining and promoting customers to a business. In short, we can say that marketing is the median between customers and sellers. The concept of marketing is vary antique and very valuable. It aroused when same product sold by the two business. But with the progress of business world as well as technological progress, it shapes very vast.

The concept of marketing can’t be possible to explain in an assignment or in a report. It concept area is very vast and very important. In shortly, we say about marketing concept that to gain competitive advantage in proportion with competitors and to achieve organization goal and objective, business organization helps to marketing. Various marketing researchers define marketing elements in many ways. If we sort out various element, we make a conclusion that marketing element compile with 4(P). Product Price Place Promotion Product is very important element. The producers should manufacture product with the want of consumers.

In this assignment, we discuss about Boots Company. This company produces their product with the demand of their customers. They add variety of element (Facilities product) to use their product conveniently. Price setting is the other important element of product. Marketing manager should make the decision with the condition of market. Sometimes price sets retaining the market and sometime price set to earning maximum profit. Place doesn’t mean any place. It means where the buyer and seller accord to sell their product and service. It is very important to determine the place where the buyer easily buy their product.

Promotion means how we develop our position from current condition. If a company stays in same position in many years, it can’t achieve their goal and a threat to wind up the business. So every company tries to develop their current position by the way of Promotion. 1. 2 Evaluate the benefits and cost of marketing orientation for Boots: Evaluate the marketing objectives of the Boots: When an organization establishes some objective, the question also arises that the objective is really effective for this organization or not. To make it clear, the organization performs some evaluation procedure to measure it.

The evaluation process of Boots about the marketing objective discuss in following: Look at the Boots sales: Is sale of Boots Company increasing? By measuring a company sales, the organization easily understands that the marketing objective is really workable or not. Ask Boots clients: Consumer is the heart off business. Everything is done by an organization in order to get satisfaction from its customers. So, if the customer of company give positive response, the company becomes successful. Does the Boots advertising or promotion activity produce direct response? If the answer is yes, then it will be okay.

But if the answer is no then u have to perform some activities to increase public responses. Is the Boots advertise in right media? The coffee consumers are see the channel. They should determine it correctly Use a hotlist service to hear the problem of their product & give the explanation & solution of these problems. Use multiple via to communicate with the consumers like Faceable, email, phone call, website. [Skinner, T. And Bernhard, K. (1983. ] Do Boots network activities create a new opportunity for their customers? Networking is very important for an organization.

If the company is unable to communicate correctly, the whole activities become vain. So, it is too much important create an effective networking & that networking system gives a new opportunity for their customers. Check the Boots sale conversion rate: The best approach is to look the Boots at historical records and the rate of sales conversion has improved or not. How marketing objective help the Boots to develop marketing strategy: How marketing objective help the Boots to develop marketing strategy discuss in following: By evaluating marketing objective a company can know his target marketing.

By knowing target market, it very easy for the Boots marketing manager to develop a marketing strategy. By evaluating marketing objective, the Boots Company easily know how to execute external & internal activities for the company When evaluating the marketing objective, marketing uses different tools which the Boots to make an effective marketing strategy. Contribution to the benefit cost of evaluating marketing objective Contribution to the customer satisfaction: by evaluating marketing strategy, they collect information from their customers. The customers suggest about many things to improve their product.

By following customer recommendation, they satisfy their customers need. Contribution to desired quality: By knowing many things about their products from their customers, they produce their product match with their customer quality which help the Boots Company to make desired quality. Contribution to relationship marketing: when evaluate the marketing strategy, the marketing manager has to communicate with the different kind of people which help to create a good relationship marketing. ALL: Be able to use the concepts of segmentation, targeting and positioning. 2. Show macro and micro environmental factors which influence marketing decision for Boots. Environmental issue basically plays an important role in making decision for any type of organization. If any organization fails to understand the environment it has it will be go out from the competition. Boots as a leading company it has to have a good knowledge about the macro and micro environmental factor that affect the marketing decision of Boots. The environmental factor that influence marketing decision for Boots is described in the below: Micro environment: Micro environment indicates the fact that is closely to the company.

The elements of micro environment are: Customer: The main motto of the Boots to win the heart of the customers. For this reason Boots makes it marketing policy keep in mind fact that it marketing policy is that providing coffee on the basis of the choice of customer. Competitors: Boots wants to beat its competitors. For this reason it provides products n market after examining the product in different side so that it can provide better coffee from its competitors. Distributors: in this element the Boots distributes it product in a way that the customer get the product easily.

For this reason they open business more than 16,706 stores so that the customer get coffee everywhere in the country. Macro factor: The following environment mostly affects the Boots in its marketing policy: Technological: This factor changes significantly the marketing policy. Today’s era is known as the technological time. For this reason Boots developed its technological strategy. It provides online shopping system for the customer so that they can easily buy the product. Political environment: political environment force any organization to change its marketing policy.

As Boots does business internationally it makes its marketing strategy on the basis of the rules and regulation that make different political party in the different country. It also maintains the domestic political party also. Economic environment: It developed and changes the marketing strategy on the basis of the economic environment. When the farmer falls in economic crisis it provides compensation to the farmer. From the above discussion we can say that if Boots wants to permanent its position in the market it should give emphasize on these micro and macro element in making marketing strategy. . 2 Which segmentation criteria would be most applicable for the Boots? Segmenting a market denotes to the procedure of separating a market into lesser sub-groups built on some important defining characteristics of customers. There are many segmentation done by the marketing manager. By evaluating all factors, two segmentation are most applicable for the Boots which is discuss in below. Organizational Size: Organizational size is very important segmentation for the Boots. The Boots Company perform their Job most of the country of the world.

So, they have to choose which country is most profitable for them and where they should do their business most applicable. For this, they have to choice which region is most profitable for them. The decision should take by proper evaluating the macro environment and macro environment. These two environment is effectively for organizational. Benefit segmentation: Benefit means the different between the cost of a product and the satisfaction they get from this product. The Boots always try to make benefit their customers to give their desire product. Benefit segmentation is another important segmentation for the Boots organization. . 3 A range of product and service Boots offer choose a targeting strategy for one of them: The Boots choose to discount their product. They give 10% discount for their product. This target segmentation helps to increase the sale of the Boots Company. The customers who purchases more product, the company gives them free one or two to encourage more product. They should identify the loyal customer of their company and give the extra discount which make beneficial to the many to increase their customers. Because when loyal customers are more delighted, they encourage others to buy their products.

For all analyzing, it is the best targeting strategy for the Boots Company. [Clark, P. , Golden, P. , Idea, M. , Whiner, M. , Woollier. P. , & Almost, J. (2009). ] 2. 4 How buyers affect marketing strategy: There are several factors which affect the customers to make their buying decision. Here two examples are discussed in: Customer Treatment: Customer treatment is very important factors which affect the customer to buy their product. The Boots is coffee company. If the employee of their company give proper service to their customers, the employee more inspired to but their service.

The customers which get more cordial and friendly manner from their employee, they are more encouraged to buy their service. Store Design and Layout: The Boots is a coffee company. When the coffee shop decorate their product attractively, the customers encourage to buy their products. When a customer walks in a street, see the coffee shop where a nice environment is and nice poster outside the shop, the customers has encouraged to drink the coffee. Thus the customer encourages to buy their products. Misunderstandings. Com, (2014). ] 2. 5 Propose a new positioning.

Positioning is the process of determining the problem and opportunity of a product or service, or informing the customers about the feature or attributes of product through advertising and promotion. When a company make positioning to a new product, it is very important to inform about the feature of the product to the customers. Another important task is determined the problem and opportunity of the products. To determine those, marketing research is mandatory. By research, Boots Company can determine their new products problem and make decisions how to love the problem.

There are six basics strategies for product positioning. 1. By attribute or benefit 2. By user 3. By use or application 4. By product or service class 5. By competitors 6. By price or quality. ALL: Understand the individual elements of the extended marketing mix. 3. 1 explain how products are developed to sustain competitive advantage. Products development is one of the key factors for sustaining competitive advantage. Others strategy will go in vain if the company fails to make demanded goods or products and the company can loss competitive advantage over the competitors.

Competitive advantage means taking the leading position in the market by providing superior goods or products in low price than the competitors and making the products different from the competitors in size, quality or standard. Boots can develop products its products by the following way. Boots can develop its current products through taking the feedback of the customers. To know what they want from Boots and what type of products will be produced for the customers. Then Boots can strive for making differentiate its products and providing them in a low price than its competitors.

Boots can inaugurate new products that will meet the robbers of the customers especially in the skin care department. Boots can give importance on the research department. The company also can collect the products of its competitors. Then make research on these products so that Boots can able to create the products that will offer greater value to the targeted customers with low price. By performing the above activities Boots can develop the existing products and it will lead the Boots to sustain competitive advantage over the competitors and dominate the whole market. 3. Explain how distribution is arranged to provide customer convenience. An organizations success depends on how it distributes its products to the ultimate customers. Distribution refers providing products to the ultimate customers at the right time in convenience place of the customers. Boots distribution is arranged in following way for the customer convenience. In Boots the products are organized on the basis of their nature and the type of the customers. For example, it has separate selling unit in healthcare, pharmacy products so that the customers can easily buy their demanded products.

Boots use modern technology in its distribution system. It offers customers on -line selling, where customer can order through on- line. On the basis of the order Boots provides home delivery to customers. In delivery system Boots gives importance on the customer convenience. That’s why it increases its outlet in the prime location in the I-J (it has more than 1400 pharmacies) so that the customer can easily purchase the products of Boots. Moreover, for the convenience of the customers Boots can take help of skilled middle man and direct selling system in its distribution process. 3. Explain how prices are set to reflect an organization’s objectives and market conditions. Pricing system is one of the features of marketing mix. In this the company set how much price customer will pay for its products or service. To reach company’s profit objectives it sets the price on the basis of economic and current market situation. As pricing system influences the customer to buy or not to buy the products and most of the profits comes from selling products. That’s why Boots can separate the pricing system strategy from the financial department to the marketing department and sales department.

As these department works with the ultimate customer and have the knowledge of current market situation. For this reason these department can able to exact pricing system that will satisfy the customers as well as fulfill the organizations objectives. Moreover Boots can set its price on the basis of competition. An organization set price according its own will if it has no any other market player. But Boots has faced increased competition from virtually all parts of the marketplace.

That’s why Boots has to set price keep in mind the fact that if it sets high price it will lose its current position on the contrary, other competitors will take the position. For this reason Boots can apply value based and affordable pricing logic that indicates that Boots is always ready to exchange products in a reasonable price to the customers. By this way Boots customers will be loyal to the Boots and it will be able to maintain its heritage in customer’s eyes. Eventually that will pave the way for Boots to reach its organizations objectives and market conditions. 3. Illustrate how promotional activity is integrated to achieve marketing objectives Promotional activity plays an important role to achieve marketing objectives and facility the marketing activity. Promotional activities as a feature of marketing mix org for awarding the consumers about the products and its quality that it has. In this activity the company tries to communicate with the suppliers of the products and with the consumer so that the company can achieve target segmentation goal. In this system the company can take the help of mass media, public relation department and others sources that will provide information to the company.

In Boots promotional activity it performs the following promotional activity: Advertising: In this system Boots provide information about the products by the help of newspaper, cinema, television and mass media. Here the main goal of Boots is ware the customers about the products. Publicity: Publicity indicates the non- person communication channel which main target is to get the public concentration towards the company’s products. Personal selling: Personal selling is one of the important promotional activities.

In this system Boots gives the importance on maintain good relationship with the customers by employing customer driven employee and gives them proper training on selling procedure so that they can serve according to the demands of the customers. Sales promotion: In this activities to increase the sale of the products Boots sometimes offer discount on TTS skincare cream, free gifts, free sample, buy- one- get -one free or three for tow etc. By performing these above promotional activities Boots basically wants to achieve targeted markets marketing objectives and goals. 3. 5 analyze the additional elements of the extended marketing mix.

To get competitive advantage an organization has to take the help of the additional elements of the marketing mix. To run the business activity of the boots smoothly and easily Boots take the help of following additional elements of the extended marketing mix. Boots believes that it will able to retain its position if the consumers are satisfied with Boots. It’s only possible when it has customer oriented employees. That’s why Boots have customer and patient employees, standard and unique uniform so that they employee can easily identify the customers and employee so that the employee can response the customers wants quickly.

More over Boots employ part time employee to serve the consumer. Boots basically run the business of health, beauty and skincare business and follow different processing policy so that it can retain its trusted heritage in consumer’s eyes. It also performs some hidden process policy so that it can maintain its unique characteristics on its activity. Boots also gives importance on the physical importance on the service. It provides clean outlet, products sales receipt, information desk (which drugs will be good for the patient, which skin care snow will effective for the consumers etc. Where customer will get all types of information about service and products. Moreover appearance and attitude of the employee influence the perception of the consumer about the products. ALL: Be able to use the marketing mix in different contexts. 4. 1 plan marketing mixes for two different segments in consumer markets. Marketing mix helps an organization to make different market segmentation and run it successfully. The new market segmentation of Boots can be taking care of old man’s health care. Most of the company are busy with the young generation and three are few companies that run business on this field.

The second market segmentation can be involved in distributing the pharmacies products in the rural areas where communication system is not developed. This market segmentation Boots can plan marketing mix by the following way: Product: For the first segmentation Boots can develop new products for the old man on the basis of their needs. In this segmentation Boots can take help of its existing products that are popular in the customers. For the second segmentation Boots can develop products on the Boots of the existing disease the rural people are attacked. Price: Price play an important for new segmentation. N this stage of marketing mix Boots can set reasonable price for the customers so that targeted customers can easily buy. In the second segmentation Boots can offer same drugs in different size in different price on the basis of purchasing power of the selected customers. Place: In this stage Boots have to make available its products so that the customers can buy on their convenient place. For his purpose Boots have to store products in its outlet so that the customers can buy whenever they want. Promotion: In the last activity of marketing mix Boots requires promotional activity with a view to giving information about the products.

For this purpose Boots can make advertisement or use its reputation. If Boots successfully run these new segments then it will be able to create new opportunity for itself and the customers will be satisfied and loyal to the Boots as they will get exceptional service or products than they ever thought possible. 4. 2 illustrate differences in marketing products and services to businesses rather Han consumers. There are huge differences in marketing products and services to business rather than consumers. The main difference between marketing products services products and in respect to consumers are on their activity.

Marketing products and services can be referred as a business to business activity where the main task of the company to deliver the products to the other organization. On the other hand marketing to the ultimate customers for those the products are produced is referred as the business to the consumer. In the business to business marketing he organization gives importance on the promotional activity and makes different promotional strategy so that the company can the competitive advantage on its competitors, government and small organization.

In this system the company produce standard products and provides the products in low price than the competitors to the other business organization. On the contrary marketing to the consumers the company gives the importance on the demands of consumes and thinking consumer as final decision makers as they will use the products. For this reason in this marketing strategy the company tries to communicate and negotiate tit the consumer, then their demands are applied in the whole market so that the organization can reach its ultimate goals and objectives. 4. 3 show how and why international marketing differs from domestic marketing.

International marketing and domestic marketing is an important factor for any type of organization. Boots as a leading company has to understand the difference between international market and domestic market to retain the leading position and dominate the competitors. International marketing differs from domestic marketing as- In domestic market the customer’s demands and wants basically same and the many can take the same marketing strategy in the whole market but in the international market customer’s needs and demands vary from one county to another country for demographic changes, behavior and culture.

For this reason company has to formulate different strategy in the international marketing strategy on the basis of different needs. In domestic market an organization can easily access in domestic market and run the business by maintain some formalities. But in the international marketing organization has to fulfill international markets rules and regulation. For example, in international market the organization has to fulfill exchange control, customs duties and rules that are exist in the international market. That’s why the organization makes different strategy in international marketing than the domestic marketing strategy.

Boots as a global player also make different marketing strategy. For example to cope up with international marker Boots merge with its rival Alliance Niches so that it can easily and smoothly run business in the international market. Conclusion: Marketing strategy is the strong way of making profit. So as a leading company Boots eve to develop its marketing strategy and combine above marketing tactics so that it can handle the current market situation, dominate the beauty and healthcare market and make the customers delight by meeting their demand.

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