The Major Elements of the Marketing Process - Assignment Example

MARKETING PRINCIPLES Task Scenario Question Elements of the marketing process The elements of the marketing process are toolsthat a company uses to mix in order to respond to the target market. Therefore, they are elements that an organization can use to create demand for its products. The following are the elements of the marketing process. Product The organization has to have its products that it is selling in the market. The product can also imply to the services, which it is rendering to the consumers. As in the case of SleepWell, its products consist of bedding. For the products to fetch higher value, they must be of quality since this will give consumers confidence. Price Lowering prices increase the sales volume of the company. In some cases, consumers do not consider the price of the product, but instead go for quality, cost effectiveness, accessibility, time, and value added. Therefore, price influences the companys growth and at the same time limited in its scope. Place/placement These are company’s activities, which makes the product available to consumers. For products to be available to consumers, an organization must target larger geographical coverage and open distribution centers. Similarly, goods have to be placed next to consumers to allow their accessibility. Because of this, companies open distribution networks to enable the products and services reach the target market. Promotion This is a way the company communicates to its customers about the product, values and benefits. There are different ways an organization can promote its products, and they include internet marketing, print media adverts, direct sales among others. Question 2: Benefits and costs of marketing orientation of selected of SleepWell Marketing orientation is of benefit because it makes the organization respond to demands. It enables the organization to react to what customers want hence eliminating guessing and forecasting characterized by guessing what consumers wants. It also helps in building customer values, which helps a company in increasing customer loyalty to the brand. This benefits the company because it gives a competitive advantage and solidifies the customer base. The company also benefits from reward sales because of customers repeat larger purchase. However, it is costly because the company has to invest in marketing research. This may prove to be expensive for an organization will have to move and conduct a study in order to know what customers prefer. Similarly, increasing the value comes with increased cost. For example, offering product warranty may require having a maintenance staff and those who do repair, therefore, proving to be expensive. Task 2: case study Question 1: macro and micro environmental factors influencing McDonald marketing decision The microenvironment influencing MacDonald marketing strategies involves issues of its managements. For instance, the company has many customers, which influences its marketing decision. It has to market its products to reach its large customers and update them on the available products. Similarly, employees in the organization influence their marketing decision. It has to ensure that its employees are satisfied with what they do and are paid in good time. This influences their decision since they interact with customers and gets their feedback that influence marketing decisions. Suppliers also form a good part of microenvironment since they inform the customers of new arrivals. Change in supply and preference will influence the organization to market the new products emanating from the supplier. Similarly, competitors influence the marketing decision for the organization has to do all it can to countercheck what its competitors do. The entry of new competitors will influence promotion to achieve customer loyalty. On the other hand, microenvironment that influences marketing includes economy, legal factors, political factors, social factors and technological factors. Political factors influencing marketing include government order, rules, and regulations that may prohibit or improve the marketing. Economic factors include the cost of labor, the impact of globalization and income distribution among its customers. Similarly, social factors include population growth and public attitudes towards the organization. Technological factors include internet communication and software which promotes a marketing. Question 2: segmentation criteria of products in different MacDonald markets One of the segmentation strategies is considering the size of the segment market. The organization has to segment in a market that is large and growing to enable it to overcome the operating expenses. Similarly, it should venture into a segmented market, which is growing. This will make the segment products to attract a growing market. Once the product becomes successful, the organization will be positioned to introduce other products. Lastly, the segment market should be reachable by the organization. This will enable it to understand its customers and care for their needs. It will also ease the supply chain management since the goods will be delivered with ease. Question 3: targeting strategy for the selected MacDonald product An organization can adopt a targeting strategy characterized by 4Ps. It needs to promote its products to the target in order to raise awareness. Promotion will increase the product penetration since consumers and target will know of the products existence. Similarly, targeting consumers at a fair price will be essentials. At the introduction stage, the price should be affordable hence considered as the best option. Moreover, the product should reach the intended target with ease. There should be widened distribution networks to allow for accessibility. Lastly, the product should meet the interest of the intended target. This may require the company to develop a product with meets the interest and lifestyle of the target. Question 4: how buyer affects marketing activities Buyers affect marketing activities because of the cultural, social, personal and psychological factors. Cultural factors include customer’s culture, social class, and subculture. They influence the way the consumer will perceive the marketing as well as the products hence influencing marketing. Social factors include groups, status and family roles. This implies that another take on marketing may be influenced by others outside his or her life. Personal factors include variables such as lifecycle stage and age, occupation, lifestyle, personality and self-concept. They affect the preferences of individuals; hence will determine the marketing strategy the company uses. Lastly, psychological factors include motivation, learning, beliefs and attitudes as well as perception. Marketers need to know the people they are dealing with and find their motivational strategy to ensure success. Question 5: New positioning for selected products MacDonald can position its products through developing a positioning concept. This will attempt to sell the benefits to the consumers as it focuses on an emotional benefit the buyer will receive after using the product. Secondly, the organization needs to develop a positioning statement, which is a qualified idea for enhancing creative ideas for marketing. It will compel the reasons for buying will intern influence the customers to consider the product. Lastly, brand differentiation will be very important as it portrays how the company is different from others. This will make the company boast of how different it is from others hence positioning its products. Task 3: individual written report Question 1: How products are developed to sustain competitive advantage Products are developed to sustain competition through considering the quality. The organization will be able to enjoy a competitive advantage if its products are durable. Similarly, differentiation of products can also make them enjoy a competitive advantage. Question 2: How distribution is arranged for customer convenience Distribution enhances customer’s convenience if they are easily accessible. The company needs to decentralize their distribution channels and make the products available to increase customer’s convenience. Most customers buy products that they can easily access, hence those with no distribution network incontinence the customers. Question 3: How prices are set to reflect organizational objective and marketing conditions Customers embrace fair prices. Similarly, lower prices increase the sales volume, which benefits the organization. Additionally, low prices enhance products and services penetration since consumers buy them in bulks. Moreover, it improves customer loyalty, hence companies spends less on marketing. Question 4: How promotional activity is integrated to achieve marketing objectives Promotional activities increase sales and product penetration in the market. It increases the brand awareness, hence making the organization to increase its market share. Moreover, promotion increases the brand loyalty through giving free samples or after sales services. It also reminds consumers of the product and service, hence the organization meets its marketing objective. Task 4: individual written report Question 1: Marketing mix for two different segments in consumer markets I will consider products relations, which includes benefits desired and usage. The relevancy of the product will make it attractive to the target market, which will ensure it meets the market demand. Similarly, the marketing mix for segmentation will consider demographics. This may base on sex, age, race, religion or family status. Question 2: Difference in marketing products and services to business rather than consumers Marketing services and products to business will allow for wholesome sales. As in the case of targeting consumers, it will involve small scale sales since this involves sales for consumption. Similarly, marketing to business is a form of segmenting sales whereas consumers are a general marketing. Question 3: How and why international marketing differs from domestic marketing International marketing differs from domestic marketing because it is governed by laws. Different nations have different laws governing marketing. This poses a challenge to a domestic organization, hence creating differences. Similarly, it entails elaborate understanding social backgrounds of consumers, who are challenging compared to the domestic market. References Test, 2014, Marketing, Available from http://test.scoilnet.ie/Res/kevinlawlor270799162502_2.htm [20th April 2014] Read More