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Marketing Principles - Report Example

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This work "Marketing Principles" focuses on various factors undermining individual elements of the extended marketing mix that can be utilized by the marketers to gain a substantial market share and establish itself as a market leader. The author outlines the concept and process of marketing, marketing mix that is being utilized by Ford to enhance market share…
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Marketing Principles
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Download file to see previous pages In addition, the study intends to discuss the various elements involved in the marketing process, further outlining the importance of marketing concepts such as Segmentation, Targeting, and Positioning. 
There are a number of elements in the marketing process, the first one being the corporate objectives of the organization. Ford has a corporate objective of developing and establishing a positive culture and deliverance of innovative products to the customers. Ford must ensure that the goals and objectives are specific and attainable, which can be easily achieved by the company to ensure success. Another important element of the marketing process is the Marketing Audit, which includes information regarding past performance, marketing tasks as well as the future course of action that can be taken by Ford to ensure success. Furthermore, the Marketing Audit of Ford would include the list of automobiles sold by the company, the market share of the company in the home and host nations of operations, and the profit margins determined by the company in those nations (Ford Motor Company, 2014; Czinkota & Ronkainen, 2006).

Environmental analysis is another marketing element that is used by Ford to gain a comprehensive understanding of the company’s external environment factors affecting its business operations. This includes political, economical, social, technological, environmental, and legal factors undermining Ford’s external business environment. SWOT analysis is another prominent marketing element that is utilized by Ford to determine the internal as well as external factors surroundings its business operations including strengths, weaknesses, opportunities, and threats that have a strong influence on the performance of Ford. The marketing mix is another marketing element used by Ford that includes an assessment of products i.e. automobiles offered by Ford, apart from the prices that Ford determines to sell its products.  Furthermore, the marketing mix used by Ford also includes place of sale determined by the company to market its products and the various promotional techniques used by the company in the process of marketing (Czinkota & Ronkainen, 2006.). ...Download file to see next pagesRead More
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