Busayo Marketing Principle-Btechnd
This assignment will make us familiar with the various issues arising and the elements of marketing process. The company has the very different strategy for the handling the business strategies of the company. The company has to deal with the techniques and developments of the business organization. First of all the situation is analyzed by the company and the opportunities ae checked. Later the plan is made to carry out the business operations. The strategies regarding the business is made and the important decisions of the company is taken. All the strategies are implemented and the process is monitored carefully. First task deals with the various elements of the marketing process and its elements. The other benefits of the company of the marketing operations are determined. The cost of the company is also evaluated by calculated by evaluating the different process. In the third task we talk about the how the products are developed in the company and how to gain competitive advantage. We also list a set of procedure for determining the conditions of the market. The objectives and the aim of the organizations are also listed. The motivational activities is closely related with the marketing principles. The main elements of the marketing mix are price, promotion, place and product. There are additional marketing mix of the company are the people, process and physical evidence. In the last task we deal about the marketing mixes of the different organizations. It also list the difference in the product and services of the company. The assignment also lists the differences in the domestic and the international markets.
UNDERSTAND THE CONCEPT AND PROCESS OF MARKETING
Marketing is a process of promoting the desired product or a company and it helps the person achieve its desired goal by exchanging the ideas with the others. For this assignment we have chosen one of the very famous companies across the globe Sainsbury’s. The marketing process at our company Sainsbury’s includes recognizing the marketing opportunities in a suitable business environment, designing the strategies for utilizing those opportunities, engaging the appropriate strategies of marketing and finally implementing all those in a suitable manner.
Explain the various elements of the marketing process
Sainsbury’s is among the top notch companies of the world. Marketing is the process of promoting the business, products and services through advertising and research of the market. The major four elements of the marketing process are as follows: analysis of the environment, development of the strategy, choosing the appropriate marketing mix and successful implementation.
THE PROCESS OF MARKETING
The marketing process has many steps involved and all of them are listed below:
- Market and environment analysis: First of all the marketing opportunities are analyzed. Sainsbury’s should find about the ongoing and the future trends of the market, the resources it has to be made available. All the internal and the external factors must be necessarily analyzed. The research helps us find all the strength and the weakness of the company. There is a severe competition posed by the similar companies. There are several macro factors that also affect the company. This step helps us in finding out the actual demands of the company. For example there is a lot of market research about the behavior and trend of clothing during the launch in any new country. (Hunt, 2016)
- Fixing marketing target: The second step is finding out the target customer for the products and services. This step involves planning of the entire execution program well in advance. The identification of the potential customers is very important. The whole market will be segmented by our company Sainsbury’s on the basis of many aspects. Finally the best aspects are selected according to the need of the company. (Handlin, 2016)
- Setting marketing strategy: After the selection of the target market the company has to develop the marketing strategy that will be appropriate. The marketing strategy will contain the proposal for marketing, target for marketing and the STP analysis of the company. It makes the company familiar with its goals and vision. For example all the factors concerning the launch of clothing are considered.
- Marketing mix: Marketing mix is a strategy when the brand of the product is determined and the 4P’s of the marketing are discussed such as price, promotion, place and product. (Jantsch, 2016)
- Marketing control: The decisions regarding the marketing mix is very crucial as is a tactical tool for attracting the customer, coping up with the competitors, increasing the sales of the company and providing the satisfactory services to the customers. (Berlin, 2012)
Evaluate the benefits and costs of a marketing orientation for a selected organization
In this assignment the company looks at the benefits of both itself and the customers. The policy of the company which lays emphasis on meeting the demands of the customers is referred to as market orientation. The benefits of the company are divided into the two categories. The company we are considering in this assignment is Sainsbury’s. The philosophy of the company is “Sainsbury’s for quality; Sainsbury for value”
- Benefit of the company
There will be the following benefits of the company. The company tries to offer all the solution to the problem of the customers. The company tries to deliver the quality goods ofquality goods to the customers at the lowest possible prices. In this way the company is able to get the loyal customers and also attract the new customers. Our company Sainsbury’s is able to make the profit by the following ways:
- The company gives the proper recognition to the customer. They greatly value their customers and make them their priority. The customer is the man asset to the company and the company realizes their value very well. The customers are the major driving force of the company.
- The company tries their best to make the customers their loyal customers. The company has a customer support for solving all the problems of the employees. The company gives many bonuses and benefits to the old customers so the customers remain loyal to the company. In this way the old and the loyal customers will keep buying from the same company. The company also gives the loyalty cards to the old customers to make them coming back to the same company. The company also offers seasonal discounts to increase the sales of the company.
- When the customers remain loyal to the company they spread positive word of mouth about the company. When the company has a good reputation then it becomes a competitive advantage for the company. When the competitive advantage happens then the company makes a larger benefits. The company with a good reputation and a positive word of mouth will attract many new customers.
- The company gains benefits from having the loyal customers and recommendations from the present ones will help the company gain larger profit. More and more customer will buy from the company and hence increased sales and finally larger profit. (Neil, 2016)
- Benefits of the customers
The company launched its online portal to make the availability of the products easier to the customers. The customers get benefit from launching the loyalty cards and giving discounts to the customers. Some of the benefits of the customers offered by the company are customer care solution, security of their money and the products, reliability of the customers on the products of the company and help from the customer care regarding various services related to the products.
The customers of the Sainsbury’s will get the benefits of the various products of the company. The customers are given high quality goods at the reasonable prices. If any defective product is delivered to the customer by mistake then the product is replaced by the company free of cost. The quality of the product is so good that there is no need to buy the products very frequently.
- Cost of marketing orientation
All the large companies including Sainsbury’s know full well that the company faces many expenses and overhead charges. The company should be prepared to face all these hurdles in the way of marketing strategies. The company has to perform an extensive research of the market to get familiar with all the trends of the market. The company has to generate the expenses and the cost of the products of the company. Advertisement of the company creates a cost over the company. Making the banners and designing the website generates a heavy cost over the company. In manufacturing of the high quality goods the company has to invest a great deal in the purchase of the raw material. The company has to invest in researching about the trends of the market so as to understand the behavior of the customer. Market research helps in targeting the potential customers and making the huge gains for the company. The company has to pay a great deal of money in paying the wages of the customers and paying the electricity bills. The company pays for the healthcare of the employees and the company keeps a good care of the safety in the workplace. (Lister, 2016) .Order Now