Business Marketing Principles-Btechnd
This document has been developed on the different concept over the marketing principles. The product development in order to have competitive advantages in the market has been analysed by taking two different products having similar factors. Different distribution strategies by considering the place of marketing mix are discussed. The pricing strategies are analysed to discuss setting of prices over different market conditions. Different promotional activities and their impact in the marketing approaches of the product are analysed considering two organisations. The extended market mix parameters over these products are also analysed. Marketing processes within the marketing planning and market oriented approaches in the Smart Phone marketing planning has been illustrated. Different factors of business environment of Smart Phone are analysed through SWOT and PESTLE analysis. Segmentation criteria over two different markets, different buyers’ behaviours in different situations are explained. New targeting and positing strategies are mentioned over Smart Phone. A marketing mix has been planned over business and consumer market and the importance of marketing mix in international marketing approaches are analysed.
Explain the marketing planning process and argue“marketing oriented approach”for the smart phone product
Marketing planning is essential for the organisation to have successful approaches within the market. It is considered as the road map to the organisation in placing new products in the market. The Smart Phone Organisation needs proper market planning for the new Smart Phone and approaching the consumers by satisfying their needs. There are different processes for developing and managing the marketing planning. (Armstrong, Adam, Denize, and Kotler, 2014)
Marketing strategy: the strategy of conducting marketing planning has different phases. Different functions are associated with the marketing planning stages. These functions should be analysed by considering the strategies of segmentation, targeting and positioning. Through these strategies the value over the Smart Phone can be balanced. These strategies will provide proper perspectives in the current market over the marketing of the Smart Phone.
Market mix: 7Ps of Marketing mix along with the extended ones must be used as the parameters of eh marketing planning. The product will provide proper consideration over the required features to be added within the Smart Phone for satisfying the demands placed by customers. By conducting research over the market price the organisation can place proper price or cost of Smart Phone. The place provides knowledge over the current distribution channels of the organisation in delivering the Smart Phone and needed improvements within the channels as per market demands. Promotional activities of the current marketing activities will be also evaluated through this mix. Apart from these Ps the Smart Phone Organisation also needed to evaluate extended three Ps- people, process and physical layout. (BOSE, 2010)
Situational analysis: in the marketing planning processes the situational analysis should be conducted to gather knowledge about the current situation of the market as well as of the organisation. Through PESTLE analysis the organisation can evaluate the external factors impacting over the business of Smart Phone and through SWOT analysis the internal factors can be assessed. (Management Study Guide., 2015).
Marketing oriented approach means the approaches of the organisation by analysing the demands of the customers. Within the marketing oriented approaches the business tends to gather proper information about the customer requirements and satisfactory measures and takes decisions based on this information. In recent market situation Smart Phones are considered as the most demanded products within the markets with thedifferent invention of technologies and also adaption of the modern technological approaches by different sectors. The customers are becoming more knowledgeable with the modern technologies and are requiring proper standards as well as better quality.(Armstrong, Adam, Denize, and Kotler, 2014)This has been impacting over the competitive approaches of the organisations especially the ones who are dealing in the technological sector. The Smart Phone Company has to step sensitive approaches within the business for competing in the market. In recent context the products of high technological measures are becoming the main priority over satisfying the needs to the customers. As a result the Smart Phones are becoming the biggest consumer brand item. Through innovations and creativity the organisation can make efficient market oriented approaches.
Outline some of the macro i.e. external (e.g. PESTLE) and micro i.e. internal (e.g. SWOT) factors for the smart phone company to consider when making marketing decisions
External and internal factors of market have been included within the business environment. The internal factors are referred as the micro factors. These factors are concerned with the internal factors of the organisation. These factors impacts over the marketing decisions stages. Internal or micro business factors can be analysed through SWOT analysis.
- Good distribution network and implementations of the online shopping in the distribution channels
- Potentiality to enter in new gadgets or new product lines
- The features of the Smart (Management Study Guide., 2015).
- Phone has been providing proper competitive advantages over the competitors
- Presence in the online social media which is required for branding and attracting worldwide customers
- Through constant innovations and creative approaches are improving the product features
- Large number of loyal brand customers
- Well known reputation in the international market(Dawson, 2014).
- Better offering than the high priced Android phones is attracting customers.
- Higher price can be proven as inaccessibility for the users
- Competitors having Android features can be affective in business
- More focus over the B2C market
- Strategic alliances with other small ventures
- Fastest innovations within the technological world is placing different opportunities to have success
- Increased demands over smart phones(Dawson, 2014).
- Can have gaming console within the features for attracting young users
- Higher threats from demands of Android facilities
- Rise in the tablet and Windows ecosystem
- The industry is price sensitive and dynamic(Management Study Guide., 2015).
For analysing the Macro elements of the business environment the PESTLE analysis should be conducted.
Political: different political issues and legislations can impact over the international business activities. The changes in the policies in different countries can influence the business in a negative way. Government’s approaches in eth telecommunication industry can impact over the success of the Smart Phone.
Economical: labour costs, rise in the prices, increase of exchange rates, etc can impact over the prices of the Smart phone as well as the behaviours of buying. (Dawson, 2014).
Social: trends in the social environment have been positively influencing the business of SMART phone. The industry of Smart phone is having the biggest consumer spending. Through placing lower prices the Smart phone organisation can attract all status and class in purchasing. The ethical issues and the social norms are also needed to be considered.
Technological: competitor in the similar industry such as Android, IPhones are imposing competitive measures in the international markets. Similar features lower priced Android phones can impose efficient competition in the market. The development in the technologies is providing opportunities to the Smart Phone Organisation in delivering the products with advance features and quality. (Dawson, 2014).
Legal: different legislative framework can impose threats in the business. The organisation has to consider the monitory and fiscal policy for operating the business and avoiding the legal consequences.Order Now