Hnd unit 4 marketing principles assignment

Citizens, government and locality of new country Other marketing or advertising agencies Starbucks always believe in maintaining long term relationship with all the stakeholders and believe in mutual growth. Suppliers Starbucks get its best quality coffee beans from the farmers and they are the major supplier of Starbucks MacDonald, Starbucks has always maintained strong relationship with the farmers. Buyers Starbucks has strong brand name which has helped in having strong customer base and customer loyalty.

Hnd unit 4 marketing principles assignment

As per the chartered institute of marketing, it is a management subject that allows a company to have knowledge about the demands and needs of the customer groups and then to design and sell a product or a service to suit those needs and requirements.

It is the entire process of planning identifying and anticipating the demands and requirements of a customer and to supply them with a product or service that fulfils the gap and making a decent profit in the process.

As per the American association of marketing, it is a process of delivering and creating an object of value to the consumer so that he can fulfil his needs and aspirations and this transforms the whole process of exchange between the company and the customer by offering goods and services Bearden, According to Kotler the process by which something of value is sold by the firm to the customer and all the activities that are concerned with some form of value creation is called marketing.

The process of marketing are the series of steps taken by the organisation to holistically identify the basic needs and requirements of a group of customers or an individual customer and then to supply a service or a product to fulfil that need.

Assignment on Marketing Principles - Assignments Articles and Dissertation

The first step in the marketing process is the situational analysis consisting of a thorough study of the presentpast and future aspects of the marketing environment with the aid of analysis tools like PESTEL, porters five forces and Swot analysis. The first thing to do before formulating the business strategy is to conduct a market research study and make a decision on the target market and then matching the needs and demands of the market with the pertinent products.

Hnd unit 4 marketing principles assignment

The main decision at this juncture is to segment the market and apply a positioning strategy in which the sections of the consumer market which would be the buyers of the products or services would be identified and the product would be placed before them in a suitable manner to cross check if it meets the aims and objectives of consuming that product or service Kotler Next in line is to design the marketing tactic identifying those aspects of the marketing mix like price, product, promotion and place which can be controlled by the marketer in distributing them in the market.

The marketing orientation of a company like General Motors can be divided into broad based ideas like the selling concept, production methodology, the product ideology and societal aspects of the marketing concepts. As per the concept of production only those products would be preferred by the customer that are available easily and affordable to be bought.

Thus for General Motors the company has to adopt a streamlined production system in such a way that the cost benefit accrued could be passed onto the end customers in the form of cost benefit resulting out of large scale operations and economies of scale.

By carefully planning the production process costs could be reduced and this can translate into lower prices of cars with the result more and more customers would be able to purchase them Petkus, The customers are looking for cars that are affordable and easily available in retail outlets throughout the country.

Thus the company should consider paying attention to the process of production that helps to cut down on wastage and helps to keep the cost to reasonable limits.

The main aims and objectives of the company is to implement better production efficiency so as to control the costs in a direct manner.

As per the product concept of marketing consumers are looking forward to products that are of good quality with new and novel features and are easy on the pockets simultaneously Dalgic, Thus companies like General Motors must work hard in a planned and methodical manner to make improvements in the product line and to build cars that are suited to the changing needs of the driving conditions of the customers.

Hnd unit 4 marketing principles assignment

According to the selling concept the company should actively pursue the customers to make purchase of their products since if they are left alone they would not buy too many product or service and the huge capital investment undertaken by the company in manufacturing the product or service would not be fully justified.

Thus it is imperative to offer the customers with some form of incentives to purchase the products by giving discounts during the festive season or some other such promotional additions to the product like gifts etc.

The companies should persuade and convince the customers to make more and more purchases of its products and services by means of extensive advertising and promotional campaigns. Significant costs in terms of time and money are associated with a strong marketing orientation program since to study the buying patterns and purchase behaviours of customers with reference to the product being sold is time consuming as widespread market research and intelligence reports from various groups of customers are required.

Quite often companies like General motors have to make adjustments to their operational aspects of the business to serve a clientele whose needs and demands are constantly evolving and changing. Huge investments are required to build the technical infrastructure to develop modern products that will catch the fancy of the consumer and to beat the competitors by offering new and novel product features Kotler The company should take into account the product or service offerings of their close competitors while designing their own product and services so as to prevent any overlap and to offer what is best as considered by the consumer.

All these planning and activities require a lot of money to be spent by the company and if they do not sell in large volumes with large margins it would not be possible to recover the investment.

The dominant factor in its strengths could be in the area of its technological expertise in the designing of its products or service or may in the area of its advanced marketing strategy. The threats could be in the form of political instability or change in the rules and legislations of the government of the host country in which it is operating.

The political and the legal factors can be the macro factors that affect the operational aspects of the business. As for example in India there was a 10 year long coalition government that was opposed to reforms in FDI in the key sectors of retail, energy and railways that was making it difficult for foreign countries to enter this lucrative Indian market.

This created a lot of uncertainty for the foreign business companies to make investment in India. Also in UK after the occurrence of Brexit business prospects of many companies have fallen into uncertainties as trade and commercial rules have to be re-written to suit the changing needs and demands of the economy.

Also in the same manner the state of economy of the host country plays a critical role in affecting the business decisions of the company Petkus, For example when the market is rapidly growing or booming then there is a lot of possibility for business expansion and diversification of the market by entering new territories which would not be possible if the country is witnessing a slowdown or slump in the economy Kotler Social factors also influence the marketing decisions of the company.

As for example if a country consists of large sections of young population then the product offerings would be different from that of a country with ageing demographic factors at play.ASSIGNMENT_BRIEF_3 Unit 4 Mktg Princs HND Business Revld Sapiens: A Brief History of Humankind.

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Unit 4 Marketing Principles - HNC Business Assignment