Introduction
Unit 2 Marketing Orientation and environmental factors Assignment Help Online
Regarding its strategic importance, marketing has emerged as one of the most crucial organisational tasks in the context of modern business dynamics. Due to a number of factors, such as comparable operational and technological capabilities and equally innovative products, businesses in the industry space where there is intense competition are attempting to ensure that some sort of differentiation can be done on the basis of business strategy and initiatives. Additionally, if a business does not develop and implement an effective and efficient strategy, customers’ buying decisions will be substantially influenced by the way that information about the products or services of the brands is communicated to them.
1.1 Explain the various elements of the marketing process
A base of consumers who are relevant to the brand’s product or service must be identified, segmented, and targeted. Additionally, various communications must be designed and implemented for these consumers in order to tell them about the brand’s product or service. Relevance of the same for controlling and satisfying the needs of consumers is one of the key success elements for marketing communication. It is crucial for marketing processes and communication to address this fundamental factor, which also gives rise to key marketing process components.
Unit 2 Marketing Orientation and Environmental Factors Assignment Help Online
The differences between the product or service and how it is presented to customers are some of the other crucial marketing aspects. This has been determined from the case scenario for this part, in which the vehicle company’s salesperson implemented a sales approach that involved pressing customers aggressively through numerous techniques. The marketer has been working to create an immediate need for the car he is selling in the minds of buyers as part of this selling strategy. The salesperson is now attempting to turn the need into a want by creating urgency using a time pressure technique.
Additionally, he has been working to raise customer knowledge of the security features of the car, which aids in the sale of the more expensive, upgraded model. The sales process is also aided by the company’s use of both conventional and unconventional marketing strategies, as well as the channel it creates by providing customers with discounts or other forms of promotional incentives. Additionally, this makes it easier for the salesman to meet their volume goals. These marketing and promotional initiatives are crucial parts of the overall marketing process.
The following are some crucial components of marketing and marketing strategy (Hawkes, 2002):
market research Product development
Adding more products to the mix
blueprint for strategic marketing
Constant review and course correction of the plan for marketing
1.2 Evaluate the benefits and costs of a marketing orientation for a selected organization
Marketing orientation is the overall strategy used by businesses to carry out their sales and marketing activities. This is often accomplished by identifying key marketing components.
An organization’s marketing strategy must be in line with both its short- and long-term goals. The case study demonstrates that the firm and its sales representatives have been employing a hard selling strategy, which constitutes a sizable portion of the company’s marketing and sales orientation.
Unit 2 Marketing Orientation and Environmental Factors Assignment Help Online
A set of criteria called segmentation aids a marketing firm in breaking down the consumer base into smaller groups of people who share the same psychological or behavioural traits. This in turn helps the business decide which of these groups to target with its product and marketing messaging. The following are some of the most popular criteria on which segmentation is conducted:
criteria for geographic considerations
criteria for demographic elements
criteria for psychographic elements
behaviorally-related requirements
The segmentation criteria that can be used most effectively for every product that needs to be promoted to the general public can be found among these.
Task 3
3.1 Explain how products are developed to sustain competitive advantage
When it comes to the banking sector, it is crucial for businesses to consistently release new products that are designed to increase client convenience. One of the top banks in the world can be used as an example to further the discussion: Standard Chartered. The following are the procedures that this company uses and adheres to when developing new products:
determining the need for items by doing market research in the target market
Obtain and evaluate consumer feedback on potential new product ideas.
a detailed evaluation of the new product’s operational and technological potential internally
a soft launch of a product
release of the goods to the general public
Product creation must always be done with the client in mind, and cutting edge technology must be applied. Another important element to consider while creating and maintaining a competitive advantage through the development of new products is innovation.
Unit 2 Marketing Orientation and Environmental Factors Assignment Help Online
References
Majumdar, R (2001), Product Management, PHI Publishing Group, Page 99-107
Michael A. Hitt, R. Duane Ireland, Robert E. (2004), Strategic management: competitiveness and globalization : concepts & cases, Houghton Mifflin Harcourt, Page 119-121
Thompson, J. (2010), U.K. Girds for New U.S. Fast Food Invasion, Businessweek, June 7, 2010
Rieple, A. (2008), Strategic Management: Theory And Application, Oxford University Press, Page 130-137
Hawkes, C. (2002). Marketing Activities of Global Soft Drink and Fast Food Companies in Emerging Markets: A Review. Chapter in World Health Organization Report Globalization, Diets and Noncommunicable Diseases.
Naqvi, T. (2005) Cultural Politics of Hope and Coke: Media, Marketing and Citizenship in Pakistan. Economic and Political Weekly 40(40): 4316–4320.
Ngai, P. (2003) Subsumption or Consumption? The Phantom of Consumer Revolution in “Globalizing” China. Cultural Anthropology 18(4):469–482.
Frey, Christine. “Starbucks to Buy Seattle’s Best Coffee.” Seattle Post-Intellegencer. 16 April 2003.
Gilbert, Sarah. “Starbucks buys Coffee People stores, hippies mourn.” Bloggingstocks:SIRI 18 Sept. 2006.
