Marketing Principles free essay sample

Understand the individual elements of the extended market mix Explain how products are developed to sustain competitive advantage 3. 1) Competitive advantage is when a company has a strategic advantage over its rivals. Products can be developed to have a competitive advantage if all developments are made to the product before it goes on the market instead of having many versions of a product which get better as more updated versions of the product are released. The development of new products has to be based on the wants and needs of the customers. Rather than simply releasing a product and waiting to see if the demand is there for it, firms should be conducting market research beforehand in an attempt to find out whether there is a) a demand for a product and b) a gap in the market for the particular product if the firm releases it. You can make your product different from products made by your opposition, if you can differentiate your product from that of your competitors, then you can position yourself in a prime position in the market. We will write a custom essay sample on Marketing Principles or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page If you can provide unique and special benefits to your customers that no one else can provide them, then you are well-positioned to maintain them as loyal customers. Explain how distribution is arranged to provide customer convenience 3. 2) There are several ways in which businesses arrange distribution to provide customer convenience. The methods used may vary slightly based on what sort of business is being operated. Distribution comes under the place category in the market mix and companies develop proper distribution systems because accessibility of the customers enhances the potential sales for a company. For example, if the Coca Cola Company does not outsource its distribution services and Coca Cola bottles would have been available only from the factories then customers might not have been willing to get them. It is more convenient for the customers to get Coca Cola drinks from nearby retailers as opposed to getting it from a wholesaler. Therefore, distribution can become a major strength or a weakness for a company. Explain how prices are set to reflect an organisations objectives and market conditions 3. ) Prices are always established with an organizations objectives or goals and market conditions in mind. Management decides the marketing strategy, sets the organizational goals and objectives, and decides on what product lines and services are worth pursuing. For this reason, prices are always subject to the character and beliefs of those who lead the organization. Prices are also established based on an organizations goals and the market conditions at any given time in the busin esss operations. Companies examine the market and look at the way certain products are performing. This is how they determine if a product is going to be included in their own product lines or services that they offer. This is also how they decide if they are going to continue to produce a particular product. Products that dont perform well are often discontinued. Sometimes, prices may be lowered, but this is difficult to do if production costs are still high. A business that cannot see a profit or a sufficient profit on a particular product will simply discontinue it rather than lower the purchase price and lose money on production. Businesses also look at market conditions in terms of competitor performance and pricing in order to set their own success measures. This is why you will see many businesses producing similar products and pricing those products very similarly as well. Illustrate how promotional activity is integrated to achieve marketing objectives 3. 4) Marketing objectives include objectives to do with profits earned for the company and promotional activities really encourage sales, attract new customers and promote products which help them sell even more quickly and help the company earn more money. Promotional activities include in-store demonstrations such as samples of new product being given away to customers for free this promotes certain products, coupons which encourage people to buy products because they get discounts on the items and advertising campaigns which attract people attention to your company and also advertisements help build awareness of both the company and its products. People would not know a particular company offers certain products unless the company advertises them. Analyse the additional elements of the extended marketing mixes 3. 5) The additional 3p’s added to the traditional 4p’s are physical layout (how a shop looks), provision of customer service (how well customers are served) and processes. Physical layout -today consumers typically come into contact with products in retail units and they expect a high level of presentation in modern shops e. g. record stores, clothes shops etc. Not only do they need to easily find their way around the store, but they also often expect a good standard or presentation. Provision of customer service customer service is very important in modern service industries. Customers are likely to be loyal to organisations that serve them well from the way, in which a telephone query is handled, to direct face-to-face interactions. Processes associated with customer service are a number of processes involved in making marketing effective in an organization e. g. processes for handling customer complaints, processes for identifying customer needs and requirements, processes for handling order etc. Marketing Principles free essay sample Be able to use the concepts of segmentation, targeting and positioning 3. Understand the individual elements of the extended marketing mix 4. Be able to use the marketing mix in different contexts. Outcomes LO1 Understand the concept and process of marketing LO2 Be able to use the On successful completion of this unit a learner will: LO 1. 1 explain the various elements of the marketing process LO 1. 2 evaluate the benefits and costs of a marketing orientation for a selected organisation LO 2. 1 show macro and micro environmental factors which influence marketing decisions LO 2. propose segmentation criteria to be used for products in different markets LO 2. 3 choose a targeting strategy for a selected product/service LO 2. 4 demonstrate how buyer behaviour affects marketing activities in different buying situations LO 2. 5 propose new positioning for a selected product/service concepts of segmentation, targeting and positioning LO3 Understand the LO 3. 1 explain how products are dev eloped to sustain competitive advantage LO 3. We will write a custom essay sample on Marketing Principles or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 2 explain how distribution is arranged to provide customer explain how prices are set to reflect an organisation’s ndividual elements of the extended marketing mix convenience LO 3. 3 objectives and market conditions LO 3. 4 illustrate how promotional activity is integrated to achieve marketing objectives LO 3. 5 analyse the additional elements of the extended marketing mix 3 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business LO4 Be able to use the LO 4. 1 plan marketing mixes for two different segments in consumer markets LO 4. 2 illustrate differences in marketing products and services to businesses rather than consumers LO 4. show how and why international marketing differs from domestic marketing. marketing mix in different contexts. 4 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business Programme: Unit Number: Unit Title: Module Tutor: Email: BTEC Higher National Certificate in Business 4 Marketing Principles Nalika Danthasinghe/Twain Moss Nalika. [emailprotected] uk. com Twain. [emailprotected] uk. om 1. Report 11/02/2013 14/06/2013 Produce a report to present to the Managing Director of your chosen company. The must be written in professional manner and properly referenced. The report should comply with the word count of 2500 with +/- 10% margin. You may use tables and diagrams to support your report to illustrate the text. Word count excludes the index, headings, information contained in tables, references and bibliography. Assessment Type: Individual Assignment Number: Distribution Date: Submission Date: Assessment Format: As a newly appointed Marketing Manager, you are required to carry out a detailed industry analysis for your chosen organisation. The purpose of this is to formulate a suitable marketing campaign for your chosen organisation. Produce a report detailing the below. As part of the introduction to the report give a brief explanation of the various elements of the marketing process (LO 1. 1) Evaluate the benefits and costs of a marketing orientation for the selected organisation. (LO 1. 2) Carry out a thorough organisation, industry and market environment situation analysis. For this, identify and analyse Macro environment, Micro external environment, Micro internal environment and the capabilities using a range of tools and techniques suitable for each market situation. Summarised your analysis using a SWOT Analysis. Include minimum key factors such as the different analysis models, you must carry out; Macro environment analysis Micro external environment 5 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business Micro Internal (Core Distinctive competencies) Capabilities You must carry out the above analysis and you are welcome to use more tools and techniques to support your findings. Summarise your finding through a SWOT analysis (LO 2. 1) Following the SWOT analysis identify a product/service hat can be marketed to two different segments. Justify your reason for the proposed segmentation criteria. (LO 2. 2) Choose a target strategy for the chosen product/service. (LO 2. 3) For the chosen strategy discuss how the buyer behaviour affects marketing activities in different buying situations. Discuss the buyer behaviour in relation to the segmentation criteria you have identified. (LO 2. 4) Suggest a range of position ing options for your selected product/service (LO 2. 5) Develop a marketing plan for the proposed strategy addressing the issues identified in the marketing analysis. For example you may identify the strategies such as, Increase existing market share through market stimulation Increase existing market share through new product development Entering a new market through introducing existing product(s) to a new market Entering a new market through new product development Focus on one of the objectives and develop a marketing plan. Provide a justification and an explanation with reasons for the chosen strategy. Your explanation should include, ? how the product is going to be developed to sustain competitive advantage (LO 3. ) ? how distribution is going to be arranged to provide customer convenience (LO 3. 2) ? how you would set the price of the product to reflect organisation’s objectives and marketing conditions (LO 3. 3) Plan and recommend marketing mixes for the two different segments you have discussed in the Assignment 01. (LO 4. 1) For the segments you have discussed above clearly explain the marketing mix with including the promotion e lement. You should discuss how the promotional activity is integrated to achieve marketing objective. (LO 3. ) Include an analysis into the additional elements of the extended marketing mix, providing your marketing plan (LO 3. 5) To summarise your findings and recommendations, ? Suggest a budget, resources and a timescale. 6 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business Programme: Unit Number: Unit Title: Module Tutor: Email: BTEC Higher National Certificate in Business 4 Marketing Principles Nalika Danthasinghe/Twain Moss Nalika. [emailprotected] uk. com Twain. [emailprotected] uk. com Assignment Number: Distribution Date: 2. Essay Questions 11/02/2013 Submission Date: Assessment Format: 14/06/2013 Apart from the above main assignment you are required to answer the following questions. The answers should take the format of a written essay. The word count is flexible for this task however it is recommended that at least 500 words are used to discuss each question. Assessment Type: Individual Question 02 In Assignment 1, you have developed a marketing strategy to market the products and services to the consumer. What differences are there if you market your products and services to an organisation? (LO 4. 2) Question 03 Think of marketing abroad. Following the completion of assignment 1, suggest on implementing a marketing strategy to market abroad. What would be different from international marketing to domestic marketing? (LO 4. 3) 7 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business Assessment Criteria: P1-P15 Pass Criteria M1-M4 Merit Criteria D1-D3 Distinction Criteria To Achieve a Pass To gain a pass grade you must attempt all three assignments and you must satisfy the pass criteria as outlined below. LO 1. 1 explain the various elements of the marketing process (P1) LO 1. evaluate the benefits and costs of a marketing orientation for a selected organisation (P2) LO 2. 1 show macro and micro environmental factors which influence marketing decisions (P3) LO 2. 2 propose segmentation criteria to be used for products in different markets (P4) LO 2. 3 choose a targeting strategy for a selected product/service (P5) LO 2. 4 demonstrate how buyer behaviour affects marketing activities in diffe rent buying situations (P6) LO 2. 5 propose new positioning for a selected product/service (P7) LO 3. 1 explain how products are developed to sustain competitive advantage (P8) LO 3. explain how distribution is arranged to provide customer convenience (P9) LO 3. 3 explain how prices are set to reflect an organisation’s objectives and market conditions (P10) LO 3. 4 illustrate how promotional activity is integrated to achieve marketing objectives (P11) LO 3. 5 analyse the additional elements of the extended marketing mix (P12) LO 4. 1 plan marketing mixes for two different segments in consumer markets (P13) LO 4. 2 illustrate differences in marketing products and services to businesses rather than consumers (P14) LO 4. 3 show how and why international marketing differs from domestic marketing (P15) Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business To Achieve a Merit To gain a merit grade you must achieve all the pass mark criteria and in addi tion you must satisfy the criteria as outlined below. Submit your work on time and in appropriate format. (M1) Identify and apply strategies to find appropriate solutions through effective judgement (M2) Select/design and apply appropriate methods/techniques. You are judged on the application of relevant theories and techniques and the justification for their application (M3) Present and communicate appropriate findings. This includes the use the appropriate structure and approach with coherent, logical development of principles/concepts for the intended audience (M4) To Achieve a Distinction To gain a Distinction grade you must achieve all the pass mark criteria and all the merit mark criteria and in addition you must satisfy the criteria as outlined below. Use critical reflection to evaluate own work and justify valid conclusions including realistic improvements which have been proposed against defined characteristics for success. D1) Demonstrate convergent / lateral/creative thinking by showing evidence on receptiveness to new ideas and effective thinking in unfamiliar contexts. (D2) Take responsibility for managing and organising activities including accommodating the unforeseen and recognising the importance of interdependence. (D3) Your subject tutor will be able to give you general guidance and feedback on improving your work however it is your responsibility to seek feedback from the subject tutors on the above criteria for you to achieve the intended grades. 9 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business Support materials Textbooks Adcock D et al — Marketing Principles and Practice 4th Edition (Pitman Publishing, 2001) ISBN: 027364677X Brassington F and Pettitt S — Principles of Marketing 3rd Edition (FT/Prentice Hall, 2003) ISBN: 0273657917 Jobber D — Principles and Practice of Marketing 3rd Edition (McGraw Hill, 2001) ISBN: 0077096134 Kotler P et al — Principles of Marketing 3rd European Edition (FT/Prentice Hall, 2001) ISBN: 0273646621 Magazines, journals and newspapers Campaign Harvard Business Review Journal of Marketing Management Marketing Review Marketing Marketing Business Marketing Week The Financial Times and other daily newspapers which contain a business section and market reports Videos The Marketing Mix at Cadbury’s (1998, TV Choice) Marketing Decisions (1998, TV Choice) What is Marketing? (2001, TV Choice) Websites www. bized. ac. uk www. cim. co. uk Provides case studies appropriate for educational purposes The Chartered Institute of Marketingâ€℠¢s site contains a useful knowledge centre www. ft. com The Financial Times business sections www. marketing. haynet. com Marketing magazine www. thetimes100. co. uk multimedia resources 10 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business Plagiarism and Collusion When producing the assignments, Learners must not copy any material whole or part from fellow students intentionally or unintentionally. Any materials including phrases, paragraphs, diagrams, tables, charts or graphics copied from books, journals, web sites or any other sources must be properly referenced according to the Harvard referencing system. Even if the words are changed or altered learners must clearly reference the source. However learners must not include contents from other sources for over 25% of overall assignment, therefore learners are required to produce a ‘Turn-it-in’ originality report for any coursework, essays submitted for assessment. Any assignments submitted without a ‘Turn-it-in’ report will be refused and returned without marking. Collusion: Unless stated otherwise, you must not produce assignments in collaboration with fellow students where the assessment is based on the individual work. Such material will be refused by the assessor and you will receive no mark. You must not share your individual assignments with fellow students and in an event both lender and the receiver will be disqualified for the assessment. Plagiarism and Collusion is seriously dealt with according to the regulations at Regent College and any learner who fails to produce an original piece of work may disqualify of taking the assessment and may have to repeat the unit. Extension and Late Submission If you require an extension you must produce a valid reason with evidence. You must request extension using a coursework extension request form available from the college. Please note that the lecturers do not have the authority to extend the coursework deadlines and therefore do not ask them to award a coursework extension. The completed form must be accompanied by evidence such as a medical certificate in the event of you being sick. Late ubmission will only receive a pass mark unless you provide a valid reason for the late submission with evidence. However the assessor has the right to refuse your assignment if you submit after the deadline unless you provide a valid reason for the late submission with evidence. Any late su bmissions must accompany a completed Late Submission form with the evidence such as a medical certificate in the event of you being sick. 11 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business Attendance and Punctuality The student must attend all lessons on time. In case of illness, the student must contact the college before 9. 0am in the morning of the day of the lesson to inform of their absence. The attendance and punctuality will be monitored by the College. Student who is late more than 15 minutes to the lesson will not be allowed in and marked as absence. Student must maintain 80% attendance for each unit to be eligible to submit their work for assessment. The student will face an automatic referral for any unit where student’s attendance falls below 80%. The student has to retake such units by attending next cohort. This is subject to availability of the unit and the College is not obligated to provide specific extra teaching hours to those who have missed lessons. Unless there are mitigating circumstances, the absence will not exempt student from paying their fees and will face the same rules and regulations of a student who missed payment. General Guidance This unit is assessed on 100% coursework including your active participation in lessons and class activities. You must submit assignment 1 and 2 to receive an overall mark. You must clearly reference your work according to the Harvard Referencing Guide. Work submitted without proper reference will not be marked. You should plan well in advance on how to tackle this assignment. You should seek knowledge outside the classroom lectures and activities to gain maximum learning outcome. You should access recommended upporting materials as suggested and use the knowledge in your assignments. In terms of attendance and participation, you should attend lessons regularly and participate in class activities which would be taken into account before the final mark is awarded. Your participation in the l essons will count towards your grades and your regular attendance is in line with the College regulations and the Home Office regulations (for international students). 12 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business Feedback Sheet Programme: Unit Number and Title: Module Tutor: BTEC Higher National Certificate in Business Unit 4, Marketing Principles Learner name: .. Information/feedback on assessment and grading criteria Assessment criteria (Pass-P) LO 1. 1 explain the various elements of the marketing Achieved Evidence Feedback Yes/No process (P1) LO 1. 2 evaluate the benefits and costs of a marketing orientation for a selected organisation (P2) LO 2. 1 show macro and micro environmental factors which Yes/No Yes/No influence marketing decisions (P3) LO 2. 2 propose segmentation Yes/No criteria to be used for products in different markets (P4) LO 2. 3 choose a targeting Yes/No strategy for a selected product/service (P5) LO 2. demonstrate how buyer Yes/No behaviour affects marketing activities in different buying situations (P6) LO 2. 5 propose new positioning Yes/No 13 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business for a selected product/service (P7) LO 3. 1 explain how products Yes/No are developed to sustain competitive advantage (P8) LO 3. 2 explain how distribution Yes/No is arranged to provide customer convenience (P9) LO 3. 3 explain how prices are Yes/No set to reflect an organisation’s objectives and market conditions (P10) LO 3. 4 illustrate activity how Yes/No is promotional integrated to achieve marketing objectives (P11) LO 3. analyse the additional Yes/No elements of the extended marketing mix (P12) LO 4. 1 plan marketing mixes Yes/No for two different segments in consumer markets (P13) LO 4. 2 illustrate differences in Yes/No marketing products and services to businesses rather than consumers (P14) LO 4. 3 show how and why Yes/No international marketing differs from domestic marketing (P15) 14 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business Grading criteria (Merit-M; Destination-D) Submit your work on time and in appropriate format. (M1) Identify and apply strategies to find appropriate solutions Yes/No Yes/No Achiev ed Evidence Feedback hrough effective judgement (M2) Select/design appropriate methods/techniqu es. You are judged on the application of relevant theories and and apply Yes/No techniques and the justification for their application (M3) Present and communicate findings. the use This the and Yes/No appropriate includes appropriate approach logical structure with coherent, of the development for principles/concepts intended audience (M4) Use critical reflection to Yes/No evaluate own work and justify valid conclusions including realistic improvements which have been proposed against defined characteristics for success. (D1) Demonstrate convergent / Yes/No 15 Unit 4: Marketing Principles Regent College BTEC Higher National Diploma in Business ateral/creative showing thinking by on evidence receptiveness to new ideas and effective thinking in unfamiliar contexts. (D2) Take managing activities responsibility and for Yes/No organising including accommodating the unforeseen and recognising the of importance interdependence. (D3) Assessor’s general comments: Assessor’s Si gnature: . Print Name: . Date: .. 16 Unit 4: Marketing Principles Regent College