Different Marketing Principals for Business Development

Marketing Principles

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TABLE OF CONTENTS INTRODUCTION .......................................................................................................................... 3 TASK 1 ........................................................................................................................................... 3 (a) Benefits and cost of market orientation ................................................................................. 3 (b) ................................................................................................................................................ 5 Various elements of marketing process ...................................................................................... 5 Segmentation criteria for different products ............................................................................... 6 Targeting strategy for products ................................................................................................... 7 (c) Sustaining organization competitive advantage .................................................................... 7 d) Providing convenience to customers by arranging effective distribution .............................. 8 e) Setting prices to reflect the objectives of Planet Preserve ...................................................... 9 f) Macro and Micro environmental factors influencing the marketing decisions ....................... 9 (g) Additional elements of marketing mix for Planet Preserve ................................................ 11 CONCLUSION ............................................................................................................................. 11 REFERENCES ............................................................................................................................. 12

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INTRODUCTION Marketing principles consists of several techniques which companies uses with the purpose of successfully launching new and existing products in the market place. Marketing also provides effectual ways that help the organization in providing useful information and knowledge regarding newly launched products and services. Further, marketing principles is also defined as a process of communicating value of product to consumers along with proper quality and brand which will lead increasing sale of that product and with respect to it, business organization will get a competitive advantage over their potential competitors (Baron, Harris and Hilton, 2009).

This present report is based on the case study of Planet preserve which is generally a fruit and preservative manufacturing business that purchases surplus produces from traders available in local market. Further, this report tells that the owner of firm Leslie Zhang provides employment opportunities to people in poor district and also plans for business expansion in an ethical way. In this context, this report will focus on evaluating the benefits and cost of the marketing orientation along with the different elements of the marketing process. Moreover, this report will also emphasis on choosing up a segmentation criteria for new products or service and also the targeting strategy for the same.

TASK 1 (a) Benefits and cost of market orientation Market orientation:Marketing orientation is a business approach that focus on identifying and meeting customers needs and desires. These is the most common orientation that used in today's marketing. These also involve monitoring actions of competitors which effect on customer preference. Market orientation have some benefits and costs also, that are as follows.

Benefits of market orientation:1. Building customer value:These approach help in increase loyalty of the organization. Brand loyalty is a big advantage for the company because it develop a positive environment among its customer. Planet preserve having good brand loyalty and it ultimately help business to grow in the competitive

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market. Brand loyalty also help to attract more customers through more attractive offers and temporarily lower prices (Hill, 2008).

2. Repeat purchase:Market orientation is helpful for these organization in getting more and more satisfied customer. There are more chance that a satisfy customer from company's product or service will repeat again in future and these help in attract more new customers.

3. Profit maximization:Market orientation helps business in maximize its profit through meeting customers needs and desires. These help Planet preserve to understand market demand so that accordingly make plan for fulfill it. As much as business serves the market that much it can make profit.

4. Help in attaining business objective:Market orientation will help Planet preserve to attain its target objective through serving maximum number of satisfied customer and through establish itself as a brand among its competitors (Jobber and Ellis-Chadwick, 2012).

5.Adaptability:Another benefit of market orientation is that organization has to take immediate feedback from customers so this helps company to improve its product or service quality as desire by customers. Feedback of customers helps business to understand either market need changes in existing product or want new product so that they can take decision on it.

Costs of market orientation:1.Expensive or costly research:This is necessary to measure customers need and develop product to match those needs.

Conducting this research may take time and require to hire a marketing firm to evaluate the project. This can be expensive or may be available market place for determine the needs of customers have not the size which research required. Research of this kind need technological infrastructure for collect, analyze and use customer data which may cost high to the company (Palmer and Quinn, 2007).

2.Investment of Time and efforts:Every research need time and efforts to finding out exact result or output. Research for this particular market orientation may require heavy investment of time and efforts in compare to

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returns from this research. There is a threat of wastage of time for an unsuccessful market orientation.

3.Quick changes in customers need:When an organization operation in particular market or product segment and market research show that customers wants are different from product feature and if this wants change quickly then business can't make rapidly changes in operation process because it require heavy budget, and if it is not making changes in operation process according to customers need then business stand out from competition. (b) Various elements of marketing process Marketing is defined as a process of creating, communicating, delivering and exchanging which have value for individuals, clients and partners from a large view point. Furthermore, marketing generally revolves on four different elements and it includes identification of the product, determining the price, choosing the best distribution channel and at last applying suitable promotional message for the selected products and service of the organization. Further, there are different elements of the marketing process which Plant Preserve take care off and these has been studied below: •

Marketing mix- Companies crucial element for marketing strategy is the marketing mix as this factor focuses on influencing demand for planet preserve goods and services.

Further, Leslie Zhang need to set the price of their jams and pickles as low as possible in order to attract more of the customers and the same will help organization in developing the brand image.

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Setting objectives- As stated, organization have to set specific objectives to improve their productivity and efficiency which will further help in improving the market share in UK market. These objectives consider the profit maximization in short term and long term perspective.

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Market segmentation- Market segment is very important in the marketing process as cited company have to target each and every customer who belongs to diverse group.

Therefore, it is considered as an activity which helps the firm to divide their segment into small targets and centralizing on fulfilling their needs and objectives.

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•

Market environment- Mentioned Company have to conduct different analysis including SWOT, PESTLE, PORTER'S five forces, Value chain analysis, etc. in order to analyze the market and also to judge their effectiveness.

Segmentation criteria for different products Segmentation gives lots of benefits to customers as well as organization itself. Further, this segmentation criteria help organization to treat their customers in a precise and equal manner. Planet preserve in order to expand their market need to segment their products according to the customer's taste and preference. Further, Leslie Zhang has also won a contract to supply their preserves into a departmental store of a major city in UK. Moreover, owner of the mentioned firm should focus on experimenting new pickles, jams and mix fruit juices in order to increase the sale of their products. This will further help in increasing more of the loyal customers which will enhance the brand image of the cited firm.

Further, cited company can bisect their products on the basis of following segmentation: ▪

Geographic- On the basis of region, population, size of metropolitan area and climatic condition.

▪

Demographic- Demographic segmentation for planet preserve comprises age, gender, income level, occupation, social class, etc.

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Psychographic- This segment groups the customers as per their behavior, interest, attitude as well as opinion.

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Behavioralistic- Behaviouralstic behavior is based on consumer attitude towards the product as it generally consists of user status, occasions, readiness of individuals to pay for the product, etc.

Generally, planet preserve will focus on all the given segmentation for increasing the sale

of their pickles within the city but majorly Leslie Zhang will concentrate on the demographic as well as psychographic segmentation. Further, in order to increase customer awareness towards the company's product, planet preserve will focus on discounts and additional offers which will increase the productivity and revenue. However, apart from this, cited firm can also focus on caterer and hotelier market. In this context, it has been assessed that manager of hotel always prefers to use small sachet of jams and pickles while serving to guests at the time of breakfast, lunch and dinner.

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Targeting strategy for products After segmenting the market properly, now it is the time to make a target strategy for planet preserve's products. Further, by analyzing the target, cited firm will be able to increase their market share, productivity as well as revenue and will also give tough competition to their major competitors in the same field. Further, there are 3 types of targeting strategies and the same has bee explained below: •

Differentiated strategy: Differentiated strategy is the one where organization focuses on two or more market segments by processing proper marketing mix for each and every segmentation (Segmentation, Targeting, and Positioning. 2010).

•

Undifferentiated strategy: Under this strategy, organization sends a single promotional message to all the potential customers without discriminating them as per different segmentation. However, this strategy is assistive only when a company’s product have fewer competitors in the market.

•

Concentrated strategy: This strategy for organization focuses on designing promotional message which will communicate all the advantage of a product for a particular segment.

Planet preserve can implement undifferentiated targeting strategies for attracting a large

base of customers as price of the product will almost be the same and it will differ according to the variety of pickles and jams. Further, cited firm can prepare a single promotional message which will attract all type of consumers towards that organization different products namely pickles, jams, mixed fruit juice, etc. Moreover, this process will lead towards enhancing the sale, productivity and profitability (Wang, 2007). (c) Sustaining organization competitive advantage Competitive advantage will take planet preserve into a commanding position and this will certainly help the business organization to increase more of their goodwill and brand image.

Further, Leslie Zhang identifies the different ways in order to develop their product for getting a competitive advantage. However, I order to meet this the best method which planet preserve can use is executing the production of preservative products in form of different flavors and tastes.

Moreover, competitive advantage sustained by the Planet Preserve by producing different items such as Jams in variety of different flavors like strawberry, orange, apple, pineapple and mixed fruit etc. With the help of this, cited firm will be able to provide large variety of pickles which

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will give numerous opinion to buyer to choose anyone from them. Further, with the help of this Leslie Zhang will be able to get a competitive advantage.

However, it is also assessed that business is required to involve different healthy elements in the preparation of the preservative product for gaining and sustaining competitive advantage in the market. Further, by using less sugar during the preparation of pickles and also by adding different ingredients in the preparation of jam can lead Planet Preserve to achieve the competitive advantage. Also, by using low fat oils like sunflower, olive etc. will generally help organization in process of producing pickles which will provide healthy benefits to the product.

Organization will also focus on producing healthy juice with the help the mixture of healthy fruits elements. Individuals will like the taste of the mix fruit juice and it will help the venture to increase more of the sale for the same. However, as a result of it competitive advantage can be sustained by the firm in suitable manner. d) Providing convenience to customers by arranging effective distribution Plane preserve has to provide their valuable services where mass of populations exists as this will be convenient for customers as well as for the cited firm to satisfy the needs and wants of individuals efficiently and effectively. Further, the main role of distribution channel is to keep the distribution cost as low as possible. If price of pickles, jams and juices is low then individual will consume it on daily basis and this will lead to increase in organization productivity as well as their revenue. Further, with the successful response from customers, planet preserve can focus on developing new juices along with smoothies which can increase their brand awareness in the eyes of the customers.

Further, it is also evaluated that the distribution arranged for food products of Planet Preserve is as per the convenience of all types of customers. Organization for distribution will focus on two different types of consumers categories and these are business clients and the other are the normal individuals. In relation to this, the small retailers as well as the owner of big departmental stores are part of the business consumer category. On the contrary side, all other purchasers like families and other individuals are considered as normal buyers of firm.

Moreover, cited firm adopts the different techniques for the distribution in order to give convenience to the buyer. For instance, convenience to the business consumers can be provided by choosing an indirect form of distribution channel. This is the type of distribution that consists of a number of mediators. Further, with the help of such middlemen, the products of cited firm Instant Assignment Help is one of the best Marketing Assignment Help Service provider in UK at affordable Rates.

such as Jams and pickles can be sent easily to the large business consumers like hotels, catering business and departmental stores etc. However, direct distribution channel plays a important role in today's generation. In case of online distribution, the product is directly delivered to customer without including any sort of middleman. e) Setting prices to reflect the objectives of Planet Preserve Planet preserve has to set price for the product by considering the conditions which are prevailing in the market. The main aim of cited firm is to improve the sales and profit within the UK market. Leslie Zhang is focusing on penetration pricing strategy in which planet preserve sets a relatively low price for their products like jams, chutneys, pickles and relishes in order to increase more of the sale and revenue of the cited products. Further, this pricing strategy will help the mentioned company to set relative low price for their new product like mix fruit juice as well as for the other smoothies which organization is planning to sell in coming time period.

Moreover, the price of different Planet Preserve product need to be set as per the condition prevailing in the marketplace where organization running its operations. If there is prevailing condition like recession or inflation then it will have a major impact on the purchasing power of individuals living in UK. In case of inflation, buyers prefer to purchase product of high quality and it is purchased by the individual at a cost effective price. On the contrary side, recession will stop the proper functioning of the business venture as cited company might face losses and planet preserve will not be able to accomplish their goals and objectives as customers might not have anything to spend. Leslie Zhang at this moment can focus on implementing the price penetration strategy as this is a strategy where planet preserve will be selling their products at a relative low price and this will help the organization to maintain their consumer base . f) Macro and Micro environmental factors influencing the marketing decisions The macro and micro environmental factors effectively influence the marketing decisions of Planet Preserve and some major factors has been discussed below: Micro environmental factors •

Employees- Employees of planet preserve are quite experienced and they are also multi talented. These employees generally plays a crucial role in success of business organization. Moreover, employees of cited firm focus on giving the best of the comfort to their customers and they deliver best of the products to the customers.

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Customers- As stated above, organization comprises large customer base and these individuals are loyal too as organization is rendering products and services at an affordable price to their customers. Moreover, planet preserve tries to come up with varied products which help in attracting customer towards their different products like pickles, chutneys, jams, juices, etc.

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Suppliers- Cited organization has effective supply chain which gives them fresh quality of raw materials in preparation of this delicious products. Planet preserve has surplus produce from traders at local market and these traders helping Leslie Zhang to produce the best products at an affordable price. If sale of the product increase then suppliers will also get handsome reward from the business organization.

Macro environmental factors are the factors which affects the performance of business

organization from various outside sources and these factors are generally not in control of business organization.

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Political- Political factors that affects the performance of cited firm is recession which is reducing the paying capacity of large number of target customers. Further, the decision being taken by the cited firm will be influenced if government of UK increases the rate of taxes upon different products as this will act as a burden on consumers and they will reduce the purchase of the product.

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Economic-Economic conditions generally impacting the growth and development of the organization. Further, consumption of goods increases when economy is at booming stage and it significantly declines when country facing recession periods. Further, increase in tax rates, inflation might affect the operation of organization activities and this will generally reduce the amount of profit and revenue for the cited firm (Jackson and Sparks, 2005).

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Social- It can be assessed that the tastes and preferences of buyers will affect the marketing decision of business. Further, desire and needs of customers are always changing and organization have to update their product constantly for getting a competitive advantage over their other competitors in the same industry.

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Technological- Technology is getting innovated day by day as bar coding, computer related designs and online shopping are the latest improvements in the business sector.

Investment in technology is important for planet preserve to operate their services

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efficiently and effectively. Further, Leslie Zhang can use modern IT equipment which lowers the cost and enhance the product quality (Bowie and Buttle, 2011). (g) Additional elements of marketing mix for Planet Preserve The extended marketing mix elements are framed as per the products offered by Planet Preserve. These elements are: •

People: People: Employees are the one who increase the sale and productivity of cited company as they produce the best quality products in order to attract large customers. In addition to this, significant improvement in the sales of firm can also be made by taking help from the skilled employees of planet preserve (Wright, 2014).

•

Process: Managing quality and cost of production is one of the important practice of cited organization. It is essential for Leslie Zhang that she selects appropriate delivering services in order to reach that product at customers place. Further, ineffective selection will lead towards decrease in profits and sales of planet preserve.

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Physical evidence: This shows the way in which planet preserve and its product are perceived in the market place. Further, physical presence of product with all innovative features explains the usability of different organizational products. From the given case it is identified that Planet Preserve sales its goods through the retail store. Thus, for it physical evidence such as furniture and table has its importance. This is because, ineffective arrangement with regard to the given physical elements will lead to hamper the sales and profits of firm.

CONCLUSION From the above report it is clearly evident that the marketing principles helps the business units in making effective decision for the growth and development of the companies. These measures help business ventures in enhancing high market sales by creating effective market demand and enhancing product promotion. Further, current study reflected the strategies adopted by planet preserve which a well established organization unit in UK and company is operating efficiently in order to increase their market share and also the goodwill. Moreover, this report also showcases the marketing strategies of the company which help in developing an in-depth analyzing of the business prospects. Hence it can be concluded that the well developed strategies of the company will helps it in enhancing profitability in the same as well as in global market.

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REFERENCES Journals and Books Allyson Dooley, J., C. Jones, S. and Iverson, D., 2012. Web 2.0: an assessment of social marketing principles. Journal of Social Marketing.

Armstrong, G. and et.al., 2014. Principles of marketing. Pearson Australia.

Baron, S., Harris, K. and Hilton, T., 2009. Services marketing: text and cases. Basingstoke: Palgrave Macmillan.

Bowie, D. and Buttle, F., 2011. Hospitality marketing: principles and practice. Routledge.

Brassington, F. and Pettitt, S., 2005. Principles of marketing. FT Prentice Hall.

Deshpande, S. and Rundle-Thiele, S., 2011. Segmenting and targeting American university students to promote responsible alcohol use: A case for applying social marketing principles. Health marketing quarterly.

A Sample Report on Marketing Principles To Buy Complete Assignment: Contact us: Phone No.: +44 203 8681 671 Mail us: help@instantassignmenthelp.com Website: https://www.instantassignmenthelp.com

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