Table of Contents
1.1 Explain the various elements of the marketing process.
1.2 Evaluate the benefits and costs of a marketing orientation for a selected organization, called Barclays
2.1 Show macro and micro environmental factors which influence marketing decisions
2.2 Propose segmentation criteria to be used for products in different markets.
2.3 Choose a targeting strategy for a selected product/service.
2.4 Demonstrate how consumer buyers’ behavior affects marketing activities in different buying situations.
2.5 Propose new positioning for a selected product/service.
3.1 Explain how products are developed to sustain competitive advantage.
3.2 Explaining how distribution is arranged to provide customer convenience.
3.3 Explaining how prices are set to reflect an organization’s objectives and market orientation
3.4 Illustrating how promotional activity is integrated to achieve marketing objectives
Marketing is well-defined as “accomplishments elaborate in the transference of goods and chattels from the supplier or manufacturer to buyer or the consumer, including shipping, advertising, selling and storing. “As advancement in this era of equipment it is spirited for us to Marketing understand and its dwelling in the world. Accepting and spread of the principles will be profitable to the layperson and entrepreneur.
It is necessary for the vendors to realize the principle of advertising to achieve organizational objectives and goals. This paper describes the Marketing Principle. This paper “Marketing Principle” is grouped into four key tasks. This paper first shapes the explanation of marketing, marketing procedure and marketing alignment. Then, this paper to perform a corporate background investigation concentrating on equally inside and outside commercial surroundings. Next, the paper deliberates the marketplace splitting up, consumer’s manners as well as arranging, the arrangement of aim marketplace. Then, this paper appearance the main components of the advertising assortment, as well as manufactured good improvement, advancement and spreading possibilities, product development and appraising plans. Finally, this paper emphases how salespersons can progress the requirements of promoting the combination and probability of their dissimilar target purchaser collections.
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Barclays is a British global banking and commercial facilities, business headquartered in London. It is a worldwide bank with retail operations, savings and comprehensive banking, as well as capital controlling, credit cards and bank loans provide. It has processes in more than 50 republics and regions, there are nearly 48 million subscribers. Barclays is well thought-out into four core commerce: Corporate & Personal (Corporate Banking, Personal Banking, Investment Management & Wealth), Investment Banking and Africa, and Barclaycard. Barclays has a preliminary list of the London Stock Exchange and is an essential of the FTSE 100 Catalogue. It has a subordinate inventory on the New York Stock Exchange. According to Barclays Annual Report (2016), Barclays was the most dominant international company in positions of proprietorship and thus the commercial regulator in excess of international economic market and stability struggle with AXA and State Street Company taking the 2nd and 3rd position, in turn.
1.1 Explain the various elements of the marketing process
Definition of marketing
The process of organization in authority for recognizing, sustaining and do in advance client necessities cost-effectively. This explanation gives emphasis to how wide-ranging Advertising is within an association from recognizing consumer’s requirements and desires by resounding out appreciated exploration that can sooner or later be money-spinning to that association. As Kotler (2014) notes, marketing is sustaining requirements and desires over and done with an altercation procedure. According to Palmer (2012) discussions, decision-making process, clients’ needs are as a starting opinion, but cannot pay, no attention to two significant things that the marketplace: alteration and struggle. Marketing should not be realized just as a facility division, but the viewpoint of the association in its in one piece. (Palmer, 2012).
The element of the marketing process
An actual marketing process follows a number of phases, which are exposed in the following:
The marketing process: Situation analysis ® Marketing Strategy ® Marketing budget ® Implementation and Control.
Situation Analysis: This is the primary and important stage of ineffective marketing. This is because the marketers first need to analyze the reasons, that’s because dealers need to explore the ins and outs, effectiveness and cost, threats opportunities of the impending marketing. In this case, it is necessary to recognize the purchasers’ requirements modification and opportunities besides its personal corporate surroundings and the ability. For effective management, a dealer can use various outfits and systems discussion as follows:
- Marketing audit: Vendors requirement a marketing audit. The marketing audit can consist of an external audit and an internal audit. Business emphases on internal assessment of professional processes, activities and performance. In another way, external audits, emphases on corporate outside chances pressures, challenges and forces.
- 5C Analysis: Marketers can explore the business’s particular undertakings, its current and target clients, new participants and in effect, professional shareholders and agents, and social matters and the environment.
- Environment analysis: It may be external analysis and internal analysis. The domestic business environment can be analyzed, SWOT strategies, SWOT means strengths, weaknesses, opportunities, and threats. The strengths and weaknesses defined over and done with the exploration generally come from its in-house professional condition. Another side, outside corporate surroundings, can be rummage-sale to explore by PESTLE instrument and Gatekeeper five services model exploration. PESTLE means political, economic, social, technological, legal and environmental issues. Porter’s five forces include consumer, negotiating influence, the threat of new competitors, dealer negotiating influence, threats of replacements and current reasonable competitiveness.
Marketing Strategy: At this stage, salespersons essential to improve marketing strategies established on the consequence come from the situational exploration. First, sellers should be established a marketing vision and mission, objectives and goals. Then, it is important to innovation strategy. For increasing marketing strategies a variety of models and tools can be realistic………………