Unit 4 Marketing Principle at Sports Direct (GC0267)

Table of Contents

Introduction.

Task 1. 2

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 Sports Direct

Task 2.

2.1 Show macro and micro environmental factors that 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 1

2.5 Propose new positioning for a selected product/service.

Task 3.

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.

Task 4.

Conclusion.

Reference.

Introduction

To recognize the marketing principle to achieve the objectives or goals of the company, it is vital for the sellers. Firstly, this note summarizes the description of marketing, the direction of marketing as well as procedure of marketing. After that, this note discusses an environment of business investigation concentrating on internal as well as external environment of business. Then, this note describes the segmentation of the marketplace, the requirement of possible and target marketplace, purchasers’ performances and situation. Next, this note observes the main fundamentals of a combination of marketing such as goods improvement, goods cycle of life, encouragement, or allocation choices, as well as costing policies. Last, of all, this note concentrates on how purchasers can improve the mix of marketing to assemble the wants or prospects of their several possible or target consumer teams.

Task 1

This section is mainly dependent on a chosen organization such as Sports Direct. The company is well-known for its sportswear tools organization that was recognized in the United States. At present, this is a top dealer of apparatus of sports, shoes of sporty as well as clothing over the international marketplace. It has over 15000 staff that are helping millions of consumers each day over the globe. It achieved £2.832 billion of profits just in 2015 in trade shops in the Sports Direct city name. The Sports Direct sign is revealed in the outline. Now, Sports Direct has achieved over 14% of marketplace allocation in the US. It has achieved 35 percent of marketplace allocation in the UK. It has been capable to achieve this developed marketplace by its ‘word of foot’ marketing, more willingly than online medium marketing, for example, publicizing throughout televisions (Sports Direct Annual Report, 2015).

1.1 Explain the various elements of the marketing process

Definition of marketing

The “marketing” word is described by different professionals in several approaches concentrating on direction or marketplace as well as consumer altering wants or prospects. As Kotler and Armstrong (2010) note, marketing like the communal procedure throughout that purchasers or particular consumers assemble their wants or prospect by making or trading principles with another.

According to Kotler et al. (2014), marketing submits to the procedure by that companies can make principles for their potential or target consumers to achieve principles from that consumer income again. Palmer (2012) said that marketing like the organization procedure for predicting, identifying, or pleasing consumer wants or prospects. The Chartered Institute of Marketing (2012) notes, marketing like the action or procedure for transporting, communicating, exchanging, or making contributions that have principles for the company stakeholders mostly for the consumers. According to the American Marketing Association (2012), marketing is the old individual doings that are now observed as the most reorganized company regulations.

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The element of the marketing process

A successful procedure of marketing pursues lots of stages that are revealed as below:

Situation Analysis: it is an important or first stage of effective marketing. This is as the dealers’ firstly wanted to investigate the causes, effect or cost, threats, or opportunities of the possible marketing. In this term, it is necessary to classify the consumers altering wants or prospects in conjunction with its private company capabilities or environment. For doing a successful business, purchasers can apply several methods or apparatus described below:

Marketing audit: purchasers want to do an assessment of marketing. The assessment of marketing can consist of an external audit or internal audit. The inside company assessment concentrates on the organization’s functions, activities, or actions. Then again, the external assessment concentrates on organization outside facilities challenges, threats, or forces.
5C Analysis: the purchasers can investigate an organization’s individual actions, its target or potential consumers, new or fresh participants, colleagues as well as stakeholders of the organization, and cultural or climate factors.
Environment analysis: it can be external analysis or internal analysis. The internal organization’s surroundings can be investigated chiefly by applying the method which is SWOT. Strengths, weaknesses, opportunities, and threats are known as SWOT. The weaknesses as well as strengths described throughout this investigation chiefly derive from its internal organizational condition. Then again, the organization’s surroundings external can be investigated by applying the Porter Five Forces Model investigation or PESTLE apparatus. Political, economic, social, technological, legal and environmental factors are known as PESTLE. Porter’s Five Forces contain consumer buying control, dealer buying control, the threat of innovative candidates, aggressive competition, as well as alternatives threats.

Marketing Strategy: in this step, the purchasers want to improve policies of marketing depended on the outcome derived from the conditional investigation. First, purchasers want to improve the vision or mission, objectives or aims of marketing. After that, it is necessary to improve policies. For improving policies of policies, several models or tools can be used. Such as, Porter Generic Model can be used to improve price management policies. Ansoff’s Growth Matrix (Model) can be used to improve the marketplace or goods in the potential or target marketplace. After that, the purchasers can use policies of targeting to draw individual consumer attention. Next, the policy of segmentation can be used to draw specific marketplace attention as well as the consumer sector. Then, the policy of positioning can be used to describe or achieve potential or target marketplace conditions in the aggressive marketplace. Last, of all, the mixed policy of marketing can be used to improve goods, costing of goods, allocation paths or encouragement factors.

Marketing budget: in this step a successful budget of marketing should be improved by the purchasers. The budget of marketing should on 2 percent of the whole organization’s profits. In this step, the purchasers want to distribute financial plans for several distributions, channels and promotional offers of marketing. Next, the purchasers want to estimate trades or benefits.

Implementation, Monitor, and Control: In this step, the purchasers execute the policies improved in the past step. After that, the improved policies are being controlled timely. While the marketers see that any strategies are not effective or anything taken as marketing policies are not giving the target result, the directors of marketing take essential stages to manage or develop the act……………..

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