Unit 4 Marketing Principles Essay

2332 words - 10 pages

Table of contents

| introduction | 3 |
| outcome 2 – the concepts of segmentation, targeting and positioning | 3 |
§2.1 | macro and micro environmental factors which influence marketing decision | 3 |
§2.2 | segmentation creterias for products in different markets | 4 |
§2.3 | targeting strategys | 5 |
§2.4 | how a byer behaviour affects marketing activities in different buying situations | 5 |
§2.5 | new positioning for a selected product/service | 6 |
| outcome 3 –elements of the extended marketing mix | |
§3.1 | explantion of how products are developed to sustain competitive advantage | 6 |
§3.2 | explnation of how distribution is ...view middle of the document...

conditions that affect a particular industry or business …” [2]
Microenvironment – “… the conditions relating to a particular organization, such as management, competitors, customers, etc.: Shareholders are part of company’s microenvironment …” [3]
Figure 1 [4]
The PESTEL analysis looks at the following aspects:

* Political situation. Changes in political course, for example a new government came to power. In current situation the coalition government rapidly changing taxation, it is does a big impact on business.
* Economic changes. Business should be aware where the economy stands. Current economic recession and as consequences inflation, rise in the prices, etc.
* Social changes. As employment rate, changes in spheres of education and health, distribution of income.
* Technological changes. Fast changes in information and communication technologies forcing businesses to compete with each other on different markets with new strategies.
* Environmental changes. “Green issues” – new standards of packaging, etc.
* Legal changes. Constant changes in global economy making legal system to react quickly, businesses should be aware of new changes, otherwise it could be very costly.

Stakeholder – “… an employee, investor, customer, etc. who is involved in or buys from a business and has an interest in its success …” [5]
Types of stakeholder: employees, suppliers, customers, intermediaries (suppliers of suppliers), owners, financiers, local community, pressure group, competitors, media, the government, society, creditors.
The stakeholder approach. Marketing orientated organisations recognise the needs of its stakeholders; it gives for them many advantages, such as positive public image.

Porter’s five competitive forces: Figure 2: Porter's Five Forces[6]
* Rivalry among existing competitors. Companies making the same products and selling them on the same market.
* Threat of entry. In some industries it is easy to start up a business (no heavy capital costs) and if there is a promising profit competition will be very high.
* Threat of substitutes. It could be beneficial for consumers but could be the disaster for companies. Drop in prices, new technologies, etc.
* Power of buyers. Big buyers can dictate prices to small sellers. Supermarkets and farmers.
* Power of suppliers. Monopolies of energy suppliers for example.

§2.2 segmentation creterias for products in different markets
Segments of market. A market segment is a group of buyers with similar needs or characteristics. Market segments should be measurable, accessible, substantial and actionable. The process of dividing customers within total market place into groups with specific characteristic or needs known as a process of market segmentation.

Elements of segmentation:
* Market segments. Groups of customers with similar needs.
* Targeting. When...

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