Marketing Principles

This is a solution of Unit 4 Marketing Principles that describes about Developing business

Unit 4 Marketing Principles

This unit aims to provide learners with understanding and skills relating to the fundamental concepts and principles that underpin the marketing process.

Unit abstract

This is a broad-based unit which gives learners the opportunity apply the key principles of marketing.

Firstly, the unit looks at the definitions of marketing, and what is meant by a marketing orientation and the marketing process.

Next, learners consider the use of environmental analysis in marketing principle and carry out their own analyses at both macro and micro levels. They will also investigate the importance of market segmentation and how this leads to the identification and full specification of target groups. Learners then consider buyer behaviour and positioning.

The unit looks at the main elements of both the original and the extended

Marketing mix. This includes an introduction to the concept of the product life cycle, new product development, pricing strategies, distribution options and the promotion mix.

Finally, learners will develop their own marketing mixes to meet the needs of different target groups. This includes considering the differences when marketing services as opposed to goods. A range of other contexts is examined including marketing to businesses instead of consumers and the development of international markets.

• Indicative Syllabus:
• LO1 Understand the concept and process of marketing

Definitions: alternative definitions including those of the Chartered Institute of Marketing and the American Marketing Association; satisfying customer needs and wants; value and satisfaction; exchange relationships; the changing emphasis of marketing

Marketing concept: evolution of marketing; marketing orientations; societal issues and emergent philosophies; customer and competitor orientation; efficiency and effectiveness; limitations of the marketing concept  Marketing process overview: marketing audit; integrated marketing; environmental analysis; SWOT analysis; marketing objectives; constraints; options; plans to include target markets and marketing mix; scope of marketing

Costs and benefits: links between marketing orientation and building Competitive advantage; benefits of building customer satisfaction; desired quality; service and customer care; relationship marketing; customer retention; customer profitability; costs of a too narrow

Marketing Focus

LO2 Be able to use the concepts of segmentation, targeting and

Positioning

Macro environment: environmental scanning; political, legal, economic, sociocultural, ecological and technological factors

Micro environment: stakeholders (organisation’s own employees, suppliers,

customers, intermediaries, owners, financiers, local residents, pressure groups and competitors); direct and indirect competitors; Porter’s competitive forces

Buyer behaviour: dimensions of buyer behaviour; environmental influences; personal variables – demographic, sociological, psychological – motivation,perception and learning; social factors; physiological stimuli; attitudes; other lifestyle and life cycle variables; consumer and organisational buying

Segmentation: process of market selection; macro and micro segmentation; bases for segmenting markets, (geographic, demographic, psychographic and behavioural); multi-variable segmentation and typologies; benefits of segmentation; evaluation of segments and targeting strategies; positioning; segmenting industrial markets; size; value; standards; industrial classification

Positioning: definition and meaning; influence over marketing mix factors

LO3 Understand the individual elements of the extended marketing

Mix

Product: products and brands – features, advantages and benefits; the total product concept; product mix; product life cycle and its effect on other elements of the marketing mix; product strategy; new product development; adoption process

Place: customer convenience and availability; definition of channels; types and functions of intermediaries; channel selection; integration and distribution systems; franchising; physical distribution management and logistics; ethical issues

Price: perceived value; pricing context and process; pricing strategies; demand elasticity; competition; costs, psychological, discriminatory; ethical issues

Promotion: awareness and image; effective communication; integrated

communication process (SOSTT + 4Ms); promotional mix elements; push and pull strategies; advertising above and below the line including packaging; public relations and sponsorship; sales promotion; direct marketing and personal selling; branding, internet and online marketing. Read more: Computing Systems Development Assignment

The shift from the 4Ps to the 7Ps: product-service continuum; concept of the

extended marketing mix; the significance of the soft elements of marketing (people, physical evidence and process management)

LO4 Be able to use the marketing mix in different contexts

Consumer markets: fast moving consumer goods; consumer durables; Coordinated marketing mix to achieve objectives

Organisational markets: differences from consumer markets; adding value through service; industrial; non-profit making; government; re-seller

Services: nature and characteristics of service products (intangibility, Ownership, inseparability, perishability, variability, heterogeneity – the 7Ps); strategies; service quality; elements of physical product marketing; tangible and intangible benefits

International markets: globalisation; cultural differences; standardisation versus adaptation; the EU; benefits and risks; market attractiveness; international marketing mix strategies

1.3 Learning outcomes:

On successful completion of this unit a learner will:

1 Understand the concept and process of marketing

2 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.

1.4   Skill and PDP statement:

Based on QAA Business and Management benchmarks this module provides the opportunity for students to:

1. Apply the key concepts of Marketing Practices including critical evaluation and application of primary functions
2. Acquire a ‘real-world’ appreciation of Marketing Practices as a strategic process

1.5 Learning Outcomes and Assessment Criteria: 

Learning outcomes Onsuccessfulcompletionofthis unit a learner will:		Assessmentcriteriafor pass Thelearner can:
LO1	Understandtheconcept and processofmarketing	1.1      explain thevarious elementsofthe marketingprocess 1.2      evaluatethebenefits and costsof a marketingorientationfor a selectedorganisation
LO2	Beable tousetheconcepts of segmentation,targeting andpositioning	2.1      showmacro andmicro environmental factorswhichinfluencemarketingdecisions 2.2      proposesegmentationcriteriatobeused forproductsindifferent markets 2.3      choose a targetingstrategy for a selectedproduct/service 2.4      demonstratehowbuyerbehaviour affectsmarketingactivitiesindifferent buyingsituations 2.5      proposenewpositioningfor a selectedproduct/service
LO3	Understandtheindividualelements oftheextendedmarketing mix	3.1      explain how products aredevelopedtosustaincompetitiveadvantage 3.2      explain howdistribution isarranged toprovidecustomerconvenience 3.3      explain howpricesare settoreflect anorganisation’sobjectives and marketconditions 3.4      illustrate howpromotional activityisintegratedtoachieve marketing objectives 3.5      analyse theadditionalelements oftheextended marketing mix
LO4	Beable tousethemarketing mixindifferent contexts	4.1      planmarketing mixes for twodifferentsegmentsinconsumer markets 4.2      illustrate differences inmarketingproductsand servicestobusinesses rather thanconsumers 4.3      Showhowand why international marketingdiffers from domesticmarketing.

1.6 Teaching and Delivery Mechanism:

As the learners come from different back grounds and have different learning styles. Keeping this in mind, some of the delivery methods adopted at ECBC are given below.

Lectures	√	Group work	√	Visiting speakers
PowerPoint Presentations	√	Individual work	√	Visits to companies
Quizzes	√	Projects/Reports	√	Role plays	√
Case studies	√	VLE’s/ Moodle	√	Workshops	√
Scenario’s	√	Relevant Audio/Video’s	√	Field based activity	√
Article Reviews	√	Web based Research	√
Seminars		Academic Research	√

Student Instructions:

• Need to submit all assignments on time.
• Need to have a turnitin report attached to the assignment
• It’s advisable that students get feedback for each section of the assignment in the class itself (formative feedback)
• Presentation skills though not assessedare very important for the delivery of section-1, a poor presentation may lead to re-submission.
• Plagiarism and Collusion will not be tolerated 

SCENARIO

ICT Limited, is a UKbased information technology firm with history going back to 1990’s. It’s known to develop, sell and support computers and related products and services forUK andinternational market.  As of 2010, the company sold personal computers, laptops, servers, data storage devices, network switches, software, and computer peripherals. And it aims to become a leading player in future technologies.

ICT limited has grown over the years by cornering a respectable UK market share and   has a limited international presence.  Earlier itsonly goal was to catch up with US, Japanese and Korean rivals.  But in 2010 as part of its realigning process the company adopted a newmission with emphasis on innovation and customer satisfaction.   Its business strategy was to invest heavily in R&D and come out with a product    which will create genuine enthusiasm in the market

It is also aware that it order to implement its new differentiation strategy it needs to   spent enormous sums on marketing and branding.

In June 2011, ICT presented its new futuristic ‘Tablet’ at Silicon Valley fair, whichgot rave review from the market. Buoyed by its new success the management decided to develop a marketing plan for the company.

You are their marketing manager and have been asked to develop their marketing plan. They have asked you to include the following things in your report and present it to the board.

TASK ONE: Segmenting, Targeting And Positioning 

• Explaining the processes of marketing
• 1 Explain the various elements of the marketing process. (AC 1.1)
• 2 Evaluate the benefits and costs of a marketing orientation for ICT Limited.(AC 1.2)

• Using the concepts of segmentation, targeting  and positioning
• 1 Show macro and micro environmental factors which  are  influence marketing decisions  of ICT Limited (AC 2.1)
• 2 Propose segmentation criteria to be used for its NEW TABLET (AC 2.2)
• 3 Choose a targeting strategy for the new TABLET.(AC 2.3)
• 4 Demonstrate how buyer behaviour affects marketing activities in different buying situations (AC 2.4)
• 5 Propose new positioning for  the TABLET.(AC 2.5)

TASK TWO: Planning Marketing Mix.

• Developing a new marketing mix for TABLET
• 1 Explain how ICT is developing products to sustain competitive advantage.(AC 3.1)

• 2 Explain how distribution is arranged to provide customer convenience (AC 3.2)
• 3 Explain how prices are set to reflect an organisation’s objectives and market conditions (AC 3.3)
• 4 Illustrate how promotional activity is integrated to achieve marketing objectives (AC 3.4)
• 5 Analyse the additional elements of the extended marketingmix for the TABLET. (AC 3.5)
• Q4 Using marketing mix in different contexts
• 1 Plan marketing mixes for two different segments in  consumer markets (AC 4.1)
• 2 Illustrate differences in marketing products and services  to businesses rather than consumers (AC 4.2)
• 3 Show how and why international marketing differs from domestic marketing.
• (AC 4.3)
• M1 Evidence of effective approach to study and research has been done.

D1

Critically evaluating Segmenting, Targeting and Positioning for TABLET

M2

Evidence of effective approach to study and research has been done when developing

Marketing mix

D2

Critically evaluating marketing mix of the TABLET

1.12 Feedback and Assessment:

Students are given regular feedback on their summative and formative assignments.

     Dates:   Formative Feedback – 5^th, 6^th, 9^th and 12^th Week

                   Summative Feedback - TBA

1.13 Academic Malpractice:

Plagiarism and Collusion are treated as a serious academic offence and college has zero tolerance policy. You will find details of this policy in programme hand book or in student hand book.  East End Computing and Business College will follow Buckinghamshire New University policy as and where applicable.

1.14 Referencing and Citation:

Harvard Referencing is compulsory for all the assignments/course works at level-4/5 

1.15 Acknowledgements:

• Cass Business School Module Hand Book sample
• Middlesex University Module Hand Book sample
• Pearson Edexcel Unit specifications
• Image on the cover sheet: http://www.md-infotech.com/product.html

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