Executive Summary When a company or organization understands the concepts and processes of marketing and utilizes them well, it can be a great asset to the economic development of that business. Marketing is a method or strategy that can be use by companies or organizations when conducting business to communicate the value of goods or services to their potential customers for the purpose of selling those goods and services. In using marketing concepts for a company, the methodology chosen and used must be in line with the company goals and objectives. Which includes to be excellent in customer care and services and the establishment of an efficient organizations and cost structures in order to achieve the satisfactions of the customers stated …show more content…
The element of marketing is also known as marketing mix or the four P’s which includes: Product, Price, Place, and Promotion. To respond to customer wants, a company must develop a product, determine the price customers are willing and able to pay, identify the place that is most convenient to the customer to purchase the product or service and also to promote product to ensure that customers are aware of its existence. In evaluating the benefits and cost of marketing orientation Easy Jet Airline Company was selected and the different orientation in their marketing strategies explained. The concepts of segmentation, targeting and positioning was discussed by showing micro and macro environmental factors which influence marketing decisions. The propose segmentation criteria to be used for products in the various markets and strategies use to select the types of products and services. It outlined how the behaviour of the buyer affects the marketing activities in different situations and proposes new positioning for selecting goods and services. INTRODUCTION Marketing is the activities associated with the buying and selling of products or services. Companies engaged in these activities in an attempt to acquire customers and maintain relationship with existing …show more content…
These methods were used because they are practical to the researcher and will give a keen knowledge and better understanding of what is to be done. Handerson, (COE 2006) states that Qualitative research is use to gain understanding of underlying reasons and motivation, providing insight into the setting of a problem, general ideas and or hypothesis for further use. The basic form of qualitative research is the analyzing of unstructured or semi-structure data; including Literature review, pictures, web pages and open end survey. While, Quantitative research is used to quantify data and generate results from a sample to the population of interest; randomly selected participants. This technique is known to be structured such as online questionnaires, on street or telephone interview (Handerson, J.D. (COE 2006)). However the researcher varied the sources of information in order for the successful completion of this research project Secondary sources where chosen to help the researcher. • The internet websites • Online book
As a result of searching the existing literature, the researcher was able to obtain data that correlated exceptionally well with the research topic. Indeed, the researcher gathered pertinent information from secondary sources; however, the primary sources of data were needed to draw a logical conclusion of the research at hand. So, the next step was major section III, Research Methodology. Being
1.0. INTRODUCTION Every organization strives to benefit from creating value for its customers, in the most effective way, for the purpose of attaining competitive advantage in the business environment in which they operate. Philip Kotler(2015) defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit”. According to Hollensen (2003), a strategy is a fundamental pattern of present and planned objectives…”
In today world of intense competitive marketing decisions often become vital distinguishing factors between industry leaders and other market players. The strategic marketing decision is taken based on their marketing mix i.e. 4 P'S of marketing. Controlling these parameters, companies may consider various internal and external marketing challenges. The marketing mix of the firm in a large part is the product of evolution that comes from day to day marketing, the mix represents the program that a management evolved in the ever challenging market (Bordern, 1994). This paper will study the world -known and reputable airline company, Delta Airlines to approach the context of marketing of the U.S Airline Industry.
The references used in this study will be used to build knowledge on the subject, and to identify
3. QUALITATIVE RESEARCH THEORY 3.1 QUALITATIVE RESEARCH Qualitative research is a form of research in which the researcher collects and interprets data, meaning the researcher is as important in the research process as the participants and the data they provide. Reason and Rowan (2004) have argued that the core element of a qualitative research approach is to connect meanings to the experiences of respondents and their lives. According to Clissett (2008) qualitative research involves a variety of research methods that can be used to explore human experience, perceptions, motivations and behaviours. Qualitative research is characterised by collection and analysis of words in the form of speech or writing.
6.0 Marketing Strategies There are different marketing strategies which can be applied for each component depending on organizational objectives or goals. Skillshare need to accomplish the precise equilibrium of the marketing mix to achieve its goals. Figure 1: The 4 Ps of Marketing Mix Marketing mix is an arrangement of four choices which should be taken before propelling any new product or service on the market. These variables are otherwise called the 4 P's of marketing. These four variables help the firm in settling on vital choices essential for the smooth running of any product / organization.
2.0 Procedure A few secondary resources were used in the research process. These sources range from newspapers articles, news website (BBC) and online databases which were accessed via the Internet. These sources were chosen based on direct relation to the topic and its scope. Moreover, these sources were referred to gain better understanding about the topic and explore expert opinions and research done in order to fulfil the criteria of each objective
Segmentation, Targeting and positioning, also known as STP are an essential part in marketing today. This model is important for generating marketing communication strategies and it aids the marketers to prioritize schemes and deliver personalized and pertinent messages to diverse audiences. This approach is audience oriented rather than product focused in terms of communication, which results in conveying appropriate messages to the members who are more commercially appealing. Segmentation benefits the managers in finding out the area on which they have to concentrate on in terms of geography, demographics, social factors or behaviors.
a. The product and production orientation of marketing asserted that a company should first develop product and then they should scan the market for sale opportunities. Now days in the modern world the market have changes. The process orientation of marketing requires a company to first to analyse the market, understand customer requirement and then develop products. In todays world, the modern marketing is based on the reverse process, in which the first the customer needs and demands are identified. The subsequent market program of the firm depends on how the market identifies the potential customer, profiles them, target them and positions his offering in the minds of customer.
Marketing Mix – 4P’s E. Jerome McCarthy classified these tools into four broad groups, which are Product, Price, Place and Promotion. 4.1 Product – The main product of Caribbean Airline is its air transportation. The airline offers direct flights to various locations, such as Canada, USA and the Caribbean countries. The airline offers tickets to passengers that are affordable and create special packages, especially for Christmas and special holidays. Caribbean Airline offers as a part of its main service, snacks, hot and cold beverages and entertainment, customers can listen to music or watch a movie that help passes the time of the long flight.
Market are segmented in order to make it easier for businesses to target these segments according to the features and habits they exhibit. These segments must be definable, specific, profitable, and is has room to grow. The following outlines the segmentation for the market of Mercedes Benz broken down into demographic, behavioral and psychographic segmentation. Demographic Segmentation: Markets can be segmented by geography where the business would market its offering towards individuals living in a certain area.
Introduction BMW (Bayerische Motoren Werke AG) is a German automobile company which was founded in 1916 and is headquartered in Munich, Bavaria, Germany. BMW is now one of the largest car manufacturer in the world for its exceptional level of quality and producing cars with sporty driving characteristics. The BMW company 's slogan in English is "The Ultimate Driving Machine" or Sheer Driving Pleasure" which was originally translated from German slogan which is "Fraud am Fahren.” In addition to cars and motorcycle, BMW also operates an aircraft engine under the brand name which is known as Rolls Royce.
Consumer behavior towards Nike products Marketing is collaborating the value of a product, service or brand to customers, as a driving force to promote or sell that product, service or brand. Marketing procedures and skills embrace selecting target markets by carrying out a market analysis and market segmentation, as well as taking into account the consumer behavior and advertising a products value to customers. Marketing is the utmost vital aspect of developing and enlarging your business, and is a speculation that will recompense for itself over and over again. The term “marketing mix,” was first devised by Neil Borden, the president of the AMA (American Marketing Association) in 1953.
Strategic marketing is a broad and practical subject which included the concept of marketing subjects of previous semesters such as business marketing. The study of this subject has contributed to marketing knowledge in many ways, as well as it has strengthened my skills in application of marketing concepts. My knowledge was increased that I was able to develop a complete strategic marketing plan of not only on the part of marketing analysis or strategy of a product or service, but also the whole corporate plan. My skills and capabilities that were developed and integrated during lectures and tutorials include the analytical skills, coordination skills, presentation skills, organization skills, etc.
1. MARKAT SEGMENTATION Market segmentation is a strategy that is generally used by a company to identify and define the target customers, and provide the supporting data for the marketing plan elements. There are five types of market segmentation which are demographic segmentation, geographic segmentation, psychographic segmentation, benefits segmentation and volume segmentation. • Demographic Segmentation Demographic segmentation is market segmentation according to age, family size, religion, race, gender, income and education. By using this segmentation, a company can categorize the needs of consumers more easily and target its consumers more accurately because demographics can segmented into several markets.