Sample on Marketing Principles
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5865 Downloads I Published: 05 Jan ,2017
One of the most important tasks for business organization nowadays is to fulfil their consumer’s needs and demands by providing them high quality products and services. Marketing is a crucial element for any organization as it involves several activities of transferring goods from producer to consumers. Under these activities organizations need to adopt some of the best promotional and advertising techniques. With the help of this, they can satisfy the needs and demands of their customers (Das and Samanta, 2015). However, business is recognized through developing effective marketing services for their clients. The present study is based on the case study of Planet preserve which is a fruit and preserves manufacturing business. They buy surplus produces from traders that are available into local marker. The director of firm is Leslie Zhang and she sells various products under the brand planet preserve at farmer’s market. She is keen to provide various employment opportunities to individuals and also planning for their business expansion globally. Further, the present study covers different aspects of marketing planning as well as various implications of different concepts of market upon Planet Preserve.
As a client manager of Planet preserve it has been founded by me that there are various marketing issues faced by Leslie. For this, it is quite essential for the manager to go through the appropriate market orientation technique in order to execute the overall production as per the needs and demands of individuals (Butler, 2014). Further, with the help of the market orientation company will able to exploit its commitment to ethical and sustainable practices in market. They are able to present responsible business behaviour as well. Thus, it can be stated that there are varied benefits and costs of marketing orientation for Planet Preserve which is as follows:
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With the help of best and appropriate market orientation Technique Company is able to attract more number of customers towards it. However, it helps in enhancing the base of customers due to the increasing customer’s loyalty (Pride, 2012). For this, it is essential for company to satisfy their customer’s needs and provide them high quality services. Their satisfaction level can be maintained by appropriate production of products as per their requirements. In addition to this, it can be stated that Planet preserve need to comply with its commitment by following all the ethical and sustainable practices. At the time of marketing their products and services company should go through the ethical way. With the help of this, they can build trust and loyalty among customers and enhance their firm’s profitability as well (Hennessey, 2010). Further, concept such as market orientation will allow business assess the interest of loyal customers and thereby enable the firm to produce the product as per their specific need.
Cost of market orientation for the Planet preserve can be covered by various fields such as:
Ethical Issues: In order to fulfil the ethical ability of firm it is quite essential to execute out heavy cost. At the time of market Orientation Company need to adopt some of the best ethical practices. In order to promote their services company should adopt some of the best advertisements and carry out ethical practices. With the help of this, they can provide best ethical information about their products as well as services to all their customers (Paul, 2008). It is the only way through which company can increase their cost of business and easily achieve their objectives.
Requirement of huge investment in market research: At the time of going through the appropriate market Orientation Company should go through the proper market research. Planet preserve need to follows the concept of market orientation to carry out heavy investment in the market research field. With the help of this they can easily fulfil needs and demands of their customers. They should adopt some of the best market research activity and all their results must be successful for Planet Preserve. It is the best way through which they can attain their set target and increase consumer loyalty as well (Kim and Hyun, 2011).
Responsible business behaviour: Costs of market orientation for Planet Preserve will enable it to exploit its commitment to ethical and sustainable practices in marketing. It is one of the most important tasks for company to carry out responsible business behaviour towards the individuals about the products and services. Further, it requires high costs to achieve desired results as well.
In order to propose segmentation criteria that are used for the jam and preserving products for the Planet preserve, different marketing processed can be taken into consideration. These elements are as follows:
Marketing tactics: First and foremost important task for company is to carry out appropriate market research (Das and Samanta, 2015). On the basis of proper market analysis, the manager of Planet preserve needs to put positive efforts for developing effectual marketing strategy.
Situation analysis: Another most important task for manager of company is to go through the proper analysis of the situation that exists at the marketplace. There are various factors which affects the overall business operations and marketing process of Planet Preserve. For this, business can adopt PESTLE as well as Porter’s Five Force analysis. It helps in analysing overall market situation as well as factors that can affect the business of company.
Marketing mix decision: It is the next and foremost important element of marketing process which helps in formulating appropriate marketing strategy for company (Sandhusen, 2000). All decisions related to 4P’s of company such as product, place, price and promotion are taken into consideration by the manager of company at this stage.
Execution: This is the last element of marketing process under which manager of Planet Preserve goes through the proper implementation of marketing tactics. With the help of best marketing strategies company can easily achieve their objectives.
In addition to this, it can be stated that Planet Preserve need to adopt best suitable segmentation criteria for Jams and preserves. On the basis of consumers as well as hotels segmentation takes place. Further, company can segment their consumer market on the basis of demographic and psychographic factors (Ellis, 2005). On the basis of age it can be segmented for all those consumers who belong to age group of 5 to 20 years. Jam is preserving for high protein and vitamin element so it should be beneficial for this age group people. In addition to this, it contains very less amount of sugar so it can be provided to old age group people also. Company needs to fulfil all the requirements of the customers by producing larger quantity jam.
After demographic segmentation, psychographic segmentation can also be done in the hotelier market. Most of the managers of hotel industries prefer to use small packets of jam and serve it to their guests at the time of breakfast. In addition to this, targeting strategy is one of the most important strategies for organization through which they can target their consumer market (Katsioloudes, 2008). Planet preserve highly focused use undifferentiated target marketing strategy through which they can attract huge base of customers towards their services as well as products. Under this, company can select suitable and specific segment of the market.
One of the most essential tasks for Planet preserve is to sustain their competitive advantage by providing high quality products as well as services. For this, management team of company need to adopt some of the best marketing tactic after reviewing their competitor’s strategy. One of the best way to producing the preservative products is producing it in varied flavours as well as tastes. There are different variety of jams could be produced by company such as strawberry, orange, apple etc (Glanz, Bader and Iyer, 2012). These are different flavours which must be available into different packets. By this, customer can select any of the single jam as per their choice and taste. However, it is the best way to satisfy the needs and demands of individuals and enhancing the sales of company.
All the products of company need to be healthy so that people can be easily attracted towards it. It should be their first preference and choice so that company can gain their competitive advantage. There are several alternative strategies which must be adopted by company in order to make and produce healthy products (Dinnie, 2010). They need to involve variety of healthy elements in the preservative products in order to gain consumer loyalty as well as trust. For this, production manager need to use health products such as fat oils like olive oils etc. These are some of the most common and best tactics through which company can demonstrate the difference between it and its competitor product. It helps them in enhancing their competitive advantage as well as maintaining high market share.
In order to provide convenience to all type of Customers Company need to arrange distribution for food products. Under this, two different types of customers have been identified to whom Planet preserve sell their products. They are business class people as well as normal clients under which some of them are small retailers and some are owner of big departmental stores. In order to provide convenient services to individual buyer indirect form of distribution will be adopted. Under this, number of middlemen is being selected which helps in sending products such as jams and pickles easily to the hotel as well as departmental stores (Olimpia, 2011). There are multiple channels of distribution such as wholesaler/distributor, retailer, internet, sales agent etc. through which company can easily deliver the products and services to their customers. Further, Planet preserve should adopt physical distribution which involves various activities which are linked with the supply of products. Moreover, through the online services company can easily provide convenience to all their customers as they can receive online orders 24/7. It is the best way through which they can receive timely and good quality services as well.
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It is quite essential for Planet preserve to set their pricing strategy as per the conditions of prevailing market. Planet preserve’s main objective is to enhance their profits and sales by providing quality products to all their customers. Company can easily meet the target if they comply with the price skimming strategy (Drysdale, 2000). In addition to this, company can adopt static strategy in order to set relatively high prices for their products such as jam, pickles etc. Further, market skimming prices are another major approach under which producer can set high price for unique differentiated products. However, the main objective of company is to achieve higher market share as well as increasing their sales. All the products of Planet Preserve need to be set as per the prevailing condition of the market such as if country is facing conditions like recession and inflation than it causes high impact on the buying behaviour of individuals. Further, in order to attract more number of customers at such prevailing market conditions company need to adopt some of the best strategies to sale all their products on effectual prices (Olimpia, 2011). With the help of this firm can easily enhance their sales as well as profitability of business.
Competitor: Due to the increasing competition the whole marketing decisions might get affected. If any other competitive firm has decided to set low prices for its product than it might cause greater competition for company (Fillis, 2010). At this time, manager of Planet Preserve need to change its product pricing tactic. It is the best way through which company can increase their sales.
Customers: Nowadays customers are demanding for their online shopping. If Planet preserve has decided to sale its product through its store then this marketing tactic will be hampered as most of the buyers demand for online purchasing. Further, it is quite essential for company to fulfil their consumers need and demands.
Political- There is various decisions taken by the government of country. All decisions taken by Planet preserve will be affected if government increases their tax rate. At such case manager of Planet Preserve need to use all the expensive ways of marketing communication in order to select the cost effective approach.
Economic- Whole marketing decisions of Planet Preserve is highly affected by the changing economic conditions i.e. inflation, recession etc (Kotler, 2008). In case if country is facing situation like recession then decision taken by Leslie for their company will be affected.
Social: The whole marketing decision of the Planet preserve can be affected by the changing taste and preferences of customers. Company can select best distribution channel in order to enhance their sales as well as purchase.
Technological- Process of marketing communication is highly affected by the introduction of new technologies (Katsioloudes, 2008).
Environmental: Company should acquire various marketing strategies through which they can maintain their corporate and social responsibilities. All the rules and regulations related to the production must be followed by company.
Legal: There are various changes in rules and regulations in regard to the use of various marketing means. All such legal changes might affect the whole marketing decision of Planet Preserve.
People: In Planet preserve, employees play a crucial role. With the help of their workers best Performance Company is able to deliver proper information about their products as well as services to all their consumers. In addition to this, team of expert individuals can easily resolve all their customer’s queries easily with the help of appropriate communication and knowledge.
Process: This is another most crucial element of marketing mix of Planet preserve. With the help of appropriate process company can easily deliver their services to their customers in a more appropriate way (Das and Samanta, 2015). Further, company need to form appropriate step with regard to resolve the query of buyers.
Appropriate marketing mix strategy must be adopted by Planet preserve in order to maintain their sales as well as market share such as:
Pricing of product includes different expanse such as marketing, advertisements and promotional expenses etc. Cost of product is another major and essential element of marketing mix through which company can attract large base of customers. Leslie’s business Planet Preserve has to make various marketing strategies for lucrative departments of store market (Ellis, 2005). Price must be set differently for consumers as well as suppliers due to the bulk and single order. Pricing of product differs from that of customers as suppliers purchase raw material in bulk. So, company need to keep their prices low as per the higher demands and bulk orders. In this context, products will be offered to small retailers at lucrative price so that they focus on selling the product of Planet Preserve. Further, schemes and offers for retailers should be avail on regular basis in order to develop sound relations with them. This will help in sustaining in the market for longer along with boosting of market share.
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Place And Promotion
Further, it can be determine that there is a huge difference between international as well as domestic marketing. Planet Preserve is highly focused about the expansion of their business operations in the international market as well. With the help of this they can increase their sales. In domestic marketing the product is being sold within the particular nation. It is also called as a local market. On the other hand, expansion of the services of Planet preserve in international market implies the sale of product from one nation to another. Making sale in the international market it is quite essential for company to have detail knowledge about the culture as well as region of that particular nation (Fillis, 2010). With the help of assessing particular norms company can effectively manage their advertisements within the local as well as international market. However, in case of domestic market manager is not required to make efforts towards gathering such kind of information.
From the above report it can be articulated that marketing plays a most effective role in any organization. With the help of best marketing decisions Planet Preserve is able to enhance their sales as well as market share.
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