The following report will discuss the elements involved in the process of marketing. It helps in understanding the different micro and macro factors which affect the auto mobile company and Vodafone in selling its products in the market (Gordon Carriganand Hastings ,2011). The following report also help the learner in understanding the segmentation, marketing targetting concept in detail. Also in the report the different marketing mix elements will be discussed in order to get better understanding of it so that company can make effective use of it.
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1.1 Various elements of the marketing process
In order to carry out the marketing activities it is very important tat the various elements involved in the marketing process need to be understood in detail. This will help Amari super cars to increase their total sales and profit margin. Different element are as follows:
- Analysing market opportunities- This is process which will help Amari super cars in finding out the various opportunities of the market. Company can get to know about what will be the future trend and therefore it make arrangements in the present by making the required resources available. This will help in meeting the future demands (Gordon,2013).
- Choosing target Customer- It is important for the cited company to do market segmentations. At this step whole market is divided into different segments and than selection of that segment is done which gives maximum profit to the company.
- Strategies- ones the market segmentation is done Amari Super car needs to develop its marketing strategies. It is the process of positioning of the product in the market and targeting the customers (Hair and Lukas,2014).
- Marketing Mix- It is a tool used by the company to bring the attention of the customers towards companies product. There are 4Ps of marketing mix which are as follows: Product, Place, Price and Promotion. These involve deep research so that the best product is offered in the market using good promotional activities at the right place against the right price. New Ps are added to this concept with the increase in the competition in the market.
- Implementation- It is the last element of the marketing process. This helps in assessing that weather all the planning is done effectively or not. It is done by doing the evaluation in the market that weather costumer satisfaction is achieved or not.
1.2 Evaluation of benefits and costs
It is important to make the products available to the customer as and when require. Therefore Amari Super cars need to make sure that it has the required quantity with it so that the demand can be fulfilled. Product orientation means that customer is interested only in the product quality as only than they pay for that commodity. On the other hand selling orientation means that the business focus is on the selling, which means that they are more interested in their total sales and less importance is given to what customer wants (Varadarajan,2010). Marketing orientation means providing the client with what is demanded by him. Amari Super cars should provide customers with the selling and marketing based approach. By adopting to the marketing approach right product will be provided to the customer. This is one of the best approach as this fulfils the objective of both, business and the customers. This approach will help the company in meeting the hidden and actual needs of the consumer. Sales orientation approach will motivate the employees to give their best as incentives based schemes are adopted under this method. Company give targets to different employees and once those targets are achieved, employees are given bonus and rewards which further motivates them to do well.
2.1 Macro and micro factors which influence marketing decisions
As the business operates in the environment which is unpredictable and also it keeps on changing company needs to respond to each of them as there is no individual control over them. Therefore there is a need to study different macro ad micro factors which influence the decisions of the business. As the company is dealing in the auto mobile industry the various environmental factors are as follows:
Micro Factors and Macro Factors
Company can do good business if the hold is with itself. It is possible only if they are the only once in that field as in this case customers are given less importance. Different elements of each factors are as follows:
- Customer- For Amari cars it is very important to know who the customers are and what are their preferences. Customers preferences keeps on changing with the change in time and available options.
- Resellers- Auto mobiles are purchased direct and indirectly also. Customer has the choice of buying ng a second hand product in the market from the different retailers. This effect the total sales of the cited company. Their total sales reduces as client can reach to these retailers and can buy the same product at less price by compromising with being the product second handed (Varey,2010).
- Competition- As there are various other options available e in the market company face good competition. Different product related facilities are provided by different agents and this makes the competition tough.
- Political factors- Any change in the government polices has their direct impact on the business sales. It depends upon the change in the existing law that weather the change is favourable or unfavourable for our business.
- Economic factor- this is one of the main macro factor. Change in the economy of the country directly effects its sale. At the time of inflation when people have more income their disposable income increases and this increase the demand in the market.
2.2 Segmentation criteria in different markets
Under the process of segmentation the whole market is divided into different groups which are made on the basis of some same characteristic of different consumer (Dann,2010). The whole market can be divided into two broad groups: consumer market and administration market. Under the consumer market product is sold to the individual for himself or for family use. On the other hand in the business market sales take place within the business. Market segmentation can be done keeping place, size, location and industry as a base. In case of an auto mobile company segmentation of the market can be done in the following manner-
- Based on price of cars- On the basis of price market can be segmented into:
- Economic Segment- It include cars which range from less than 3lac. Customer of less income group fall under this segment (DeWanGreenand Hayden,2013).
- Luxury Car Segment- This include cars of high price. Theses are the products which are demanded by the high income group of the society.
- Mid-size Segment- It include the products which do not fall in both the above two category. Consumer have average income how fall in this segment of market.
- Based on Car length- In this the cars are segmented for different costumers on the basis of their demand related to the length of cars. Cars can be segmented into different categories keeping length as base like less than 3.5meter long, 3.5 to 4meterlong or more than this.
2.3 Targeting strategy for the product
It is a method to select the prospective buyers for the product which is offered by the company in the market. Different targeting strategies are market segmentation which is discussed above, choosing the best segment for the product and than offering the same product in the market to the different segments according to their demand and requirements. Amari super cars can go for selected marking strategy, undifferentiated marketing. Although these strategy fails at the time of recession in the market. Company should target the potential customers and than products can be offered to the public using the mass marketing method in which company keeps enough stock with it to maintain continuous supply of cars in the market (Gordon,2012).Under this strategy although the profit margin is kept less but it encourages overall increases in the total sales of the company. In differentiated marketing strategy different targeted segments are provided with different marketing mix so that there needs can be matched with the product so that they prefer the cited companies product over any other product of same type. There are various other marketing strategy also like customised marketing. It is that marketing strategy in which the product is customised in a way that it suits the needs of the customers. It is adopted by those business whose products are unique from the other products in the same industry (Abdullah and Ismail 2010).
2.4 How buyer behaviour affects marketing activities
For every business understanding the buyer behaviour is very important. It is considered to be vital as it directly affects the total sales of the products. On broad basis consumer behaviour can be classified in 4 different headings:
1.Habitual buying behaviour- In this client is indifferent in making choice for the product. They buy the product which they are in habit of buying irrespective of variety of options provided to them. In this case the sales remain effected as companies different strategies fails to attract customers of having this behaviour.
2.Variety seeking behaviour- It includes that part of the society which are in the habit of trying new products every time. For them product variety is more important and they like testing different products everything (Rypáková and Kormaňáková,2014). This also effects the total sales of the company as they fail to maintain long term relation with the customer.
3.Consumer buying situation- In this the buying behaviour is depended upon the different situations. Customer make choice of different products on the basis of different situation in which he is at the time of taking the buying decision. It effects the sales of the company as people deal in different situations leading to change in their demand for the product offered. This also results in failure of the marketing strategy as these are prepared on the basis of present scenario which fails when in future the situation changes.
2.5 Propose new positioning for service
Positioning is the process through which company convey the message of product quality and characteristics to the customers. In this every company try to make its product better than any other in its field. This process of positioning involves various strategies which are use by the marketers in order to bring the product in the eyes of the customers. The cited company can take the help of market segmentation in order to position its product. In order to position Amari super cars in the market company can convey the facilities and features they are offering to the customers. This can be done through using different mediums which help in communicating to the target market (Masteralexis Barr and Hums,2011). Posters, advertisement on televisions, leaflets are the different sources which can help the company in circulating the message to large number of people. Company should convey its success in the industry to the customer in order to get their attention. They can also take the help of official sites in order to communicate with the customer. Client reviews should be posted on these sites so that when other customer go through it they can get to know about the different customer satisfaction experiences. Apart from this SWOT analysis can also help in changing the positioning strategies as through this company gets know about what are the threats to it and also what different segments are their in which company is better that any other in its type. This analysis help the management to discover the different opportunities companies may have for future and can work on it so that better business can be done.
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3.1 Product development for competitive advantage
Different companies use different strategies to take the competitive advantages. These are the advantages which any company is having over the other in the same industry. This allow business to develop and make improvements so that it can survive longer in the business than in comparison to others. Different ways in which it can develop competitive advantages are:
- Realising product in market- Company can use the method of holding back he innovative product with itself so that it can be presented in the market when there are maximum chances of doing good business.
- Better quality at reduce price- Company can enjoy the competitive advantage when it is providing the customer with better quality or equal quality product to the customers at comparatively less price in comparison to other products of same type. This helps in creating a superior value of the product in front of the customers.
- Differential advantages- these are known as the positional advantages. They explain the position of the company in the same industry. Company use all its recourse to give the best results in its field so that it can enjoy long term competitive advantage (Frederiksen Solomon and Brehony,2013).
- Product features- Products of same type are distinguished from each other on the basis of different features which they posses. Features of any product attracts the customer and this bring difference in the sales of the products of same type having different features.
3.2 Explain the distribution which is arranged to provide the customer convenience
The distribution is the best part of the market. This will help the provide the services to the customer in the market. By the distribution channel the consumer will get the convenience to purchase the services. The distribution channel of the company should be reachable to the consumer in the market. This will make more consumer in the market. The will make the profit for the company. This is connection line between the producer or organisation to the consumer. But distribution line also need some finance for work effectively. The distributions channel are as follows:
Exclusive: These channel have to focus in the premium customer. In this the company have targeted the consumer by the market segment. According that the company will provide the services to the market. This will help in maintaining the consumer in the market (Frederiksen and Brehony, 2013).
Intensive: The company will open the distribution channel in every place. This will be easily convenience to the consumer and this will make the more customer in the market. This is each and every place.
Selective: Tin this distribution channel will focus on the premium customer and general customer. This have been done by the market segmentation. According to this the company will be convenient for the perineum level and for general lever (Goeldner and Ritchie,2012).
There are three types of distribution channel in the market. But the intensive ia need more found but if the company is providing the effective service then this will help in generating the profit.
3.3 Price strategy reflecting organisation's objectives and market conditions
Every organization have their own pricing strategies which exhibits the aims and the conditions of the market. Some of the instances of pricing strategies available are given below:
- Penetration pricing: The pricing method where the organization where the prices are set so low for the competitors to increase the sales activities and the market share. Many organizations use this policy of pricing in the market of high level competition.
- Premium Pricing: High prices of the product and services when compared to their rivalry companies and the mainstream type of pricing technique is this where to have huge goodwill in the market and they do not have any sales target (Goeldner and Ritchie, 2012). They have the target of quality maintenance of the products and services they produce (Negricea Avramand Eftimie,2011).
- Price Skimming: Prices seem to be able to adjust as per the variance of the customers' demands and the supply by the company. A major portion of the companies use this technique of pricing that have the experience of adjusting prices according to the demand and supply chain.
- Economical Pricing: Quality and prices of the company's products or services are lower in comparison to that of the other companies in the same industry but they aim in the fulfilment of needs of the customers who belong from the lower financial background. They satisfy the customers, the ones who could only afford the products and services of similar companies providing accordingly quality products in that price level (Fill,2011).
3.4 Promotional activities
Promotion is one of the most important element of marketing mix which is required to be adopted by bank also. The bank should undertake various promotional activities with the help of which it will be able to create the awareness about its services among people (Jobber and Ellis-Chadwick, 2012). There are various ways through which promotion can be done which will include advertising, personal selling, public relations, and any other ways. Lot of money is spend on the promotion of the devices by the marketing department. They can provide advertisements in the newspaper or by television. There are various ways by which customers are attracted as they are given incentive that if they will avail the services that are provided by bank than they will be giver some of the additional benefits. In personal selling the representative of the bank has to go to every individual on personal basis which becomes a very difficult task to complete so in order to reduce the time consumption and also the workload bank can appoint a public relation officer. Public relation officer will use different ways by which he will be able to create a good image of the bank among public (Abdullah and Ismail Ahmad, 2010). The different methods that will be used by PRO will include media or organisation of social programmes for the customers of the bank in which they all will be gathered. Social media can also be used by bank and also it can provide online services which will attract the customers.
3.5 Additional elements of marketing mix
Initially there were four elements in marketing mix which were price, product, place and promotion (Sheth and Sisodia, 2015). After that there were three more elements that were added to it which are people, process and physical evidence which are described below :
- people :people is an important element of the marketing mix as all the functions thatare performed are through people only. Due to this reason it is important that proper persons are recruited by bank for the various services and also proper training facilities should be provided to them. Also the employees should always take active part in the marketing activities as they are the one who knows about the bank in the best way(Jobber and Ellis,2012).
- Process :the process that will be followed by the bank should be such which will provide bank with the maximum advantage. Various activities are required to be performed in a process so it should be ensured that they undertake the proper sequence in which the activities should be performed (Shethand Sisodia,2015).
- Physical evidence : now a days every person is using banking services so bank should ensure that there are branches of bank in all the areas so that the people can use the facilities without any problem (Dann, 2010). It should also be ensured that the services provided are of good quality and will render the customers with required satisfaction and will prove to be beneficial for them.
From the above report it can be concluded that different marketing elements has their own significance in the business. They need to be set effectively so that company can increase its sale and for this market segmentation and market targeting is important. From the above report the elements of marketing mix are also studied in detail which are important at the time of product positioning. Later, in the report difference in the marketing at national and international level is discussed in detail.
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