Assignment Marketing Unit Essay Example

meet customer demand and accessibility. PROMOTIONAL activities focus on effectively communicating the product to consumers and making them aware of its existence. This can be achieved through advertising, personal selling, public relations, direct marketing, sales promotion, word of mouth, or a combination of these strategies. When developing a strategy, it is crucial to assess the SWOT analysis which involves analyzing the internal strengths and weaknesses of the organization and identifying external opportunities and threats that may come its way.

The marketing Strategy should be in line with the Corporate Strategy. The formulation of individual strategies for each interdependent department should consider the organization's mission statement and objectives. The marketing Strategy should consist of three components that are aligned with the corporate goals. These components include efficiency, effectiveness, and dynamism, ensuring the right message is conveyed and sales targets/company revenues are achieved. Additionally, the strategy should be adaptable to accommodate any necessary changes in line with the corporate goals.

After setting the goals for the marketing department, which include product, price, place, and promotion, both the marketing manager and corporate manager need to conduct a situation analysis. This analysis entails reviewing past and present market trends to anticipate future ones, as well as studying competitors and various market segments. Furthermore, it may be necessary to thoroughly evaluate internal strengths and weaknesses, which could result in product innovation, redesigns, or organizational restructuring.

In the planning phase of a marketing campaign, it is essential to define the organization's mission statement and goals. This involves establishing sales targets, determining the marketing budget, and allocating resources such as staff salaries, training, advertising, in-store promotions, samples, and pricing decisions. Additionally, sales forecasting

is crucial for assessing sales trends and calculating overall expenditure due to the interconnectedness among all departments.

The finance of the marketing strategy and campaign is influenced by various factors such as interest rates, production inventory costs, resource costs (including staff), and environmental and technological changes. Forecasting can be classified into different techniques including time series (which examines past and current trends to predict future trends), causal analysis (which involves numerical analysis of sales trends), and qualitative techniques (which encompass exploitative and normative approaches, studying consumer behavior and desired state).

The success of a strategy relies on the tactics and management of marketing efforts. Close management allows managers to solve problems, address shortcomings, and redirect the strategy if necessary. It also enables the re-evaluation of the strategy to achieve desired results in a timely manner. Emirates Airlines is an organization that values a marketing orientation, as reflected in their mission statement which states their commitment to providing the world's best inflight service.

Emirates airlines possesses a strategic advantage in terms of their product, providing customers with the desired safety. They also have a worldwide presence, ensuring accessibility to nearly everyone. Furthermore, they have distinguished themselves by offering a price that customers are willing to pay. Collaborating with Santa, an esteemed leader in the status-Asia region, Emirates has established a loyalty program to reward and benefit dedicated customers. Additionally, Emirates actively participates in various charitable initiatives primarily focused on their major markets of Africa and India as part of their social responsibility endeavors. This encompasses relationship marketing strategies aimed at retaining existing customers and promoting cross-selling through family programs or positive word-of-mouth from satisfied patrons.

Customers who have already developed a connection with Emirates are more inclined to stay loyal despite any fluctuations in prices. Moreover, they readily explore partnerships with share-code allies or companies associated with Emirates, ultimately reducing service costs compared to acquiring new clientele.

Emirates is constantly seeking to lead in innovation. They were the pioneers in operating the Airbus 80 and introduced a groundbreaking entertainment system that provides over 100 new movies and various other channels, meeting customer demands. It is widely acknowledged that retaining current customers is more cost-efficient, hence Emirates understands the importance of satisfying their customers by providing value-added services. These services encompass a complimentary chauffeur drive for business or first class passengers, exclusive entry to premium airport lounges for Emirates clients, and additional perks.

However, all these factors are essential for retaining the customer's interest and maintaining a competitive advantage. The customer's perception of the value they gain from purchasing a service and the benefits that outweigh the sacrifice of cost are crucial. These psychological factors heavily influence the customer's decision to stay with a particular service provider or switch to a competitor.

The goal is to have a competitive advantage and focus on the customer, but there are associated costs. These include using the latest technology, market research, providing after-sales service, and constantly adapting for innovation. Marketing Orientation affects the organization's profitability, sales growth, market share, success in launching new products, and how customers, stakeholders, and suppliers perceive it.

The greatest challenge faced by a market-oriented organization is to maintain low costs while delivering exceptional service and rewarding programmers, while also staying ahead of the competition to capture a significant portion

of the market and generate desirable revenue and profit. Section 2 explores the understanding and implementation of segmentation, targeting, and positioning, highlighting the macro and micro environmental factors that influence marketing decisions. The organization's operating environment significantly impacts the success or failure of its operations.

The Organization marketing environment is divided into a Micro environment and a macro environment, both of which have a direct impact on the Organization. The Micro environment can be further classified into external and internal factors. The external factors include suppliers and their relationship or bargaining power with the Organization, as well as the availability of suppliers' credit facility. Customers and their bargaining power, as well as shareholders and financial institutions, also fall under the external factors of the Micro environment.

The controllable factors within an organization consist of various aspects. These include the management team, the finance department's handling of financial resources and allocation, the effectiveness of the Research and Development department in conducting accurate research, the role played by the Human Resources department in facilitating restructuring and modernization as well as selecting suitable personnel, and lastly, the company's image and brand equity.

Survival in the market is more probable for established brands compared to newly launched ones. The macro environment, which includes demographic forces, political and legal forces, and economic forces, affects an organization's profitability. Demographic forces consider the concentration of a specific target market in terms of age, sex, and lifestyle. Political and legal forces encompass policies, laws, wars, and treaties. Economic forces take into account factors such as overall economy performance, employment rate, exchange rate, inflation rate.

Various forces, such as social and cultural factors, can

impact business ethics. Individuals from diverse social groups or religious backgrounds may possess different ethical standards. Additionally, language or cultural customs can act as a barrier if marketers are not aware of these traits. Technological forces also play a significant role in shaping society, particularly among the younger generation. Staying ahead of trends and utilizing innovative technological resources can give organizations a competitive edge, especially in terms of innovation and remaining ahead of the curve.

In the Macro Environment, economic factors can pose challenges such as secession, where customer spending and lending power become tightrope-walked, the credit crunch, an increasing rate of inflation that leads to price hikes, and eventually a market crash. The unemployment rate can also impact the market, as well as the population growth rate of society. Political sanctions or government policies or restrictions on foreign trade can all affect an organization's operations, and the list continues.

The perception of an organization in the market is shaped by the contemporary notions of ecological social welfare and the green market. In a free market economy, organizations face various factors including emerging competitors, alternative offerings, consumer and supplier impact, as well as competition. Triumph in today's rapid and competitive environment belongs to individuals who are adept at thinking on their feet, pioneering new ideas, and displaying unwavering determination.

When segmenting the market for your proposed marketing strategy, it is important to have measurable, substantial, accessible and differentiable market segments. Measurable refers to the size of the target market and its ability to achieve profitability. Substantial means that the target market has spending power and can afford your product or service. Accessible means that the

target market is within a geographical area that you can access. Differentiable means that the segments are clearly defined as either homogeneous or heterogeneous. Using these criteria, you can segment the market based on various lifestyle classifications.

Are they ambitious and upwardly mobile? These are individuals who are financially well-off and open to trying new products due to their high spending power. They can be categorized as either traditional or social, indicating their conformity to norms and predictable purchasing patterns. Additionally, there are market segments consisting of individuals seeking security and status, preferring to stick with familiar choices. Conversely, some groups embrace a hedonistic lifestyle, prioritizing immediate enjoyment over future concerns.

All these segments could be categorized on a broader scale according to geographical location, demographics, and behavioral segmentation. For example, a group of individuals living in a high-rise building in New York City would not be interested in marketing for fertilizer or crop farming. Maternity sanitary towels would be targeted at women within a specific age range who are in the child-bearing stage of life. Ready-made convenience food would be targeted at busy executives who have the income but not the time to make a home-cooked meal.

Cryptographic segmentation involves targeting individuals with specific lifestyle and personality traits. For example, a history book would be marketed to this group. On the other hand, a bicycle ad would be targeted at a market segment that enjoys outdoor activities and sports, such as families with children seeking recreational options. Cultural segmentation, on the other hand, involves targeting a group that shares similar norms and values. For instance, the sale of turkey during the Thanksgiving season is

specifically targeted at a market that values and celebrates this time of the year.

Kosher meals and Halal products target specific groups with similar dietary needs. However, even within these segments, individuals have diverse requirements at different times. This can be exemplified by Mascots Hierarchy of needs, where people are driven by distinct desires. These encompass physiological needs (vital for survival), safety needs, social needs, esteem needs (such as affection, acceptance, and love), and ultimately the need for self-actualization (attaining personal potential).

The significance of these needs can vary and vary from individual to individual as time goes on. By using Maslow's hierarchy of needs as a basis for market segmentation, we can provide the following illustrations:
Physiological needs - Focusing on individuals with diabetes; Advertising Sun Chips Harvest, a snack food made specifically for diabetics.
Safety needs - Targeting homeowners in South Africa; Promoting home alarm security systems by ADD security.

Social Needs: This target group includes teenage girls and female adults. The recommended product for this group is the epilate by Philips, which effectively removes hair from the legs and leaves them smooth and silky.

Esteem Needs: This target group is composed of upwardly mobile and ambitious individuals. The recommended product for this group is the BMW, known as the ultimate driving machine.

Self-actualization: This target group consists of college students and adults. For this group, the recommended product is a one-year MBA course.

The response of your target market will depend on their perception of the product and their cultural beliefs, norms, values, and attitudes. It is important to choose a targeting strategy that aligns with these factors.

Product/Service:
This product/service offers tailor-made travel packages for young

adults on a budget.

Market Segmentation: This market segment is aimed at young travelers between the ages of 18-35, including university students or graduates, young working adults looking to escape the daily grind, individuals seeking personal growth, those who enjoy meeting new people, and single adults of both genders. The segment is also characterized by its demographics, consisting of young university students, graduates, and singles who are at a similar stage in life and are just starting out and curious about the world.

Educated individuals have a strong curiosity to discover new opportunities and locations, aiming to remain well-informed. They are people who possess a strong inclination to explore the world but have been limited in their chances thus far, and are enthusiastic about breaking away from their familiar environments. These individuals share mutual interests including traveling, enjoying social gatherings, engaging in photography, and making acquaintances with unfamiliar faces. They firmly believe that these experiences will broaden their outlook on life and introduce them to fresh prospects. Such individuals highly appreciate the importance of continuous learning and embracing the present moment.

Life cycle: This group comprises individuals who are in the early stages of their life journey. They are approaching the completion of their education but have not yet reached the stage of establishing a family.

Geography: This demographic encompasses individuals from diverse locations, including all countries. The marketing approach for this group will differ depending on pricing strategies and specific regions, which can be impacted by cultural and religious factors. The main objective is to target young adults in Western countries where solo travel is socially acceptable, unlike certain Asian countries and the Middle

East.

Market Targeting:

Commercial-Mass media- must be enjoyable, sentimental (appeal to emotions like freedom). An image of experiencing freedom. Digital marketing- Google search and a website. Requirements size: Must target a large portion of the market and appeal to both genders. Money: Offers customized tours that fit individual budgets. Must be affordable. Accessible: Multiple meeting points at various locations throughout the year on specific dates. Travel arrangements can be arranged. Benefits: An extraordinary opportunity that only happens once in a lifetime. Embrace the present!

This article examines the impact of buyer behavior on marketing activities in various buying situations. Whether it is an organization or a consumer, their buying behavior influences marketing activities at different stages. Additionally, effective marketing communication and understanding the reasoning behind different purchasing decisions can elicit different buying behaviors. The buyer goes through a thinking process called the buyer's thinking process and makes decisions at each stage. The first stage involves recognizing a need and problem-solving.

The consumer or organization acknowledges the requirement that must be satisfied.

Stage 1: The first step is to attract consumers or organizations by promoting the product or service.
Stage 2: This stage involves gathering information or creating product specifications. For organizations, it may involve communicating their requirements to suppliers or brainstorming internally. Consumers, on the other hand, might search online or compare different options.

Stage 2: The second stage involves the marketer's objective of captivating the target market's interest through appealing to their senses and emotions. In the third stage, alternatives are assessed by both organizations and consumers based on factors such as price, availability, and competitor/substitute products.

Stage 3:

Marketers Response: Creating a desire within the target market by associating the product with the desired outcome when it is used. 4th stage: Purchase Decision. The organization or consumer has reached a conclusion.

Stage 4: Marketers Response: Generate an Action

Stage 5: Post-purchase evaluation.

The satisfaction of the consumer will depend on whether their expectations have been met and if their needs have been satisfied.

Stage 5:

Marketers should aim to create satisfaction and follow up on the consumer or customer.

Provide customer care service after the purchase. Request an evaluation of the product or service. According to The Response Hierarchy model, the buying behavior of customers can be observed to follow a sequence of recognition, information search, evaluation, purchase decision, and post-purchase evaluation. This process can also be influenced by how consumers respond to personal stimuli.

The marketer's communication objective can elicit a cognitive response from the buyer. Cultural values and behavior, social influences (such as opinion leaders, aspirations models, and status), personal influences (such as age and lifestyle), and psychological influences all play a role in shaping decisions. Additional factors that can influence decisions include supply and demand - whether the product is readily available and if there is greater demand than supply, leading the consumer to explore other alternatives. These factors can ultimately impact the price and thus the buying power of individuals.