Level 05-Marketing principles and practice – this assignment need more revision and more references only referencing is incorrect ” minimum references 5″ and doesn’t match Harvard referencing style

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Level 05-Marketing principles and practice – this assignment need more revision and more references only

referencing is incorrect ” minimum references 5″ and doesn’t match Harvard referencing style

Level 05-Marketing principles and practice – this assignment need more revision and more references only referencing is incorrect ” minimum references 5″ and doesn’t match Harvard referencing style
20 Marketing Principles and Practice Task 1 AC 1.1: Marketing role in achievement of the business objective Marketing is a method used in managing, which assists in the identification, anticipation, plus satisfaction of the needs of customers in a profitable manner. The objectives usually determine what the business desires from the marketing activity. Marketing should be consistent with the goals of a business. It is vital since it gives focus to the marketing teams. Marketing is essential for the company’s financial success since this makes the brand known to the public; hence, the products can be sold, bringing revenue to the organization. There are different objectives that the business ends up achieving due to its marketing activities. They comprise of the following: They were increasing the sales of the company. Marketing plays a vital role in expanding the company’s sales by promoting the company’s products to the public. Advertising and advertisement of the product make the customers aware of its products. The increase in the awareness of the company’s products means more people will want to buy the products, increasing the company’s profits. Marketing can result in a competitive advantage besides communicating with the consumers, who will remain loyal to the company’s brand. In contrast, others will start to buy the company’s products. It will result in an increase in sales besides leading to improvement in the customers’ focus. Through marketing, we are in a position of identifying gaps in the market, which assist with finding the potential market in which the company can succeed, thus increasing sales hence resulting in to increase in profits of the company. Marketing makes the products and services attractive for buying and using them. Therefore, attractive prices, packaging, and unique individuals tend to buy more products besides assisting the business to meet their set objectives. It assists the company in entering a new market. The market is where the individuals meet to buy or sell the goods they might be having (Vale, Mullaney & Hartas,1996). For a business to enter a new market, it has to define its goals whether they are entering an international market or home market, then it’s vital to have the objectives defined. Marketing will assist in carrying out market research which will help the company to understand the customers and what they want in the new markets they are getting into. To meet the customers’ needs in the new market, the customers will have to identify, understand, and define the target market. Marketing is vital for coming up with prices for the product since, through this, you will be able to listen and know the prices the consumers can best buy your products at. It can also assist in identifying channels that could be used to distribute the products. For instance, you can take the case of Dyson that entered the market for dry cleaners, but after studying the market, they got into beauty products, and the company is so far doing very well. Marketing assists the business with quality improvement. Quality is the features of the company’s products or services and its ability to satisfy the customers’ functional needs (Vale, Mullaney & Hartas,1996). The promotion involves the client’s impression, mindfulness, and added cognizance concerning a product. The observation of the clients is usually influenced through advertising, auditing, online marketing, encounters of the individual and the different kinds of channels. Marketing can improve the quality of the product if the purpose has been identified and met. Marketers have to make sure the individuals get fair value for the money they pay for the products. Ensuring an excellent appearance is one of the responsibilities for marketing in an organization which plays a vital role in achieving the objectives of the business. Marketing is key to establishing and maintaining the public image for the products and services. When it comes to a brand, its public image is what people usually think about. The marketing sector plays a vital role in ensuring this objective is achieved since they know what they should promise. They remain responsible for providing what was promised has been delivered. Marketing assists the company in evaluating what they have pledged to and working to ensure they achieve it. A company has to be honest and transparent to its consumers to attain its reputation. The company has to be ready that this has to take time. It establishes and grows the relationship between the consumers and a business. This can be met as a result of actions being done by marketing. All in all, promises made have to be kept, and the needs plus wants of customers have to be met. In the case of marketing, It is responsible for managing the consumers’ relations, which is vital for building a long-term relationship with the customers. Marketing plays a vital role in increasing customer satisfaction. Marketing is not only responsible for the increase in the consumers’ satisfaction since it does not only make the products attractive to the potential customers, but it is also responsible for the quality, price, and competitive advantage of the products that ensure the satisfaction of the consumers once their expectations have been met. The consumers’ expectations arise from the customers’ experience, reputation, available marketing information, and what people say concerning a product and a service. The higher the marketing expectations that marketing creates, the harder it becomes to satisfy consumers’ needs and achieve the business goals. AC 1.2 Analysis of the external factors which influence marketing in the business Marketing is vital for the company since this contributes to organizational success. Distribution and production greatly rely on the aspect of marketing. The external factors that impact marketing comprise the external environment, competitors’ actions, the marketing dynamics, change in technology, and political plus social change. Economic environment It is one of the key factors which determines the demand. For example, most marketing objectives have been thwarted or have ended up being changed due to the recession. Factors that comprise the exchange rate also impact the goals concerned about international marketing. Actions of competitors The actions of marketing should consider the response of competitors to what is being done by the rivalry. For instance, increasing the marketing share through definition means that the competitor’s response will not be effective in this case. Markets dynamics The critical dynamic for this includes the size of the market growth plus segmentation. Any change that occurs in this is undoubtedly being influenced objectives for marketing. The market with slow growth will less likely support goals of the significant increase in the revenues and the development of new products. Change in technology Consumers plus other markets are being affected by rapid changes in technology, shortening the product life cycle, and creating more significant opportunities for innovations. These should be taken to account while setting the objectives for marketing. The social and the political changes The changes in the legislation could, in a way, create or prevent marketing opportunities. Changes in the structure plus attitudes of the society have got a significant implication on most of the markets. AC 1.3 Marketing role in non-profit organizations Marketing usually represents the focus for understanding plus serving clients, the customers, and consumers. It is a mechanism for bringing one who has wants or needs together with the organization that can meet them. Since nonprofit organizations have to engage diverse stakeholders besides the need for the marketing services, experience, products, behavior, and causes, nonprofits’ marketing times could be complex. Nonprofit marketings are activities and strategies that spread an organization’s message besides soliciting donations and calling for volunteers. Not-for-profit organizations’ marketing comprises the creation of logos, slogans, and copy besides developing media campaigns to expose organizations to the outside audiences. The main objective for nonprofit marketing is promotion of organization’s ideal plus cause for getting attention of the potential volunteer plus donor. Not all not for profit marketing is the same; how the nonprofit market itself plus causes could vary with each ground. We have got similarities in the manner in which nonprofit organizations plus for the profit businesses approach marketing, but the difference, in this case, is usually significant. For one, nonprofit marketing could be a challenge where the ideas plus causes could be hard to market besides selling the products and the services. AC1M1: How marketing strategy support sales function in business Sales are the activities that lead to convincing the prospects buyers of the product or service from a person. Marketing involves the strategies plus processes which generate prospects for sales teams and the customers for the business. The marketing function supports the sales function in the industry by: Satisfaction of customers’ needs. Marketing is the art of efficiently identifying the needs plus wants of the consumers. The marketers have to ensure that these are met and consumers are satisfied with their values for prices. Through satisfaction, the consumers can purchase more products. The clients become loyal to the brand in the long term when the marketing department ensures that the customers are satisfied and their needs are met successfully. The other is the establishment of clear expectations for the marketing department. It has a close connection with the company sales department. Marketers assist the sales individuals in understanding that they are the ones who are responsible for the selling of the products and how they can do it ineffective and inefficient manner. Although marketing could make a product or a service look more attractive, the sales are there for communication of the product attractiveness, usefulness, and uniqueness to leads and the prospects of the company. Process plus goals where marketing is one of the vital processes in all parts of a business. The marketers may assist in achieving the objectives, but they are responsible for setting one. The department for marketing is connected with the other departments in existence within the company. We share data plus intelligence where marketing collects the data concerning the market, target customers, competitors, and consumers. For marketing, it is tightly connected with sales department within the company and all the other departments with a sense of sharing the data. The data the marketers collect could be used as the motivation plus the base for the goals and the objectives of a company, which is why marketing has to share data plus spreading knowledge besides communication are vital for the staff (Kotler & Keller,2016). Task 2 AC 2.1: Analysis of the different elements of marketing processes When it comes to the marketing of the products, this is different from how the services are marketed; for the case of services, we have got employees available to provide the services when they are required. The first stage for this is marketing analysis that involves collecting quantitative plus qualitative data concerning the products and the potential market. Information is obtained through extensive marketing research by applying techniques such as surveying, observing and carrying out audits. It can use this to compare data that had been brought in the past. The next phase is planning since this analyzes the company’s internal strengths, weaknesses, competition, change in the technology, a shift in the industry’s culture, and provision of the general picture for the current state of a company (Entrepreneurial insight, 2015). Once best chance to be satisfied has been identified, could develop a strategic plan for pursuing opportunities. Through market research, it will provide the required market information, which permits the firm select the target markets segments plus optimally positioning the offerings in part. It leads to the value proposition for the target market. The final step for planning is pricing for a product, promotion, and markets to placing the products within them. The efficiency of implementing a plan is used for determining the outcomes of marketing plans. Management involved in the development process could improve the implementation of effectiveness through the construction of commitment plus owning the plan besides the implementation. At the same time, control could be well-defined as the attempt to guaranteeing behavior plus the system conformation besides supporting the predetermined corporate objectives plus policies (Control,2013). AC 2.2: Markets Segmentation Methods Market segmentation describes dividing random markets into specific homogenous groups; every individual carries similar characteristics in a group but has different traits among segmented groups. The targeted customers have a unique identity for different kinds of needs plus preferences, which means a lack of size fitting all the solutions to be used for. The various segmentation methods include: Demographic segmentation is the standard form. It is splitting the audiences basing on the visible, people difference. The qualities comprise; sex, age, size of family, profession, level of education, races, income, religion, plus nationality. The second method is behavioral segmentation. It is the market segmentation by basing on the behaviors of the consumers, mainly regarding the product. Some of the behaviors considered in this case include online shopping habits, actions taken on the websites, benefits which are being sought, the rate of usage, and loyalty. Another method is geographic segmentation, where the market is split based on the customers’ location; this is a helpful strategy for segmentation. The customers’ location assists in understanding needs, plus enabling one to send out the specific ads for a given location. The basic form identifies the users basing on the locations, including the countries, states, plus zip codes. Finally, we have the psychographic segmentation, which relates to demographics segmentation; this deal with the characteristic, which is emotional and psychological. The attributes might not be easily observed as demographic; they could provide valuable insights into the motives of the audience, needs, and preferences. Understanding the aspects of the audience could assist one with creating content that effectively appeals to the—example of psychographic features, including personality trait, interests, belief, attitudes, value, plus lifestyle. AC 2.3: Principles of digital marketing Digital marketing is the type of marketing that focuses on the internet plus online technology, including computers, smartphones, and other kinds of digital media to promote products and services. The principles for digital marketing include: Content is the king, whereas for customer’s content is everything. This is why the customers will choose to interact with you. Please keep it simple: Having a simple message is the best. Writing for the web requires the communicator to be succinct. Knowing your customers Finding strengths in the partnership. Video tells the story. Media drives the brand where all media dive growth of the online brand plus reputation. It is establishing a solid foundation. Aiming for consistency. Staying young. Merit task AC2M1: Benefits of segmenting markets Market segmentation has got many benefits to marketers, publishers, plus others. The benefits of market segmentation include: Improving the performance of the campaign: where it enhances the marketing campaign by assisting one target the right individuals with right messages at right time. Through segmentation, helps in learning more concerning the spectators to tailor messaging the preference needs. Market segmentation could assist companies in developing products which meet the customers’ needs. One could create the products that appeals to primary market segment need. It helps business identify the audience segment which are not reaching the marketing determinations plus expanding to the new markets. The other benefit is assisting businesses to focusing the effort that enable them establish the identity of the brand besides specializing in specific products. It could also help inform the other vital business decision regarding the way one gets the products to the customers. The findings might involve the matters comprising of distribution plus pricing. AC2D1: Challenges businesses face to market effectively The consumers use different channels for shopping, engaging, and interacting with the brands, providing opportunities plus challenge for the marketer. On one hand, every communication feed to growth in data amounts available concerning consumers that offer marketers more information on the prospects than before. The challenges which businesses encounter include: Access of data across the platforms where modern clients use diverse channels plus device besides creating huge data. For the case of salespersons, they require access to the information from other opinions to getting a complete depiction of the clients. The marketers might miss the necessary details if they do not get information from the right channel. The second challenge is the identification of customers across channel. The key hurdle that marketers face is corresponding the information from different data source to single client to have complete considerate of the people. As the markers collecting data from over one head, other is left by a diverse identifier aimed at single individual. The third challenge is mapping customers’ journeys where the modern clients usually going through the different step where diverse devices are used earlier reaching a purchasing decision. They could see the ads on the smartphones web browsers, later following brands on the twitter searching for the products on tablets besides starting to shop from the laptop. The fourth challenge is maintaining privacy, where marketers have to support the privacies standard by means of the information for enhancing marketing besides customer experiences. There is also a challenge in tracking the performance metrics inaccurately. If multiple identifiers are involved, one will not be aware of the individual receiving messages, plus whether the target is following the plan. In addition, there is a challenge for maintaining consistency of customers’ experience. Fragmentation of the data could lead to incoherent customers’ experience. Where we have an inadequate understanding, target markets plus personalization effort suffer more. It’s also a challenge to identify potential new customers where having uneven data increase the chances for missing on the new possible customers. One could misidentify the customers, making them thinking they aren’t potentially stronger for a leadership role. Task3 AC 3.1: Different method of researching markets Market research is set of the techniques cast-off for gathering data as well as better understanding target markets for the company. The business uses the data for designing better products, improving the users’ experience besides crafting a marketing strategy that attracts quality leads and improves the rates for conversion. Different methods can be used for market research which includes: They are using surveys where brief and straightforward questionnaires are used to analyze the sample of a group representing the targeted market. The large the model is, the more reliable the results. The other method is using focus groups where the moderator has to use a scripted series of questions or topics to discuss a group. Personal interviews are the other method that involves unstructured and open-minded questions. Most of them last for almost one hour, and they provide more insight than surveys. More so, they can use observation where when the consumers are observed through videotaping them while at work, stores or home, it can lead to understanding how they are buying their products. It gives one an accurate picture of the customers’ usage. Finally, you can carry out field trials where the placing of new development in selected stores for testing the customers’ response under the real-life conditions for selling could assist one modifying the product, adjusting the prices, and improving the packaging of the products. AC 3.2: Using different channels for digital markets The channel for digital marketing plays a vital part in solutions for the businesses as well as pleasantly playing offs each other. Digital marketing is its overarching terms encompassing all types of the online markets. This consists of: Videos marketing This is used in building brand mindfulness, but also a real means for enhancing conversion as well as traffic through creation of video blog basing on the blogs content. It will entice the readerships plus change and getting mileage for the contents. Emails marketing The emails usually deliver highly applicable contents to the subscribers’ inbox noninvasive manner. Through email marketing, it increases the number of customers plus sales. It improves one getting in touch besides staying with the customers by informing them about upcoming events. Content marketing Pieces for promotional content comprise blogs, infographics, news, video content, case study plus white papers. The best vehicles for promoting content are via personalized emails marketing –plus sharing posts on social media. Social media marketing You have to create original content on social media, including videos plus blogs, then share on the social media platform comprising Facebook, LinkedIn, Twitter plus Instagram. The platforms could be utilized for increasing sharing of videos plus photos. AC3D1: Overcoming current digital marketing challenges Having a constant changing environment, marketers have to come up with continued updates besides refining digital marketing plans for them not to be lost. The marketers could be able to overcome the challenges related to digital marketing through the following ways: Focusing on the conversion and not just the leads. Setting the stage for long-term value. Doubling down on the customers’ service. Creating the ultimate buying journey. Knowing when and how we can go back and refine the processes. Task 4 AC 4.1: The suggested strategic objectives for the plan Helping in the decision-making. Assisting in evaluation and control. Establishing discipline. Coordination in the actual work. Properly utilizing resources. Verifying long-term growth. Assist in the motivation of the employees. AC 4.2: Target market The target market for the company’s products will comprise college students, women and men of ages 18 years and above. The other group will include the visitors that come to the country. AC 4.3: Factors for the implementation of the plan For the organization to implement this plan, the following factors have to be taken into consideration. Commitment In this, the top, middle and front line supervisors should communicate the plan and enroll employees in the strategy. 2. Ability and having the willingness to change. 3. There has to be an organizational structure that supports this plan. 4. There has to be the ability to measure progress. 5. They should have a clear understanding of the priorities. References Control M., (2013). Marketing notes book: Marketing strategy implementation and control. marketingnotesbook.blogspot.com. Entrepreneurial insights (2015). The strategic marketing Process: A complete guide. Kotler, P., & Keller, K. L. (2016). Marketing management. Boston: Pearson.
Level 05-Marketing principles and practice – this assignment need more revision and more references only referencing is incorrect ” minimum references 5″ and doesn’t match Harvard referencing style
D/617/1773 Marketing Principles and Practice Level 5 – 15 Credits Sample Assignment Scenario You are employed as a manager in a medium size business which is a limited company and has ambitions to expand. The Managing Director (MD) of the organisation is not a marketing professional and does not have a good understanding of the role of marketing in business. He knows from your CV that you have studied marketing principles and practice and he is keen to use your understanding and skills. At a meeting with the MD you are asked to complete the following tasks. Task 1 Your first task is to help him understand the role of marketing in business. You need to explain to the MD what marketing is and the role it plays in the achievement of business objectives. You have decided to produce a file which addresses each of the topics listed below. You will present the file at your next meeting with the MD. In your file you will include: an analysis of the role of marketing in the achievement of business objectives (AC1.1) an analysis of the external factors influencing marketing in business (AC1.2) an assessment of the role of marketing in not for profit organisations (AC1.3) Merit Task To achieve a Merit, you must add to your file an analysis of how a marketing strategy supports the sales function in businesses. (AC1M1) Task 2 Following a successful meeting with the MD, who was delighted with the file and your analyses, you have been asked to prepare a presentation for the Board of Directors, so they understand the principles of marketing. This will show how marketing will equip the management of the business with more effective tools. The MD wishes to see the materials before they are used at the Board Meeting. He has also made it clear that, as the Board members are involved with other activities outside of the business and are busy, the presentation must include slides and an accompanying handout that they can read following the meeting. The presentation and handout must cover the following. an analysis of the different elements of the marketing process (AC2.1) an explanation of the methods of segmenting markets (AC2.2) an analysis of the principles of digital marketing. (AC2.3) Merit Task To achieve a Merit, the presentation and handout must include an evaluation of the benefits of segmenting markets. (AC2M1) Distinction Task To achieve a Distinction, the presentation and handout must include an analysis of the challenges businesses face to market effectively. (AC2D1) Task 3 Your work and the meeting which followed could not have gone better! The Managing Director has revised your job description and given you particular responsibility for marketing the business. He has allocated three employees to assist you. The employees are new to marketing, so you decide to produce a training pack for them to help them understand how they might apply different marketing methods. In the pack you should: analyse different methods of researching a market (AC3.1) evaluate the use of the different channels for digital marketing (AC3.2) Distinction Task To achieve a Distinction, the training pack must include a proposal for ways in which the current challenges for digital marketing could be overcome or mitigated. (AC3D1). Task 4 The Board of Directors is delighted that marketing is now a key function in the business and there is a marketing expert of your calibre, who can advise them on how marketing could revolutionise the business! You have been asked to develop a marketing plan for a specific product or service. This plan must include the following sections: The proposed strategic objectives for the plan (AC4.1) A determination of target market/s for the selected product or service (AC4.2) A consideration of factors which will be relevant to the implementation of the plan. (AC4.3) Guidelines for assessors The assignments submitted by learners must achieve the learning outcomes and meet the standards specified by the assessment criteria for the unit. The suggested evidence below is how learners can demonstrate that they have met the required standard. Task number LOs and AC Suggested evidencePASS Suggested evidence MERIT Suggested evidence DISTINCTION 1 LO1 AC 1.1, 1.2, 1.3, 1M1 The learner must produce a detailed and clearly written file in a style appropriate for review by the Managing Director of a business. AC1.1 The file should demonstrate that the learner has an understanding of how marketing supports the achievement of business objectives, how new products are introduced, how the company decides to enter a new market, expand market share, increase sales and how that can lead to an increase in profits. AC1.2 The learner must also analyse how external factors such as political, economic, social, technological, pressure groups and competitors will influence marketing. The learner should use appropriate tools and/or frameworks to complete this analysis. AC1.3 The learner should demonstrate understanding of the purpose and nature of marketing in not for profit organisation. AC1M1 For a Merit, the learner must break down into component parts and examine how a marketing strategy supports the sales function. This analysis will be wide ranging and show the interdependency of marketing and sales. 2 LO2 AC 2.1, 2.2, 2.3, 2M1, 2D1 The slides and handout must be produced in an appropriate style and format for the intended audience and for the user. AC 2.1 The learner must demonstrate an understanding of the principles of marketing. This will be achieved by a full, in depth breakdown and examination of the elements of the marketing process and of the principles of digital marketing. The analysis must include relevant examples to illustrate the points which are made and show their application in business. AC 2.2 The learner will clearly explain commonly used ways to divide markets into groups which can be targeted differently by different marketing strategies. AC 2.3 The learner should provide a breakdown and analysis of all the key principles in digital marketing. AC2M1 For a Merit, there should be a balanced evaluation of the benefits and drawbacks of segmentation. Exemplar material will show application of segmentation. AC2D1 For a Distinction, the learner will produce a detailed analysis of the challenges organisations face in marketing. The learner should use exemplar material to illustrate the points made. 3 LO3 AC 3.1, 3.2 3M1, 3D1 The training pack must be produced in an accessible and professional format for colleagues. AC3.1 and AC3.2 The pack will include a detailed breakdown and examination of common methods for researching a market, and a reasoned evaluation of the different channels commonly used for e-marketing. The evaluation should lead to judgements AC3D1 For a Distinction, learners will propose a range of specific and realistic methods to overcome the identified challenges of digital marketing. 4 LO4 AC 4.1, 4.2, 4.3, 4M1 The learner will develop a marketing plan for the specific product or service chosen. The marketing plan can be for a new or an existing product, or service supplied to the market. This must be agreed with the tutor so that the choice is appropriate and will ensure there is sufficiency of evidence to meet the standards. The plan must cover the different elements listed in the task. AC4.1 Strategic objectives might include expansion of market share, increased sales, increased profits, and enhanced reputation. However, they must be appropriate for the chosen product or service. AC4.2 The learner will relate market segmentation to the selected product or service using relevant demographic, socio-economic or psychographic information to explain the decisions taken. AC4.3 To conclude the learner will provide a consideration of the factors relevant to the implementation of the plan. This might include an estimation of the required marketing budget, any resourcing requirements, and recommendations of how the implementation for the plan will be monitored and controlled, along with highlighting any possible barriers to implementation. Sample assignment November 2018

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