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Principle of Marketing

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Introduction of Marketing

Marketing is defined as transfer of goods and services from manufacturer or seller to their customer. It includes promotion, advertising, selling, production and storing. Marketing include all activities which is conducting for purpose of sales. It refers to transfer of goods and services to people for providing full satisfaction them and earning huge amount of money as well. The present report is based on Furniture Village of UK. It is an furniture retailer which transfer their products in a worldwide. It has around 45 stores in United Kingdom and provide of variety of wooden products in international market. The organization may use internet for marketing of their product and people can purchase their product from online store. It consist product, price, place and promotion which help company to improve their performance and build market image as well (Armstrong, Denize and Kotler, 2014).

TASK 1

Marketing stands for deliver of products and services to local people. Internal and external factors of entities are affected their existence. External factors of Furniture Village are having a impact of their marketing programme (Lilien, Rangaswamy and De Bruyn, 2013). These factors are as defined below:

Political factors-

These factors defined as stability in political environment which having a impact on marketing of organization through various types rates and taxes. Government framed some rules and regulations related with tax policies and trading agreements which affect marketing of Furniture village. Usually, company delivers its products and services in various locations and use different types of marketing process which help company to increase its sale and level of earning as well. Attitudes of political movements are need to stable otherwise they affect entities.

Legal factors-

These factors are also having impact on marketing of Furniture village. It include employment laws and consumer protection laws which may affect existence. Further, marketing is a key element in every company which assist them to increase their level of earning (Donovan and Henley, 2010).

Economical factor-

As Furniture village use marketing process in various countries which is different from one country to another. These factor include monetary policy, inflation rates, economic growth rate and level of employment and unemployment. High rate of economic factor may affect directly or indirectly to marketing programme. If country having high rate which purchasing power of people is also high and they buy large number of goods of furniture village. But situation is different in the case on law economic rate.

Technological factor-

Most of the companies use advance technology in marketing programme which help them to build market image. Furniture village use internet, E-commerce and latest technological equipment for the purpose of marketing. The company engaged in the business of transfer wooden products in international market which is a largest wood retailer. Also these factors provides new methods and innovations with the help of new technologies (Peltier and et.al, 2010). Internet play a vital role in this process, which help company to promote its goods and services in different countries and perform marketing function for attract more customer towards their wooden goods. Customer also purchase their product through online store which can they order online and get product at home without any physical effort.

Environmental factor-

These factors affect marketing process of company. It involves affect of natural resources which recycle procedure which having impact on existence of organization.

Socio-cultural factor-

These factors include costume, tradition, cultural and beliefs. Every company have to use marketing of that product which are according to the cultural and tradition of people. Cultural having a more impact on marketing programme because Furniture village deliver its goods and services in many countries which all have different tradition. It include age distributions, demographics, distribution of health etc.

TASK 2

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Managers and leaders of Furniture village have to perform task in order to manage marketing and segmentation programme. Through strategies are effective and produce able to increase earning efficiency and level of profit as well. Marketing department of Furniture village prefer different segmentation strategies which are effective in nature and help company to attain their desired long term goals and objectives. Segmentation strategies consist variable elements such as, age, lifestyle and gender (Hair and et.al, 2012). Some various ways to segmenting market are as follows:

Geographic segmentation-

Furniture village use this type of strategies for enhance their market present and attract more customer. Managers use this strategy in which divide market according to climate, market size and states. Most of the organization use climate if their goods and services are related with climate of that place. Furniture village deliver its wooden products in different country according to their taste, nature and preferences. Staff members of company make plans and strategies in order to promote their product in various places and deliver those goods which have ultimate demand in that country (Brown, 2015).

Demographic segmentation-

This factor is play a extremely vital role in every organization of marketing department through which members can easily get information and affect purchasing pattern of their customer. This segmentation includes ethnic back ground, family life cycle and income through which organization may deliver product accordingly. Further, furniture village is interested in family life cycle. It produce wooden products in order to provide proper comfort to each family. They produce bed, table etc. with good comfort material stuff. Usually, luxurious items attract more people which provide full comfort to their customer and give opportunity to company to increase their number of consumers. So that, in order to attract more families they use internet and e-commerce for marketing their goods and services in various places (McCabe and Meuter, 2011). Marketing include advertising and promotion function. Advertisement can be done by companies vie social media, television and road shows. Road show is a attractive way of marketing all people can know about company either use internet or not. Families can also purchase its wooden material with the help of online store or can order online and get product at home.

Behavioural segmentation-

It is key factor of marketing, which divide public on the basis of their behaviour, response and product knowledge. Customer behaviour is the method which every organization needs to understand deeply. This change because people have various options in market and they have to choose few and of-course they take decision instantly without any previous planning. Managers needs to provide goods after doing research on people behaviour. Further, Furniture village transport its product which can easily attract customer and they select instantly (Challagalla, Murtha and Jaworski, 2014). They have to use marketing programme which is according to the behaviour of public.

Lifestyle segmentation-

Firstly, every organization needs to divide their customer into subgroups then identify their demands and wants then deliver goods accordingly. Every person have some expectation from particular brand and want to get that same product which companies have to introduce in market. Further, Furniture village needs to produce wooden stuff according choice of people.

TASK 3

Perceptual mapping is a grammatical technique for identify perceptions of customer and determine position of company in market (Grönroos and Gummerus, 2014). In this map differentiate product, price, brand and quality between two or more different companies. It is a advantage for organizations to better understand their customer and provide goods and services to them according to their demands and need. Continuous use of maps provide advantage to Furniture village for identify customer demand for other brands and determine changes. Through this companies can also evaluate the potential of their customer and easily compare between two or more entities. Perceptual maps help companies to show their positing in international market and help them to evaluate business presence in market (Abdullah and Ismail Ahmad, 2010). It is prepared by placing various types of products of same nature and differentiated products as well. It is the biggest advantage for companies to improve their performance and analyse their weaknesses to work on them and try to improve them.

Illustration 1: Perceptual map

According to above mentioned diagram of perceptual map it is clear that Furniture village is more effective then other organizations like dfs, Argos, John Lewis and IKEA. As a more effective in nature Furniture village attract more customer and can able to improve their ;performance in international market (Nicholson and Oliphant,

According to above mentioned diagram of perceptual map it is clear that Furniture village is provide high quality of goods and service and maintain less price of their product. Law prices of product attract more number of customer and high quality fulfil their demand and maintain market share as well. High quality of wooden stuff provide better level of comfort to their customer which increase their earnings.

TASK 4

Ansoff's matrix plan refers to strategic planning tool which assist company to make plans regarding future growth. Managers and leaders of Furniture village are able to build market image and improve growth as well. Ansoff matrix define strategies which are the set of directions for organizations. Here, some strategies are defined below:

Market penetration-

It is growth strategy which support company to sale existing goods and services in existing market. The main advantage of this factor is, it can build market share in international or domestic market which increase their level of earning as well. Some basic objective of market penetration are as aligned below:

  • It can help companies to maintain market share of their present goods and services by making proper planning of pricing, advertising, promotion, production, selling and storing.
  • By introducing loyalty in product, Furniture village can increase their number of customer and put it in a profitable position.
  • By making pricing strategies companies can sale their current products and secure market growth of these goods and services.

Market development-

It provides an opportunity to sale present products and services in new market in order to increase number of customer. In market development companies have to change selling process like Furniture village can retail their products and services via online order or mailing system. They have to use new distribution channel for promoting them in new market. Use various pricing policies which for attract more people and increase their number of customer as well.

Diversification-

In this type of strategy, Furniture village may introduce new products in new market which can build market share and improve their performance in international market. It may become risky for companies because they don't have experience in that market. But it provides greater rang of growth.

Diversification-

In this type of strategy, Furniture village may introduce new products in new market which can build market share and improve their performance in international market. It may become risky for companies because they don't have experience in that market. But it provides greater rang of growth.

Marketing mix define as companies need to put right product, at a place, at a perfect price in order to meet needs and demand of their customer. Here, 4Ps which are define the marketing situation are as follows:

  • Product- It refers to an item which produce and deliver in market to meet customer demand and fulfil their goals and objective. Furniture village offering various types of wooden product which are introduce in international market with providing proper comfort to them. By selling product to people and in consideration organization can take money which becomes profit for them. Marketing is important for every entities to introduced it between people and increase sale as well.
  • Price- It is an amount which is paid by customer in order to enjoy product. The price must be reasonable so that customer can easily attracted towards it and able to purchase them. If price of goods and services are set at a affordable rate people can purchase it more for satisfy their needs and organization earn more profit.
  • Place- It is a location where companies can promote their goods and services in order to introduce them in market. Distribution is play a vital role in marketing mix. Organizations have to provide and distribute its goods and services where customer demand are high (Varey, 2010).
  • Promotion- It can assist Furniture village to boost their market share and sale of their goods and services. It refers to introduce product in international market through which customers are able to know about their products.

TASK 5

4Ps are having impact on consumer behavioural model. Various stages of fulfil the needs of their customer and to meet customer demand or requirement. Different stages which Furniture village needs to work on that which are as aligned below:

Problem identification-

This step identifies the customer need and every organization try to meet them in order to earn profit. It is an process of recognizing requirement of buying behaviour and try to fulfil them in timely and efficient manner. Higher authority can gathering information and data from people and identify their basic demand for wooden elements of Furniture village.

Information research-

It define that, interested customer can collect information from various places and then purchase product. They gather data through reading information, watch television, read something on internet etc (Clinton, Marco and Chu, 2010). Social media play a important role in providing information to people and give knowledge about products and they can take decision regarding buying of goods.

Evaluation of alternatives-

Consumers have various options to purchase things from market. They may select one item from different types of goods and services. Most of the competitors of Furniture village which produce homogeneous product can increase competition in market. Customer can buy goods after collecting entire information and make comparison between them (Young, 2014). They select one which provides higher level of satisfaction to them.

Purchase decision-

At this stage consumer select one brand from various brands which offering better level of satisfaction to them and fulfil their needs as well. Further, most attractive brands and products attract number of customer which help company to increase their revenues.

Post purchase decision-

Customers buys the goods and services with certain expectation which provide higher level of satisfaction to them.

4Ps having impact on customer demand which define as follows-

Product-

Every organization needs to produce product and services according to needs and requirement of their customer (Varadarajan, 2010).

Price-

Furniture village needs to set reasonable price of their wooden stuff because affordable prices are easily purchase by customer and provide higher level of satisfaction to them. Higher prices can decrease number of consumer it cause loss to organization.

Place-

Effective place may attract number of customer and increase them as well.

Promotion-

Companies have to use social media and internet for promoting their product and services across the boundaries or in domestic country. Advance technologies are also help organization to promote their goods and international market and introduce new product between them.

Conclusion

On the basis of above report, it has been concluded that marketing management of Furniture village are affected through external factor which affect their existence. Product, price, place and promotion are having impact on customer demand and consumer behaviour. Perceptual mapping is a grammatical method which help companies to identify perception of customer and determine position of company in international market (Allred and Addams, 2013).

References:

  • Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.
  • Lilien, G.L., Rangaswamy, A. and De Bruyn, A., 2013. Principles of marketing engineering. DecisionPro.
  • Donovan, R. and Henley, N., 2010. Principles and practice of social marketing: an international perspective. Cambridge University Press.
  • Peltier, J.W., and et.al, 2010. Teaching Information Privacy in Marketing Courses: Key Educational Issues for Principles of Marketing and Elective Marketing Courses. Journal of Marketing Education. 32(2). pp.224-246.
  • Hair, J.F., and et.al, 2012. An assessment of the use of partial least squares structural equation modeling in marketing research. Journal of the academy of marketing science. 40(3). pp.414-433.
  • Brown, B.S., 2015. A Multiple Discriminant Analysis Prediction of Performance in Principles of Marketing. In The 1980’s: A Decade of Marketing Challenges (pp. 112-115). Springer International Publishing.
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