The purpose of this assignment is to:
Provide learners with understanding and skills relating to the fundamental concepts and principles that underpin the marketing process.
Scenario:
Choose a company of the fast moving consumer product with which you are familiar and apply your knowledge of marketing to the company of your choice (Tasks 1, 2, 3 and 4).
Task 1.1 : - Criteria reference- LO1 Understand the concept and process of marketing: 1.1 explain the various elements of the marketing process.
To achieve the criteria the evidence must show that you are able to:
criteria - marketing process overview: marketing audit; integrated marketing; environmental analysis; SWOT analysis; marketing objectives; constraints; options; target markets and marketing mix;
Task 1.2 evaluate the benefits and costs of a marketing orientation for a selected organization
To achieve the criteria the evidence must show that you are able to:
costs and benefits: links between marketing orientation and building competitive advantage; benefits of building customer satisfaction; desired quality; service and customer care; relationship marketing; customer retention; customer profitability; costs of a too narrow marketing focus
Task 2.1: - LO2 Be able to use the concepts of segmentation, targeting and positioning: 2.1 show macro and micro environmental factors which influence marketing decisions
To achieve the criteria the evidence must show that you are able to:
Macro environment: environmental scanning; political, legal, economic, socio-cultural, ecological and technological factors Micro environment: stakeholders; direct and indirect competitors; Porter’s competitive forces
Task 2.2: - propose segmentation criteria to be used for products in difference markets
To achieve the criteria the evidence must show that you are able to:
segmentation: process of market selection; bases for segmenting markets, geographic, demographic, psychographic and behavioural;
Task 2.3: Choose a targeting strategy for a selected product/service
To achieve the criteria the evidence must show that you are able to: benefits of segmentation; evaluation of segments and targeting strategies; positioning;
Task: 2.4 demonstrate how buyer behavior affects marketing activities in difference buying situations
To achieve the criteria the evidence must show that you are able to:
buyer behavior: environmental influences; personal variables – demographic, sociological, psychological – motivation, perception and learning; social factors; physiological stimuli; attitudes; other lifestyle and life cycle variables;
2.5 propose new positioning for a selected product/service
Positioning: definition and meaning; influence over marketing mix factors
LO3 Understand the individual elements of the extended marketing mix:
3.1 explain how products are developed to sustain competitive advantage
To achieve the criteria the evidence must show that you are able to:
Product: products and brands – features, advantages and benefits; product life cycle and its effect, new product development; adoption process
3.2 explain how distribution is arranged to provide customer convenience
place: customer convenience and availability; channel selection; physical distribution management and logistics;
3.3 explain how prices are set to reflect an organisation’s objectives and market conditions
price: perceived value; pricing context and process; pricing strategies; demand elasticity; competition; costs, psychological, discriminatory;
3.4 illustrate how promotional activity is integrated to achieve marketing objectives
Promotion: awareness and image; effective communication; integrated communication process (SOSTT + 4Ms); promotional mix elements; push and pull strategies; advertising, public relations and sponsorship; sales promotion; direct marketing and personal selling; internet
3.5 analyze the additional elements of the extended marketing mix
the shift from the 4Ps to the 7Ps: product-service continuum; concept of the extended marketing mix; the significance of people, physical evidence, and process management
LO4 Be able to use the marketing mix in different contexts:
4.1 plan marketing mixes for two different segments in consumer markets
recommendation of the marketing mixes : 4 or7Ps of consumer product in two different segments
4.2 illustrate differences in marketing products and services to businesses rather than consumers organisational markets: differences from consumer markets; derived demand
Inelastic demand, fluctuating demand; professional purchasing, fewer and larger buyers close supplier-customer relationship; geographically concentrated
4.3 show how and why international marketing differs from domestic marketing.
International markets: globalisation; cultural differences; standardisation versus adaptation; benefits and risks; market attractiveness; international marketing mix strategies