Principle of marketing.docx - Principle of Marketing...

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Principle of MarketingStudent ID:
Contents1.Introduction.........................................................................................................................................32.Section 1- Marketing environment and planning process....................................................................43.Section 2- Segmentation, Targeting and positioning............................................................................74.Section 3- Marketing mix Analysis.....................................................................................................105.Conclusion.........................................................................................................................................13Reference..................................................................................................................................................14
1. IntroductionAccording to Kotler (2017) marketing is all about engaging with the customer by understandingtheir needs and creating a profitable relationship with customers by fulfilling those needs byproviding certain products. Marketing is a long process which starts from understanding themarket and customer’s needs. This report is prepared in the context of Hot Hot Yoga companywhich is a new business of providing yoga lesson in the UK. The report illustrated the overallmarketing process of this business. The macro and micro environmental factor of the UK for thebusiness is also analyzed here. A marketing strategy has been prepared for the company wherethe most suitable target market is identified and the 7p of marketing mix is given for thiscompany considering the target market and the environmental factors.
2.Section 1- Marketing environment and planning process(A) Introducing the product and explaining the component of the marketingplanning process and understanding marketing orientation for the company.According to Sasidharan (2011) yoga is a combination of physical, mental and spiritual activitiesoriginated from ancient India. Hot Hot Yoga is a new business which will provide yoga classes oryoga sessions in the UK. This yoga business would fall into service marketing category. Here theservice marketing process also includes five steps. The very first step is to understand thecustomer’s demand for the yoga lesson. The second step is to identify the target market thatincludes segmenting the market, targeting one or multiple segments based their attractivenessand the feasibility and then establishing unique brand for that segment of customers. In the thirdstep marketers use 7P’s of service marketing mix to provide their service to the customers. Thefourth step is to build a profitable customer and fifth step is to create loyal customer base bydelivering promised value to the customers.Marketing idea and concept has changed quite dynamically over the year. The marketingmanagement orientation has evolved also (Morgan, 2009). At first, it was production concept,according to which people are more likely to buy things that are less expensive and easy toaccess. In this marketing philosophy the business should produce as much as possible and ascheaply as possible. Then came product concept which urges marketer to focus on the productquality because people would buy if the product is very good. Then came selling concept inwhich a big promotional campaign is initiated where the marketer believes that the more theypromote their product the more it will sell. Then came marketing concept which tells to identifythe customer needs and to fulfil that needs. The latest version of marketing concept which is

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