Principles of Marketing.docx - Principles of Marketing...

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Principles of MarketingStudent Number:Date of Submission:Word Count:3161
Table of ContentsIntroduction:............................................................................................................3LOs 1 & 2.................................................................................................................3Section 1 - Marketing Environment and Planning Process:................................3Elements of Marketing Planning Process:............................................................3Marketing Environment:........................................................................................4The Extended Marketing Mix (7Ps):.....................................................................5LO 3..........................................................................................................................6Section 2 - Segmentation, Targeting & Positioning:.............................................6Segmentation:..........................................................................................................6Targeting:.................................................................................................................6Positioning:...............................................................................................................7LOs 4 & 5.................................................................................................................8Section 3 – Marketing Mix Analysis:.....................................................................8References:.............................................................................................................10
Introduction:The marketing ideas that a company uses for an operative marketing strategy which are agreed-upon by the different officials, directly or indirectly related to the company are the Principles ofMarketing. The soft drink manufacturer selected for the report is Paisley drinks company. Thisreport will introduce a brand-new soft drink in United Kingdom named “Pina Colada”.Reviewing the market analysis of this new soft drink in order to guarantee the success of thisnew product in the market and moreover make a global reach of the company is the sole purposeof this report.LOs 1 & 2Section 1 - Marketing Environment and Planning Process:Elements of Marketing Planning Process:A systematical and operational approach for planning, estimating and keeping all the marketingneeds and objectives in coordination is the Marketing Planning Process. In most cases, it is anannual process which covers the whole planning of the year forward. Under this planningprocess Paisley Drinks Company needs to find a way to discover the exact needs of thecustomers and include it in their new line of soft drinks. This planning process can be outlined ormodelled in a series of steps: Situation analysis to identify opportunities, formulating amarketing strategy, marketing mix decisions are made, implementation of the plan while keepingeverything under control through precise monitoring, sales and budget.Situation Analysis:Analyzing the whole situation of the soft drink company which it is in willserve as the root to identify the needs and demands of the unfulfilled customers. The companyshould also keep in mind their own capabilities and the environment in which they are functionalor want to be functional in further future. As a result, the company can take further attempts tofulfill demands within their own capabilities to advance in the market Example: 5C analysis, Pestanalysis, SWOT analysis etc.Marketing Strategy:A solid plan to reach out to potential consumers to get paid from them forthe provided goods and services is a Company’s Marketing Strategy.After identifying the needsof the customers, the company can then develop their strategic plan to fulfill their demandkeeping in account their own limits and capabilities. This vigorous strategic planning helps reachthe targeted audience including also those who have never heard of the brand and thus deliver thecompany with an edge over its competition.

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Term
Summer
Professor
NoProfessor
Tags
Marketing, Paisley, Paisley Drinks Co

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