assignment 1

Assignment 1 of Khizar Malik

Postgraduate Diploma in Business Management

Unit Code: C719/002

Khizar Malik_Assignment 1

Introduction

Marketing principles concern with the some common and important aspects of marketing

practices of a business. We know that marketing is the process of delivering key information

of product and/or service of a business towards target customers. So, there may have some

common principles in marketing of that business to achieve both marketing and

organizational goals and objectives.

This assignment has been designated to discuss and explain some of the common issues and

concerns of marketing principles including marketing concept and its elements; benefits and

costs of marketing; factors affecting marketing; market segmentation and targeting; buyer

behaviour; product development; market positioning strategy; extended marketing mixes and

so on. All of the questions will be answer in accordance with the case studied organization,

i.e. Barclays Bank, a leading financial institution in the UK.

So, the author would like to mention that this assignment will be able to cover all of the

relevant learning outcomes and thus will be able to improve knowledge and understanding of

the marketing principles module both from academic and organizational point of views.

1


Task 1

1.1. Various elements of the marketing concept

Marketing is one of the most common and important part of a business that focus on the

delivering of key information of particular product and/or service to target market/customer

(Kotler and Armstrong, 2009). So, from this definition of marketing, it is clear that there are

various elements within the marketing that can be shown as follows-

Consumer behaviour: Consumer behaviour is the most priority feature in marketing

that mainly focus on the different characteristics of the consumer as well as their

attitudes and perceptions about products and/or services of a business.

Consumer ethics: Consumer ethics concern with ethical consideration by a business

during the development and implementation of marketing policies and practices by

that business in relation to deliver message of the product and/or service to the target

customer.

Advantages and challenges of marketing: Marketing has some sorts of advantages

to a business to increase sells of particular product and/or service while there may

have some challenges to reach to the right customer with right product and/or service

through applying most effective and appropriate marketing policies and practices.

Thus, along with some non-major elements, the above mentioned elements are very common

in marketing concept of a business.

1.2. Benefits and costs of marketing orientation for Barclays bank

Singh (2004) has mentioned that marketing orientation is cornerstone of marketing

management of a business. He has also noted that marketing orientation is one of the critical

factors in superior performance and long-term success of the business in recent competitive

business environment. Thus, it is clear that there some benefits as well as cost of marketing

orientation within a business.

From the case studied information and other sources, the author would like to mention some

of the benefits and costs of marketing orientation for Barclays Bank-

Benefits of marketing orientation: These include-

i. To introduce appropriate products and services to two major segment of

customers, such as retail customers; and corporate and investment customers.

2


ii. To explore specific needs and demands of each customer and client and thus

create appropriate market segment at the business.

Costs of marketing orientation: These include-

i. The business need to spend more time and money to conduct marketing research

for the purpose of exploring needs and demands of the target customer.

ii. There may have difficulty to introduce right product as well product development

to create value propositions in current competitive financial market in the UK.

At the end, despite of having some costs of marketing orientation at Barclays Bank, the

author would like to say that there are more benefits of marketing orientation to provide

specific product and service to particular segment of customer.

3


Task 2

2.1. Macro and micro environmental factors affecting marketing decisions

Marketing decisions are important part within a business in which there are both macro and

micro environmental factors that can affect marketing decisions (Jain, 2010).

The author would like discuss and explain some of the major macro and micro environmental

factors that have crucial influence and impact on marketing decisions as follows-

Macro environmental factors: Jain (2010) has mentioned following major ones as follows-

i. Demographics of the customer: Some of the demographic characteristics, such as

age, income level, and educational background etc. have vital impact and influence on

marketing decisions of a business.

ii. Economic conditions: The nature of economic growth and economic recession can

affect marketing decisions of a business.

iii. Political conditions: The overall political conditions as well as some rules and

regulations adopted by the government or political parties has influence on marketing

decisions.

iv. Social values: The concern for social values providing by the business has vital

impact on the development and implementation of marketing practices within a

business.

Micro environmental factors: Jain (2010) has mentioned following major ones as follows-

i. Customers: Customers are the people who buy and/or consume a product and/or

service of a business. So, in marketing decisions, the customers have vital influence

and impact to make right decisions to deliver key message of product and/or service

to them by the business.

ii. Suppliers: Suppliers are the people who supply either raw materials or produced

goods or both have significant influence and impact on making marketing decisions

by a business.

iii. Competitors: Competitors are the existing businesses in the same market who are

offering same and similar products and/or services to the customers. Thus,

competitors are impact micro environmental factor affecting marketing decisions by a

business.

4


Identifying and applying targeting strategies to find solutions with example of problem

Based on the case studied information, it is clear that Barclays Bank has been facing mainly

problem of low market share in the financial market within the UK. Based on this problem,

the author would like to mention the introduction of student accounts by the Barclays bank.

This targeting strategy at the business has been designated in such a way that reflects the

commitments of Barclays bank to provide quality financial services to a new segment of

market, such as students. For example, the case study information shows that after

introducing student accounts Barclays bank become second from third among four top market

leaders in the financial market within the UK.

At the end, the author would like to say that Barclays bank has introduced right and relevant

targeting strategy, i.e. student accounts to find solution with particular problem, i.e. low

market share in the financial market in the UK.

2.2. Segmentation criteria for two products in different markets

McDonald (2012) has noted segmentation is one of the most important issues in marketing

principles. Segmentation is defined as the process of dividing target market and/or customers

on particular characteristics including demographic segmentation, psychological

segmentation, behavioural segmentation and geographic segmentation (McDonald, 2012).

Thus, from the above explanation and discussion on segmentation in marketing, it can be

noted that there are several segmentation criteria for product of a business. The author would

like to mention following segmentation criteria for two products in different market-

i. Age level or age group can be regard as important segmentation criteria for two

products, such as type of account at bank and type of product at retail business.

ii. Nature of market can be considering as effective segmentation criteria both for

products at financial market and retail market.

iii. The attitudes and perceptions of getting financial services can be termed as

segmentation criteria at financial market while the attitudes and perceptions can also

be used as segmentation criteria to introduce right product at retail market.

5


2.3. Targeting strategy for selected product/service

According to Lamb et al. (2011), targeting strategy is the particular means and ways by

which a business may target a segment or group of customers. They have mentioned that

targeting strategy has vital influence and impact on launching or introducing right

product/service to the target market/customer. Thus, Lamb et al. (2011) have noted that

targeting strategy is important step in marketing principles of a business.

The author would like to mention following targeting strategy for business account services

at Barclays bank-

i. The business need to select people who have more interest to open account either

personal or business. So, after selecting people, the business should offer particular

benefits and facilities of opening business account at the bank compare to other

competitors in the financial market.

ii. The organization need to carry customer satisfaction survey and interview about the

performance of the business account services and thus need to improve existing

policies to offer better services to the customers.

2.4. Buyer behaviour affecting marketing activities in two different buying situations

According to Jain (2010) buyer behaviour reflects the overall attitudes, perceptions,

expressions and feedback toward a particular product and/or service of a business. The nature

of buyer behaviour differs for various reasons, such as changes in buying habits, changes in

life styles and standard, social environment, changes in income level, social status, choices

and preferences and changes in technology etc. Thus, it is clear that buyer behaviour can

greatly affect marketing activities of a business to reach target customer with particular

product and/or service by that business.

The author would like to explain how buyer behaviour affects marketing activities in two

different buying situations as follows-

i. Some of the customers and clients are having more interest using online services

rather than branch services within the financial market. While, some of the customers

are more willing to use online purchase than store purchase within the retail market.

So, it can be noted that buyer behaviour affecting marketing activities in two different

buying situations.

6


Product strategies used by different companies to sustain competitive advantage and

justification of those product strategies

The author would like to mention some of the most effective product strategy using by

different companies to sustain competitive advantage as follows-

i. Tesco plc is the leading retail supermarket chain that has been focusing on the selling

of both food and non-food items through two major retailing formats, such as in-store

selling and online selling to sustain competitive advantage in the market.

ii. BMW is one the leading car manufacturers in the world that has been focusing on the

development of product through concerning customer’s order to sustain its

competitive advantage in the market.

iii. Barclays bank is a leading financial business in the UK that has been designing its

products and services in accordance with the demands and needs of both individual

customers and corporate customers to sustain its competitive advantage in the market.

All of the above mentioned product strategies using by different companies are most effective

and appropriate to launch or introduce right product for the target customers and thus gain

competitiveness in the market.

Finally, the author would like to say that product strategies are crucial to gain competitive

edge in the market and thus to sustain competitive advantage in the current competitive

market in which a business operates and manages its business.

2.5. New positioning strategy for selected product/service

Positioning strategy is concern with reaching right place with right product by a business.

Positioning strategy can be derived from different aspects such as product attributes, market

competition, application of technologies etc. (Sengupta, 2005).

The author would like to mention following new positioning strategies for business account

services at Barclays bank-

i. We have seen that Barclays bank has been providing financial services to business

account holders in some cases. But there are huge opportunities to create a new

position in the business account services through providing some extra services, such

as overdrafts, credit facilities in purchase and so on.

Task 3

7


3.1. Product development to sustain competitive advantage

Product development is one of the most common and important tasks for a business to obtain

and sustain competitive advantage. According to Lamb et al. (2011), product development is

the process of creating new product as well as adding new features and some extra benefits or

facilities to existing product by the business. They have mentioned that product development

is considered as the source of competitive advantage for a business.

Based on the case study information of Barclays bank, it is clear that the business has been

developing its products in accordance with the demands of the current market and current

market share within the financial market. For example, Barclays bank having problem of low

market share in the financial market and for the purpose of increasing market share, the

business has introduced student account services that has been acting as competitive edge for

the business.

Thus, the author would like to mention that product development can be termed as most

important part or task for a business to sustain competitive advantage.

3.2. Arranging distribution to provide customer convenience

In marketing principle, distribution is very important aspect for a business that is designated

to make sure products and/or services are available to customers in most convenient ways.

For example, Ross (2004) has mentioned that distribution that ensures easier and simpler

access to goods and services of a business by the customers is considered as the fundamental

aspect in gaining and sustaining competitive advantage. So, he has noted that a business

should arrange distribution in such a way that will provide customer convenience to get the

products and/or services and thus can help the business to build strong brand position in the

competitive market.

In case of Barclays bank, the business has been arranging its distribution both in-store and

online financial services to its customers and clients. The company has been operating its

branches mainly at high street areas within the country (Barclays plc, 2013). So, it can be said

that distribution is most appropriate to provide customer convenience at the Barclays bank.

3.3. Setting of prices to reflect organization’s objectives and market conditions

Price is one of the most common and important aspects in marketing principles. A business

need to set price to reflect business commitment towards the customers. For instance, the

8


author has revealed that there are some internal factors, such as firm’s marketing objectives,

marketing mix strategy, and organizational factors etc. The author has also revealed that there

are some external factors, such as nature of market and demand, competition, and other

environmental factors etc. All of these external and internal factors have crucial influence and

impact on the setting of prices for its product and/or service of a business (Studymode.Com,

2013). As an example, the author would like to mention that Barclays bank has been running

account for its customers either with monthly fees or without fees depending on the customer

type (Barclays plc, 2013). Some of the competitors are also providing almost same and

similar services in the financial market. Thus, it can be said that Barclays bank has been

setting prices for its products and services that have been reflecting organization’s objectives

as well as market conditions in the financial market.

Logical and coherent argument in support of recommended marketing mixes

Marketing mixes concern with some of the most appropriate aspects, such as product, price,

place, promotion, people, process and physical evidence etc. All of these aspects have been

playing significant and crucial roles in developing and applying effective and appropriate

marketing principles. At the end, the author would like to opine that recommended marketing

mixes have been playing crucial roles in achieving marketing as well as organizational goals

and objectives.

3.4. Integration of promotion activity to achieve marketing objectives

According to Gitman and McDaniel (2008), promotional activities are the particular activities

carried out by a business to increase sales of particular product/service. Some of the most

common promotional activities include- special offers, discounted prices, personal selling,

sales promotion, advertising, and public relations etc. All of these activities are most

important and vital to achieve marketing objectives, particularly to deliver key message about

product/service of a business. Thus, the author would like to say that there is need for

integration of promotional activities to achieve marketing objectives. For example, the case

studied organization, i.e. Barclays bank need to carry out personal selling activities to create

positive image about student account services among the students of colleges and universities

for the purpose of achieving marketing objectives.

3.5. Additional elements of extended marketing mixes

Marketing mixes mainly concern with four major aspects, such as product, price, place and

promotion. But there are some additional elements in extended marketing mixes that include

people, process and physical evidence (Gitman and McDaniel, 2008).

9


People: People are the employees who are involved in producing products and delivering

services to the customers. People have vital influence and impact on the development and

implementation of effective and appropriate marketing principles within a business.

Process: Process concern with the particular pathways by which a business produces a

product and deliver a service to target customer. Process has been playing vital roles in

creating most effective and appropriate marketing principles within a business.

Physical evidence: Physical evidence concern with the visible features and characteristics of

the product and/or service provided by a business to the customers. Physical evidence has

been playing vital roles to create positive image among the customers of particular

product/service of a business and thus developing effective and appropriate marketing

principles within the business.

Limitations of the recommended marketing mixes

The author would like to mention some of the following limitations of recommended

marketing mixes-

Recommended marketing mixes are complex in nature and very difficult for a

business to adopt it to achieve marketing objectives.

There may have issues and concerns that need to consider by the business to develop

and implement marketing principle with considering all of the elements of

recommended marketing mixes.

The concern for ethical practices in marketing is one of the most common

challenges in recommended marketing mixes.

Task 4

4.1. Marketing mixes for two different segments in consumer market

The author would like to mention marketing mixes for two different segments in consumer

market, such as retail market in a table as follows-

10


Table: 4.1. Marketing mixes for two different segments in consumer market, such as retail

market

Key feature in

marketing mix

Market segment: In-store

selling

Market segment: Online selling

Product The business need to display

product at the store.

The business need to provide all

relevant information and picture of

product at the website.

Price The business should put price

for each product at the store.

The business should provide

information about price of each of

product.

Place There should be particular

arrangement of product into the

shelves at the store.

There should be product information

at the web site rather than physical

existence of the product.

Promotion Sometimes the business can

reduce price and/or provide

special offers in particular

product.

The business need to provide

promotional activities within the

website to catch the attention of the

product.

Source: Author’s analysis

4.2. Differences in marketing of products and services to organizations rather than

consumers

Marketing of products is most common and important feature in marketing principles.

According to Kotler (2005), marketing of products are defined as the particular pathways by

11


which an organization deliver key message or information about particular product to target

market/consumer. Kotler (2005) also mentioned that marketing of services are the invisible

activities carried out by the business along with marketing of products and selling of products

to the target market/consumer. Thus, from the definition of marketing of products and

marketing of services, it is clear that there are some major differences to organization rather

than consumers.

The author would like to discuss major differences in marketing of products and marketing of

services as follows-

i. The business may need to use existing channel of marketing system to market new

product as well as existing product, while there is no need of using channel of

marketing system in marketing existing services by an organization.

ii. The business may need to carry out several promotional activities in relation to

market product, on contrast there is no necessary of promotional activities in

marketing of services by the organization.

4.3. How and why international marketing differs from domestic marketing

International marketing is defined as the processes and activities of disseminating

product/service information within the international markets. On the other hand, domestic

marketing is the approach of providing relevant information of product/service to target

12


customer within the country (Kotler, 2005). So, depending on the nature of the marketing

practices and policies, international marketing differs from domestic marketing.

There are several reasons for which international marketing differs from domestic marketing.

In accordance with the discussion and explanation from Kotler (2005), the author would like

to mention following reasons for which international marketing differs from domestic

marketing-

i. International marketing is designated to catch attention and provide information to

large number of population of different countries of particular product/service, while

domestic marketing is designated to deliver message of particular product/service to

wider population within the country’s market.

ii. The key purpose of international marketing is to create strong brand name and image

among the different people around the international markets, on the other hand,

domestic marketing is focusing on the creation of brand name and image among the

domestic customers.

iii. There are several things, including political, economical, social and cultural factors of

multinational people need to consider by the business to develop international

marketing practices and policies. But in case of domestic marketing, there is need for

considering all of those factors of country’s people.

Task 5

5.1. Planning, managing and organizing training sessions to cater the needs of 10

representatives

13


The author would like to plan, manage and organize training sessions to cater the needs of 10

representatives as follows-

i. Arranging pre-training session: The author will carry out pre-training for the purpose

of discovering main issues and concerns of training session. Based on the discussion,

the author will develop key purposes and objectives of the training session.

ii. Conducting main-training session: The author will provide most factual and relevant

information about the key issues on training program. There will be equal chance of

discussing and explaining on particular issue by the participant after presenting

information by the author and other trainers.

iii. Assessing training activities through post-training evaluation: At the end, the author

will assess overall training programs through collecting feedback and suggestions

from the participants.

Finally, it can be say that by completing all of the activities, the author will be able to plan,

manage and organize training session in such a way that will help each participant to improve

knowledge and understanding about key issues of training program.

Justifying plan and lateral thinking

The author has make most effective and appropriate plans for the completion of training

program that is designated to cater the needs of different representatives who are mid-level

managers of different business. For example, the author has divided three major steps to start

and complete the training session along with evaluating the training program itself.

Thus, the author would like to opine that there will be adoption of maximum efforts to carry

out training session and thus provide all relevant and factual information to each participant

and thus improve knowledge and understanding about major issues discussed and explained

in the training session.

Conclusion

Marketing principle is common aspect of a business that has been helping a business to focus

on the current trends and conditions as well as demands and expectations of the market and

14


thus to develop and implement effective and appropriate marketing practices and policies to

achieve both marketing and organizational goals and objectives.

Under this assignment, the author has discussed and explained some of the most common and

related issues and concerns of marketing principles with case study organization, such as case

study of Barclays bank, a leading financial institution in the UK.

In conclusion, the author would like to say that this assignment has covered all of the relevant

learning outcomes of marketing principles module and thus helped to improve knowledge

and understanding from academic and organizational perspectives about the module.

15


List of references

Gitman, L. J. and McDaniel, C. D. (2008). The future of business: the essentials. Mason,

USA: South-Western Cengage Learning.

Jain, A. (2010). Principles of marketing. New Delhi, India: V. K. (India) Enterprises.

Kotler, P. (2005). Principles of marketing. Essex, UK: Prentice Hall/Financial Times.

Kotler, P. and Armstrong, G. (2009). Principles of marketing. Global edition/13th edition.

New Jersey, USA: Pearson Education Inc.

Lamb, C. W., Hair, J, F. and McDaniel, C. (2011). Essentials of marketing. 7th edition.

Mason, USA: South-Western Cengage Learning.

McDonald, M. (2012). Market segmentation: how to do it and how to profit from it. West

Sussex, UK: John Wiley & Sons Ltd.

Ross, D. F. (2004). Distribution: planning and control-managing in the new era of supply

chain management. 2nd edition. Massachusetts, USA: Kluwer Academic Publishers.

Sengupta, S. (2005). Brand positioning: strategies for competitive advantage. 2nd edition.

New Delhi, India: Tata McGraw-Hill Publishing Company Limited.

Singh, S. (2004). Market orientation, corporate culture and business performance. Hants,

UK: Ashgate Publishing Limited.

16

assignment 1

Documents