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Marketing Principles & Practice

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Marketing Principles & Practice

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Introduction

Marketing principle & practice is considered as most suitable and relevant exercise for creating the brand awareness and image of the company. There are various marketing concepts such as product strategy, branding and promotional strategy which is important and essential to generate business revenue and profitability (Previte, 2013). This report will be carried on Virgin group which is the British leading multinational venture company founded by Sir Richard Branson. They deals in Aviation, banking, mobile, telecommunication and health care industry. Apart from this, this report will focus on various marketing concept and terminology in regarded with the organisation. Also, this report will put light on relationship of the marketing function with other functional area's of an organisation. This assessment will tell about the marketing concept and principles used in given organisation. Also, this report have discussion over the marketing strategies and programs helpful in achieving the organisational objectives.

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MAIN BODY

A) Explain key concept and terminology applicable to the organisation.

Marketing is the study of management which is related to exchange relationship of both products and services. It is the business process of creating and enhancing the relationship with the customer and work towards satisfying the prospective customers. On the other hand, marketing concept is regarded as philosophy that every firms should understand and realize in order to enriched the customer needs & wants and enables the appropriate decision making for attainment of the organisational goals & targets (Wood, 2017). The marketing concept involves product, selling and market technique concept. In context with Virgin group which is the largest business group who deals in banking, aviation, electronics, healthcare and mobile phones. There are numerous marketing concept & terminology which is related with Virgin group and its business.

Product strategy: This type of strategy always associated with the products or services of the organisation. Here, product means anything that can be seen or not. Simply, services can also be the part of product, which is initiated with the purpose to satisfy the customer needs and wants In context with Virgin group, product strategy of this organisation is unique and advanced with change in current and future scenario of the business. There strategies tells that with the brand name “Virgin” they have own separate area of the business and regulation, so that their customer or audience could recognise their company or group in very positive & proper manner. Virgin group says that their product strategy has been associated with their vision predicts that “ We stand for value of our customer's money by providing optimized quality, innovation, experience and essence of competitive challenge with the competitors. This statement of the Virgin group has been resulted into achieving the milestone and business success over the global platform.

Branding: It is the process to create uniqueness and attraction for name and image of the brand as an entity to replicate the customer's mind and thinking and also create sense of positive in the customer's mind and thought process (Russell-Bennett, 2016). In context with Virgin group, branding is important and core concept for company to enables maximum customer loyalty and gaining brand image and product selling in the market. Virgin group uses Monolithic branding strategy as the part of the marketing activities. This approach predicts that family name “Virgin” has been followed over actual product range of an organisation such as Virgin Atlantic, Virgin mobile and Virgin Australia and other banking and health care services. Because of such response and size of the company, many customer has saw their name in the believed manner and become trustworthy over their products. If one look at the logo of the Virgin company, the person will noticed that, they have used same logo on an aviation, banking, mobile and communication and other product and services. Hence, organisation has decided to colour their logo by red, which is helpful in creating effective image and brand awareness of Virgin Group.

Promotional strategy: This involves TV advertisement, sales promotion, media usage and use of endorsements etc. Virgin group promotion techniques has put positive impact on their customer and clients and also led brand name higher on both domestic and global level. As, it is noticed that advertisement is the big and severe of the promotion and Virgin campaign shows how organisation is delivering their promises and commitment to their customers. Apart from this, it was also noticed that Virgin group TV advertising and campaign has been proved one of the effective and incredible piece of the marketing process. The company logo has become most motivating factor and source for creating good interaction in the mind of customer and clients. Also the brand has mostly on female customer by adopting red colour as their identification mark. The promotion technique of the Virgin group has successfully informed people and their customer on the matter of price affordability, service fulfilment and satisfaction level over the price. This technique is regarded as most clever and persuasive tool for promotion stage (Waite, 2013).

From the above discussion, it has been concluded that Virgin group have used their resources and efficiency at the fullest and complete level to raise the brand image and awareness. Apart from this, it is also advisable that brand should maintain their effectiveness and value for money to their customer. It is also critically analysed that promotion strategies has become supporting factor for every brand to sustain and enables maximum customer satisfaction.

B) Identify how the marketing strategies and programs of the organisation helped in achieving the organisation objectives

Marketing strategies is important to exist into the marketing function and processes to achieve the organisational of an organisation. It involves the mission, vision, strategic objectives and well-defined goals attainments (Waite, 2017). In context with Virgin group, strategic planning process is the key to answer the question appropriately and properly. For this, it is required that Virgin group should do proper and appropriate assessment of their vision, mission, objectives and core competencies for enabling the strategic goals and targets. There will be a discussion over this concept is as follow:

Vision statement: For formulating the strategies, organisation needs to define their value and direction to convert resources into the action plans. In context with Virgin group, it is necessary for this company to set correct and appropriate vision and action plan to inspire their customer to buy and purchase Virgin group products and services.

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Mission statement: Marketing strategies of the Virgin group would help them clarifying their actual mission, targets and future planning to attain the business objectives and customer welfare. Strategic plan will provide virgin group to look at he success and failures. In order to make marketing strategies for maximum customer satisfaction, Virgin group needs to analysis actually where company wants to go, what customer they wants to target and what will be the growth stage in the future (Ennew, 2017).

Goals and objective of the organisation: For identifying and formulating the marketing strategies, Virgin Atlantic needs to set well-defined goals and objectives for which they have constructed their marketing strategies. Apart from this, objectives are considered as the measures for change to achieve the set goals and objectives of the Virgin Groups. The set objectives and goals of the Virgin Groups are as follows: To make profit to attract and keep shareholders happy to keep invest in the company' business and also to expand the business at both domestic and global level to the larger extent.

Core-competencies: In context with Virgin Atlantic, Core competencies is important for organisation to take competitive advantage of an organisation. Core-competencies includes what uniqueness and features company is offering to their customer's. Virgin Atlantic is offering premium, business and first class services to their customer with effective and tasty food and customer services during the trip and flights. Apart from this, they need to take care of customer's future expectancy and taste and preferences for the future business growth.

C) Explain two marketing concepts and principle used in the organisation

For achieving the business and operation objectives effectively and properly, it is required for organisation to follow and do application of the suitable marketing concepts and principle for goal and target accomplishments (Ellis-Chadwick, 2012). In context with Virgin group, there are two best and suitable concepts: STP and 7p's of marketing, for customer identification and understand the impact of product, price, place, promotion etc. on the goals achievements of the Virgin group. The explanation in this context are as follows:

STP refers to Segmentation, Targeting and Positioning. It is an important concept that help the firm to determine its target customers and position its services in a strategic manner. These concepts are described below:

  • Segmentation: This refers to dividing the market into various groups according to their nature such as, geographical, demographical, psycho-graphical and behavioural. Virgin Atlantic would choose customers from Urban Areas of the UK, who are more than 15 years of age and less than 65, earning more than $10,000 and loyal to travelling to distant locations.
  • Targeting: From those above segmented groups, Virgin Atlantic would choose customers living in urban areas of the UK and earning more than $10,000.
  • Positioning: The firm would position its services in such a way that it attracts these customers. For instance, it would market its product using advertisements and social media that would describe its premium quality and enhanced services.

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7 P's of the marketing mix: Marketing mix for Virgin group is comprises of price, product, place, promotion, people, process and physical evidence. For this discussion, two main businesses of the Virgin group are taken into the consideration namely Virgin Atlantic's. The discussion of all mix are as follows:

VIRGIN ATLANTIC is a British second largest long haul airways. It started back in eighties which aim to provide extraordinary quality and value for money to its customers. It was the first airline to provide television facility to business class passengers.

  1. Product : This refers to all the products and services offered by the airline to their passengers. It includes television facility, provided the longest and most comfortable bed in flights and apart from this it also provided the facility of lounges like cocktail bar, hair salon, games room etc. to its customers.
  2. Price : Pricing strategies followed by virgin Atlantic is high as it provides luxury facility to those who have high standards and price is of no concern because people are ready to pay any price for high quality,standard and luxury treatments.
  3. Place : Virgin Atlantic serves its services all over the world. It is one of the largest group of companies and have a big distribution network. It is worldwide entity and is there is all the continents.
  4. Promotion : Company uses different promotional strategies which includes social networks, business magazines, promotion in corporate world to target the big businessmen and women. Advertisements on you tube and naming their flights on female names like ladybird, exclusive flight offers, reward points from business programs etc. is one of the promotional strategies to tap customers.
  5. Process : Process means how and in what way services of Virgin Atlantic are delivered to their final customers. They have a clear vision and mission for delivering their services to customers. Customers can access their services through various modes like internet, mobile applications, etc.
  6. People : People working with Virgin Atlantic are highly educated and trained. They enjoy prestigious status. They are capable of providing extraordinary services to their passengers with all the luxury amenities.
  7. Physical evidence : Physical evidence refers to the environment product and services which are offered to their customers. They provide superior quality and services to their customers like good interiors , basic amenities ,food, comfortable seats in flight, etc.

D) Explain the relationship of the marketing function to other functional area in the organisation

The marketing function is important for every company to build their business, enhancing the brand image & satisfaction and customer satisfaction. It plays an important role in building the co-ordination and strong relationship among different department of an organisation such as marketing, financing, operation, research & development, administration, human resource etc. Such relationship always helpful in co-relate and delegating the task or work to the respective department in an organisation (Jobber, 2017). If co-ordination among different departments are not equal and favourable, it would lead to failure and loss of customer trust's and believe about particular brand. In context with Virgin group, such co-operation of marketing function or department with other functional area has to be carried with purpose to enhance maximum focus towards higher customer satisfaction along with giving priority to profit generation. In context with Virgin group , the following relationship is as follows:

Marketing and human resources: This relationship have resulted in the positive outcome to every company. The main task of marketing functions is to do selling and promotion works to build customer satisfaction and brand image. Here, human resource predict about the actual needs and want of the manpower for conducting selling and promotional goals and targets. In context with Virgin group, marketing manager connects with HR department to ascertain the actual need of manpower to fill the gap to get maximum results. Also, human resource do analysis of the existing workforce to ascertain any need and requirement of training and development to fill shortage of skills or gap. Hence, manager of the Virgin group need to report the performance and work status of marketing force to evaluate their skills and potential as per the future requirements.

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Marketing and research & development: In context with Virgin group, marketing Dept. needs to aligned their overall strategies and plans to designing the actual and feasible product. The main product of Virgin group is their services in different sectors such as Airline, banking, health care and mobile & telecommunication. Its the task of research & development to generate idea of the actual products and service and after the production stage, it is the major role of marketing department to promote and push the actual product or services of the Virgin group into the market for final customer satisfaction.

Marketing and finance: This functional relationship deals with the planning, organising and controlling the entire marketing activities by raising the appropriate funds or finance by the financial department of an organisation (Robertson, 2014). In context with Virgin Group, marketing head contacts the financial manager of this company to generate appropriate finance needs to conduct various promotional activities such as TV advertisement, endorsements, product launch, sample giving in the market to raise sales and order. Before raising the funds, a proposal is used to given by marketing department which mention the analysis and requirement of the funds and after that finance manager approves the proposal by consulting it to the administration and top level. Such relationship is considered as backbone for the Virgin group.

Marketing and operation: This inter-relationship is considered as profit generation department for every company, where they need to generate maximum customer satisfaction to the company portfolio and result in the achievement of the goals and targets (Suggs, 2013). In context with Virgin, company is operating in the major sector such as aviation, banking, health care etc, where they need to enhance maximum operational abilities and capacity to operate and function in an industry effectively and properly. In this relationship, marketing function of the Virgin group sets target and goals of the highest maximum customer experience, service delivery and optimum utilization of the resources. In response to this, operational Dept. needs to take it as fortune opportunities to align it with entire strategic goals and targets of an organisation. Such relationship would help Virgin to bring the business sustainability and outcome generation in an organisation.

It is critically analysed that cross functional relationship of marketing department with other functional units is the most significant and crucial task to do. It has been noticed that marketing manager of the Virgin group spent his day time in interacting with their superiors, sub-ordinates and other colleagues from the other departmental units of this company. The behaviour and attitude of the marketing manager is quite good and impressive. Along with this, his corporate relationship with hierarchy level of the Virgin group is excellent and have suitable feedback from them. For effective customer satisfaction, marketing manager of the Virgin group needs to initiate and develop the overall network of relationship with multiple personality in the Virgin group for the effective and fruitful outcomes to the company (Luca, 2015).

Conclusion

From the above report, it is concluded that marketing and its concept & terminologyis the significant and supporting aspects of every organisation who is engaged in both product and services industry. The concept and terminology of marketing has played an important and lead role in pushing of the products to the consumer in the most effective and proper ways. The functional relationship of different Dept. has provided the base to generate effective network and sharing of the information among the different employee's to attain and achieve the common goals of an organisation. The product strategies, branding and promotion strategies has proven brand awareness and customer satisfaction at the greater and higher levels. The marketing concepts and principle has proved suitable for maximum business operation and functioning. Lastly, it is also concluded that identification of the appropriate marketing strategies is important to achieve business success & operation to achieve well-defined goals and targets of the company.

References

  • Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th). McGraw-Hill Higher Education.
  • Ennew, C., Waite, N. and Waite, R., 2013. Financial services marketing: An international guide to principles and practice. Routledge.
  • Russell-Bennett, R., Wood, M. and Previte, J., 2013. Fresh ideas: services thinking for social marketing. Journal of Social Marketing. 3(3). pp.223-238.
  • Spotswood, F., French, J., Tapp, A. and Stead, M., 2012. Some reasonable but uncomfortable questions about social marketing. Journal of Social Marketing. 2(3). pp.163-175.
  • Santucci, L. C., McHugh, R.K. and Barlow, D.H., 2012. Direct-to-consumer marketing of evidence-based psychological interventions: Introduction.
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