Marketing principles
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TABLE OF CONTENTS Introduction .....................................................................................................................................3 Task 1 ...............................................................................................................................................4 1.1 Various elements of marketing process of Halo Foods ........................................................ 4 1.2 Benefits and cost of marketing orientation for Halo Foods ................................................. 4 Task 2 ..............................................................................................................................................5 2.1 Macro and micro environmental factors influencing marketing decision of Halo Foods ... 5 2.2 Segmentation criteria of Halo Foods for its new products .................................................. 6 2.3 Targeting strategy for energy drink of Halo Foods ............................................................. 6 2.4 Buyer behaviour affecting marketing activities in different buying situations .................... 7 2.5 Positioning strategy for Halo Foods ..................................................................................... 7 Task 3 ...............................................................................................................................................8 3.1 New product development to gain sustainable competitive advantage ................................ 8 3.2 Distribution process for new product ................................................................................... 8 3.3 Price of new product according organization objectives and market conditions ................. 9 3.4 Promotional activity integrated to achieve marketing objectives of new product ................ 9 3.5 Extended elements of marketing mix ................................................................................ 10 Conclusion ....................................................................................................................................10 References ......................................................................................................................................11
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INTRODUCTION In the present scenario, marketing has started to play very important role in the success of businesses. Furthermore, various tools and techniques of marketing supports organization to increase sales and profits by creating more and more awareness about their products and services in the market. The present report is based on Halo Foods which is UK organization established 25 years ago. This study depicts elements of marketing process of Halo Foods along with benefits and cost of its marketing orientation. Other than this, it also highlights the impact of micro and macro environmental factors on marketing decision of the organization. Furthermore, the present study also explain the process of new product development in Halo Foods in order to gain sustainable competitive advantage.
TASK 1 1.1 Various elements of marketing process of Halo Foods Marketing can be defined as the process in which a business enterprise make use of various tools and techniques with an objective of increasing sales and profitability. The major element of marketing process of Halo Foods are mentioned below as: •
Defining aim and objective- The organization determines its aim and objectives of marketing before developing its plan. Further, it can be stated that this is one of the most important elements because it provides direction to the organization in implementing its plan in the best possible manner.
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Research- Halo Foods deals with cereal bars which contains low carbohydrates and low glycaemic index. Before making use of any kind of marketing activities, the brand carry out intense amount of market research. The benefit of this is that it supports the organization in getting aware about the changing need and requirement of people in market.
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Strategy- Strategy can be defined as an action plan to achieve certain aim and objective of business. Halo Foods starts developing its strategy on the basis of those identified needs and demand of people in market. The main objective of behind developing strategy is to determine what tools and techniques of marketing will be used to attract customers.
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Defining target market- It is another important element of marketing process where Halo Foods defines its target market. This means that from overall population of market, the organization determines a particular segment market which it is going to target. For example the target customers for its products can be people from middle income group which fall under age between the 25-50. On the basis of identified target market, organization can develop effective strategies related to marketing and promotion.
1.2 Benefits and cost of marketing orientation for Halo Foods Marketing orientation has emerged as a new and one of the most potential concept in the 21st century. It can be defined as the process in which the need and demand of people in market become the primary driver for all decision of businesses. Halo Foods has adopted the strategy of marketing orientation where all products and plans are developed on the basis of customers need and demand. Furthermore, the organization makes frequent changes in its products and marketing on the basis of changes in customer needs and preference. This results in increasing overall cost of operations for Halo Foods. However, it can be argued that this cost can be easily covered with the benefits associated with the process of marketing orientations. One of the major advantage is that the organization is able to carry out more focused production as consumer needs has become its prime preference. Along with this, another benefit of this is that Halo Foods is able to carry out effective marketing strategies with the help of such orientation. Its other advantage includes high market share, profitability, customer base, competitive advantage etc.
TASK 2 2.1 Macro and micro environmental factors influencing marketing decision of Halo Foods The decision making of a business enterprise is directly affected by various kind of macro and micro environmental factors. Macro environment includes factors such as political, economic, legal, social, technological and environment factors. On the other hand, micro environment includes factors such as competitors, customers and suppliers. At the time of making any decision, Halo Foods is required to take all the above stated factors into consideration. For instance any kind of changes in political environment such as tax rates and subsidies will have impact on decisions of the organization. Along with this, if the economic environment is not stable then Halo Foods will require to change its prices to meet the customer Instant Assignment Help UAE Provides the best Online Assignment Writing Service in Gulf Countries at Pocket friendly Rates.
demand. Decision making of the brand also get affected by modifications in social factors such as income level and customer demand. On the other hand, the organization is required to take effective decision regarding the use of advanced technology at regular intervals in order to stay competitive in market place. In addition to this, while making its decisions the brand needs to consider all changes in legal environment such as changes in law and legislation. At the time of making any kind of decision, Halo Foods need to take care of the fact that its operations do not have any kind of negative impact on environment. The decisions of Halo Foods is affected by the kind of policies and strategies adopted by its competitors. For instance if its major rival has adopted for low price strategy, then the organization is required to make changes in its prices. The decisions are required to be made by keeping need and demand of customers in mind. Other than this, the brand needs to ensure the fact that objectives of suppliers gets accomplished and they are not negatively affected by all its decisions. 2.2 Segmentation criteria of Halo Foods for its new products Segmentation can be defined as the process of dividing the entire market into different subsets. Halo Foods new product is going to energy bars which will be highly nutrition and provide people which are consuming it with instant energy. For the new product, target market segment will be people which have birth year from early 1980's to early 2000's. Furthermore, gym members and working women will be targeted by the brand. One of the main reason behind choosing this market segment is that it is the best and most suitable market for energy bars. Gym member will require the product to gain energy before and after workout. On the other hand, new energy bars will help women to overcome fatigue and stay healthy. It can be also stated that working women do not have adequate time for health and fitness. Therefore, consumption of two bars per day will help them to gain required calories and nutrients. The segmentation is done of the basis of two factors which are age and occupation. All the marketing activities of Halo Foods will be carried out to attract people from this particular target market segment. It can be also stated that it will provide the brand with new and more potential opportunities for growth and development. As per the provide case scenario, the objective of Halo Foods is to attract individuals from millennial generations. Instant Assignment Help UAE Provides the best Online Assignment Writing Service in Gulf Countries at Pocket friendly Rates.
2.3 Targeting strategy for energy drink of Halo Foods The targeting strategy which Halo Foods is going is of differentiated or multi segment targeting. It can be stated that there are several segments in market and the brand is going to serve different segments in market as per this strategy. For its new products, there will be different marketing mix. It can be asserted that rather than offering its energy drink to single segment, the brand is going to satisfy the needs of two market segments which are working women and gym member's. The product, price, place and promotion will also differ from one segment to another. Along with this, messages and marketing campaign are going to be different. This will help Halo Foods to earn higher sales, market share and profits over other market players. It is also suggested that before adapting this strategy, the brand should compare differentiation strategy with other strategies which are focus, undifferentiated and customize strategy of targeting. 2.4 Buyer behavior affecting marketing activities in different buying situations In simpler terms buyer behavior can be termed as the process of decision making and actions which people make buy and use a particular product or service. Halo Foods is required to take care of buyer behavior before developing any product or strategy. Furthermore, it can be also argued that behavior people in market keeps on changing and the organization is required to act accordingly. For example if individuals are seeking for bars which can provide energy and adequate amount of nutrients, then Halo Foods is required to market its products according to the same. It can be also stated that the brand cannot advertise and promote its products as quality one or at low prices. In order to survive in market, its marketing activities needs to make people aware about the health benefits associated with Halo Foods. On the other hand, if people in market are getting more attracted by internet marketing then the organization is required to make use of the same. It can be stated that it cannot rely heavily upon newspaper and television advertisement to promote its products. Furthermore, its marketing activities should include the use of social media platforms such as Facebook and Twitter to promote its products. Along with this, the brand can also make the use of internet and mobile marketing. The brand can developed effective subject matter which can be forwarded via emails or by text messages. This will make people in market aware about the new range of energy bars which are introduced by Halo Foods. Instant Assignment Help UAE Provides the best Online Assignment Writing Service in Gulf Countries at Pocket friendly Rates.
2.5 Positioning strategy for Halo Foods In the modern era, positioning has become very important task for businesses. Further, it can be defined as the way in which a brand places its products and services in the market. Halo Foods can position its bars as healthier and more nutritional for the people which are consuming it. In the present era, diseases such as diabetes and obesity are increasing with a very good pace. Nowadays, individuals has become more conscious towards their health and well being. Therefore, Halo Foods can position itself as a brand which provides products that contains low carbohydrates and fats. This means that families will be provided with healthier choice related to consumption of energy bars. To a certain extent the success and failure of businesses depends on the way it has positioned itself. The recommended positioning strategy will help in attracting more and more people in the market. In addition to this, it will also support in meet needs of people which are conscious towards their health. Individuals can gain instant energy by eating the bars that are being offered by Halo Foods.
TASK 3 3.1 New product development to gain sustainable competitive advantage The food and drink market in which Halo Foods operates is highly competitive as there are many small and large market players. In order to sustain in situation of such an intense competition, businesses are required to develop new products at regular intervals. The process of product development begins with market research where Halo Foods try to identify the changing need and demand of people. On the basis of identified needs, products are being developed. For example if individuals are looking forward for cereal bars which contain low fats and high energy then the organization develop products which consist of the same. This supports in maintaining adequate demand of Halo Foods products in market. In addition to this, it can be stated that offering products on the basis of customer demand will help in getting competitive advantage over other market players. Individuals will become eager to buy cereal bars of Halo Foods as they are able to meet changing demand in the best possible manner. Competitive advantage is defined as the situations in which people prefer to choose products of one particular firm over other market players. Thus, it can be stated that by making changes in products as per customer needs, Halo Foods can easily gain advantage over its major competitors. Instant Assignment Help UAE Provides the best Online Assignment Writing Service in Gulf Countries at Pocket friendly Rates.
3.2 Distribution process for new product Distribution can be defined as the way in which products and services reaches customers for final consumption. Halo Foods can distribute its products with the help of both online and offline sources. Its new products which is energy bars can be delivered to people in market by its own physical outlets. Furthermore, the organization also have an option to distribute these bars with the help of different supermarkets. In addition to this, it can be stated that the supermarket stores can act as mediator from where people can easily buy energy bars which are offered by Halo Foods. Other than this, it can also use strategy such as online where Halo Foods can establish its own online store. This will make it very convenient for people to buy new energy bars in different favors. Individuals will be required to order to the bars online and the payment can be done at the time of delivery. Therefore, it can be stated that the proposed distribution strategy will make it very convenient for people in target market segment to buy the new product of Halo Foods. At the time of developing effective delivery system, the brand needs to ensure the fact that all its new product is available to right people, at right place on right time. If in case, the energy bars become successful, then its distribution is required to be very effective as well as efficient. 3.3 Price of new product according organization objectives and market conditions The pricing strategy adopted by firms plays very crucial role in growth and success of business. One of the major objective of Halo Foods is to attract new millennial generations and command their loyalty. Further, the market in food industry can be termed as highly competitive. Therefore, it can be stated that low price strategy will be more suitable for the new product offered by Halo Foods. Energy bars which has been launched by the organization are completely new in the market. People in may or may nor purchase the product during initial stage. Halo Foods low price strategy will encourage individuals to try the product at-least for once. Along with this, it can be also stated that high price strategy is not suitable in situation where competition in market is highly intense. Halo Foods is required to opt for low price strategy in initial stages. Furthermore, after the new products gets successful, the brand can increase its prices. Therefore, it can be stated that according organization objectives and market conditions low prices for energy bars is going to be appropriate. Instant Assignment Help UAE Provides the best Online Assignment Writing Service in Gulf Countries at Pocket friendly Rates.
3.4 Promotional activity integrated to achieve marketing objectives of new product In order to make its new product successful, Halo Foods will be required to carry out promotion activities at very large scale. The marketing objective of Halo Foods is to increase more and more sales of its products. Energy bars can be marketed and promoted by with the help of internet. Social media has emerged as one of the biggest and most potential platform to promote products of business. Halo Foods can develop its official page on social networking sites such Facebook. All the information and benefits associated with energy bars can be provided to people in market through social media. Other than this, Halo Foods can also advertise its new products on internet by using tools such as pop ups. When people will be surfing on internet, ads of energy bars will be displayed. This will create awareness among people and will encourage them to consume the bars at-least for once. One of the most important thing which is required to be taken care of by organization is the content of its promotional message. Benefits and prices of energy bars are the two most important things which should be included at the time of carrying out promotion. On the other hand, the organization is also required to communicate customers the fact that the quality of its products is not compromised. 3.5 Extended elements of marketing mix It can be stated that with the passage of time, elements of marketing mix has been extended to additional three more P's. The extended elements of marketing mix are mentioned below as: •
People- It is one of the most important extended element of market mix. Halo Foods is required to invest large amount of financial resources and time in order to enhance effectiveness of all its employees (Jobber and Ellis-Chadwick, 2012). Furthermore, it can be also argued that in order to make a product successful, it is essential for businesses to recruit and train right amount of personals because they are the one whose efforts will make the new product successful.
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Process- This is the element which deals with ability of organizations provide better quality of products and services, deal with complains and take care of issues and challenges faced by workers. In order to make the new product of Halo Foods successful, the brand is required to develop efficient processes.
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Physical evidence/Layouts- This denotes that how the brand present itself to customers in the marketplace (Dann, 2008). Halo Foods physical evidence can be its brand image, logo, packaging etc. which can distinct it from other players in the market.
CONCLUSION From the above report, it can be concluded that in order to become successful in market, businesses need to focus on 7P's of marketing. Further, Halo Foods should adopt low prices and high promotion strategies to increase sales of its new products. From the above study, it can be concluded that effective strategies related to segmentation, targeting and positioning can take businesses to new heights of success and growth.
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REFERENCES Books and journals Birnik, A. and Bowman, C., 2007. Marketing mix standardization in multinational corporations: a review of the evidence. International Journal of Management Reviews. 9(4). pp.303324. Dann, S., 2008. Applying services marketing principles to postgraduate supervision. Quality Assurance in Education. 16(4). pp.333-346. Goi, C.L., 2009. A review of marketing mix: 4Ps or more?. International Journal of Marketing Studies. 1(1). pp.2. Ivy, J., 2008. A new higher education marketing mix: the 7Ps for MBA marketing. International Journal of educational management. 22(4). pp.288-299. Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing. McGraw-Hill Higher Education. Lees-Marshment, J., 2009. Political marketing: Principles and applications. Routledge. Luan, Y.J. and Sudhir, K., 2010. Forecasting marketing-mix responsiveness for new products. Journal of Marketing Research. 47(3). pp.444-457. Luca, N.R. and Suggs, L.S., 2010. Strategies for the social marketing mix: a systematic review. Social Marketing Quarterly. 16(4). pp.122-149.
A Sample Report on Marketing principles To Buy Complete Assignment: Contact us: Phone No.: +971 8000320011 Mail us: help@instantassignmenthelp.ae Website: https://www.instantassignmenthelp.ae
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