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HND Marketing Principles

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HND Marketing Principles

Submission Front Sheet

Assignment Code:               AB292B4…

Programme:                             BTEC Higher National Diploma (HND) in Business Marketing

Unit Title and Number:              HND Marketing Principles ()

QFC Level:                               4

Unit Code:                                F/601/0556

Credit value:                             15 credits

Module Tutor:                           Desh Sharma

Email:                                      d.sharma@mrcollege.ac.uk

Date Set:                                  14.4.2016

Name:                                    …GBENGA ISAAC ANTHONY……………………………………….

Registration Number:         ……MRC/22708/HND………………………………………

Learner’s statement of authenticity

Student’s Name: ___GBENGA ISAAC ANTHONY_________________________         Student’s ID Number:___MRC/22708/HND_____________

I certify that the work submitted for this assignment is my own. Where the work of others has been used to support my work then credit has been acknowledged. I have identified and acknowledged all sources used in this assignment and have referenced according to the Harvard referencing system. I have read and understood the Plagiarism and Collusion section provided with the assignment brief and understood the consequences of plagiarising.

Signature: __________________________________                                   Date:  ___/___/_____

           

 

 Dr Philip Kotler defines marketing as the science and art of exploring, creating and delivering values to satisfy the need of a target market at a profit. (Kotler,2003) 

 5 stages in the marketing process:

1.    TARGETING CONSUMER WANTS: This is the first step in the stages in the marketing process. We need to comprehend the current marketplace and understand what people want, this will help in succeeding in the new business.

2.    ESTABLISHING A CONSUMER- DRIVEN SALES STRATEGY: After getting the product in place, an awareness of the product or services must be created through an advertisement to reach the target audience. 

3.    CREATING CONSUMER VALUES: The product should offer the customer value for their money and must be well accepted by the populace. Creating consumer value brought the four ‘p’ s of marketing into place. The first ‘p’ is the product itself, the product needs to be something the society wants and it must be made to standard at a reduced price. The next ‘p’ of the marketing process is the price of the good or services.

The next ‘p’ places, this play is a channel where the product or services will be suitable for the audience and good accessibilities must be taking into consideration the last ‘p’ is the promotion. The promotion must accurately represent the good or services. 

4.    MAINTAINING CONSUMER SATISFACTION: Maintaining consumer satisfaction is essential after the product have been launched. The value for money and the good product known by the consumers must not decline. The satisfaction obtained by the customer must be maintained to the highest standards, this creates an avenue to expand the current market share of a good or service.

5.    CREATING PROFITS FOR THE COMPANY: When the above processes are running smoothly, sales will increase and the company will be operating profitably.AC 1.2.

    SOURCE: Kotler (2008)

Aldi marketing mix complied with the 4 Ps of marketing mix.

·       Product- Aldi sells high quality ‘Like Brands’

·       Price -Aldi lower its price than most of its competitors and still maintaining the great quality.

·       Place – Aldi are expanding their outlets globally where everyone could be able to reach their stores.

·       Promotions – Aldi uses both the above-the-line and below-the -line promotions such as ‘like brands’ and Swap & Save’. 

Aldi use the Aida model to demonstrate their promotional activity.

·       Aldi make awareness about their promotions among customers.

·       The customers show interest and the desire to have the product advertised.

·       Customers will eventually take action and make the purchase.

Any organisation must balance marketing mix so as to meet the customers’ need. Aldi aims to offers to offer its customers the best quality products at the lowest prices which they could never found in any of their competitors. (The times, Business case studies Aldi)

PRICE

Arriving at a retail price is very challenging when developing a marketing mix in any organisation.

Different pricing strategies used includes:

·       Market penetration -This involve the charging of customers the lower prices on new products to assist the product in entering the market and gaining popularity and its market share

·       Competitive pricing – The reduce their pricing a little lower compared to their competitors this will help in increasing their sales volume.

·       Strategic Pricing – Aldi strategized their pricing by making a note on the quality of a brand so as to be able to charged their customers a high price on that particular product.

Aldi offers competitive pricing to their customers as well as offering a quality product at a reduced price because they buy in large volume globally.

By buying their products in large volume, they were able to pass these savings to their customers. (The times, Business case studies Aldi)

PLACE

The place in marketing mix means where the product or services will be sold.

Aldi shops layouts are simple for customers to browse through, this reduce waste and reduce their cost.

When considering getting any store locations:

·       They take into consideration how they could be able to access the location with ease and the public transport links this will make it easier for their customers to have easy access to their store.

·       Aldi take into consideration the number of people visiting the area and the demographic of the area for example the intended store should have more than 30,000 people.

·       Aldi also take into consideration the position of the intended stores which most focus on the edge of the town centre with good visibility from a main road with less competitions.

·       Aldi also take into consideration the parking spaces available to its teeming customers. The want their customers to do their shopping with ease.

PROMOTION

Aldi uses both the above the line promotions and below the line promotions.

The-above- the-line promotions are paid for advertising aiming to reach a large mass audience which includes media such as television, Magazines radio and Newspapers. This will help in reaching large number of people while Below -the- line, this method uses different ways to engage customers by targeting a specific audience.

·       Aldi uses promotion to improve a brand image

·       Promotions helps in increasing demands for products.

·       Promotion helps in improving their brand recognition as well as making awareness of new product or when a price is reduced on an item or when there are sales.

·       The promotions help in getting more demands for their products.

Those above – the – line promotions methods reach its customers and the potential ones, they include

·       Advertising on Television: This features for about 25 seconds, the advert focus on a particular product. The advert shows famous brands which cost more and placed it side by side with an Aldi brand product with a slogan ‘Like Brands. Only Cheaper. Aldi was trying to passage a message to people that the so call big brands that cost a lot were of the same quality with a cheaper Aldi brands.

·       Printed Leaflets are placed on a big table this allow the customers to pick their choice of product after browsing through them

·       Newspapers advertisement extend the like brand campaign and shows varieties of products, they used this to pass a message to the people what they could save if they pass their weekly shopping to Aldi.

Aldi also uses the Below-the-line-promotions to engage their customers.

These includes:

·       Social media

·       Targeted e-mails to customers

·       3rd party endorsement and awards

·       Public relations and media relations.

Aldi uses Facebook and twitter pages to pass information to their customers, here Aldi could interact with their customers and the opinion on a particular brand.

Aldi also uses direct e-mails. These allow Aldi to communicate a variety of messages to target customers about their products and upcoming products.

Aldi also take advantage of public relations and media relations to promote their products. Aldi entered over 1,000 of its products into awards such as Grocers Golds, Pizza and pasta awards.

 (The times, Business case studies Aldi)

PRODUCT:

Aldi follows the 4Ps of marketing mix by sourcing for their products globally sourcing for high quality products which are encompasses to their brand name at a reduced price.

Aldi does not compromise on the quality of products they sell to their customers.

3.1

The product is defined as anything that can be offered to a market for attention, use or consumption that might satisfy a need or want.

New product development is an act of innovation which includes a process of identifying, creating and delivering new product values. 

New products development is divided into 8 stages.

1.    Idea Generation: Idea generation should be proactive rather than haphazard, this ensure that the company will not find many ideas but also ones that are good for its type of business.

Before new product development can come into place, a company has to generate many ideas in order to find a few good ones. Idea generation could be the source from internal, employees, research team, customers.

1.1 Internal Sources: The company could find new idea through its own formal research and development   efforts. The ideas from the team of executives, engineers and sales team could help the company achieve its aim.

1.2 Customers: Company could get new product ideas from the customers by watching and listening to them. The company can conduct a survey to have an idea what the customer needs.

1.3    Competitors: Company could also get the new product by watching their competitor’s advertisement and communication get a clue about their new products. Also, the company can find out what customers like or dislike about their competitors and they will improve on that.

1.4    Distributors, Suppliers, and others: the company could also get new product ideas from the distributors because the resellers are close to the market than the company itself and the idea can be passed to the company for a new product possibility. (Armstrong, G, and Kotler, 2007)

2. Ideal Screening: The purpose of idea generation is to create a large number of ideas. The purpose of the

succeeding stages is to reduce that number.

Screening of idea is essential in order to spot good ideas and drop poor ones as soon as possible, by doing this the company is   reducing cost instead of dabbling into so many ideas that will yield no result at the end of the day.

3.Concept Testing: It is very important to test the concepts gathered before another step could be taken. Concept testing refines ideas gathered to have the better potential for the market acceptability. During the concept testing, consumers could be invited to check the concept and their reaction will be recorded and this will help the company to know the concept that has the strongest appeal, this could be informed of a survey.

This concept helps the company to gather feedbacks before launching the products. (Armstrong, G, and Kotler, 2007)

4.Business Analysis: After the new product idea survives the screening stage of new product development, it requires a detailed business analysis. A business analysis will help the company determine the costs involved in the new product development, and forecast the profits in future financial years. This helps to eliminate unnecessary running cost.

 (Armstrong, G, and Kotler, 2007)

5. Product Development: Product development can only take place after the new product might have passed the Business Analysis. Here, the technical, marketing or engineering will develop the product concept into a prototype or limited model into a physical product.

This stage will show whether the product idea can be turned into a real product.

When the prototype is ready they will have to be tested to be sure the products performs safely and effectively.

6. Test Marketing: The stage at which the product and marketing programme are introduced into more realistic market settings.

This stage gives the idea of what the marketer will experience when marketing the products before the full introduction to the consumer. It lets the company test the product and its entire

marketing program – positioning strategy, advertising, distribution and pricing

packaging and budget levels; The stage also enables the company to know how the consumer will react to the product whether it will be accepted by the populace or not. This test marketing will also give a good information about the potential success of the new product.

 (Armstrong, G, and Kotler, 2007)

7.Commercialization/Mass production: This is where the products are officially advertised and launched onto the market. Test marketing gives management a vivid information needed before making a final decision about

whether to launch the new product or not. (Armstrong, G, and Kotler, 2007)

8.Monitoring and Evaluation: After a successful mass production /commercialization, monitoring and evaluation of the new products are essential.

The new product must be monitored to know how it behaves in the market, was the product accepted or not, all this should come under the monitoring and evaluation

 (Armstrong, G, and Kotler, 2007)

3.2     Distribution can be defined as the process of making a product or service available to a consumer. It can also be said to the chain of individual and organisations involved in getting product or services from the producers to the consumer.

This are normally referred to as marketing channel. They can either e direct or non-direct but it would involve a middleman in the distribution channel. 

Distribution channels are considered relevant in marketing because without it, the product manufactured will not get to the consumers or end users. (Kotler, 2003) 

There are 3 distribution strategy: 

1.Intensive distribution can be defined as a way where by the distribution of products in intense and make available to many buyer though various available outlets this makes the product available to the consumer anytime without any hindrance.

2.Exclusive Distribution is when the product is only available to few people that were granted the licence to be their distributor within a geographical location.

3.Selective Distribution, here just few people were selected and given the right to sell their products.

There are 2 types of channels Dynamic:

Vertical and Horizontal Market integration.

1.  Vertical Integration, this is a conventional marketing system with producer, wholesaler, retailer work together as a unified group in order to meet consumer’s needs.

 

2. Horizontal Integration, this occurred when 2 or more companies join their resources together to obtain a common goal. Most company does this to strengthen their position in the industry. 

Some of the factors that that influence distributor methods are

1.  Buyer expectation: Expectation of buyers must be met in term of receiving quality products from the manufacturer. If the buyer is happy with a product, he/she will always demand for more of the products but if the failed to achieve the quality requirements from the buyer/consumers, this will affect the distribution. 

2       Buyer’s needs to be met by the distributors, buyer will never condone any sort of disappointment from a distributor. Every buyer wants their needs to be met.

3       Location of customer base, the location of customer base will also affect the distribution channel if there is no access to which the distributor could reach the buyer. This may be due to bad road or when there are no motor able ways. Kotler, p (2003) 

4       Warehousing/Inventory, this could influence the distribution channels if the warehouse is far from where the product could reach the consumers or if the warehousing is not big enough to take a large quantity of goods at a particular point in time, it will be difficult for the distributor to fulfil their own obligations. (Kotler, 2003) 

3.3  

 Price is the sum of money charged for a product by its seller, also price is an exchange that takes place between two individuals. Price is the only element in the marketing mix that produces revenue; all other elements represent costs. Price is also one of the most flexible marketing mix elements.

Perceived price is the consumer’s overall assessment of the product based on what is perceived and given.

This is a method often used by a company to set its selling price. 

 

 pricing strategies is a way deduce by an organisation at finding an optimum price for their products. This could be achieved when there is demand for the product in respective of the competing products. 

Penetration Pricing: This can be said to be in the form of a promotion to penetrate the market system. The products are set at low price to gain customers and foothold on to the market and the price will be raised after this is achieved. This type of method was being used by Sky Telecom for new customers subscribing for their services. (Armstrong, G, and Kotler,2007).  

Skimming Pricing: Price skimming involves selling goods or products at a higher price after production or charging higher price to customer with this, company makes fewer sales and break even because it has a substantial competitive advantage an example is an Apple iPhone. (Armstrong, G, and Kotler,2007). 

Economy Pricing: The price being very low compared to the competitor with this the cost that will take in marketing and promoting the product will be low. Because the services are cheap this tends to attract a lot of customers. Example of such pricing strategy could be found with most supermarket with economy brands or values (Armstrong, G, and Kotler,2007).

Psychological pricing: This is used when the marketer wants the consumer to respond on an emotional, rather than rational basis. For example, Charging different prices for items. Point Perspective (PPP) 0.99 pence not 1 pound. (Armstrong, G, and Kotler,2007).  

Promotional pricing: This is used to promote a product or services using sales promotion which include buy one get one free or buy one get the one half price, getting some money off the products by using vouchers or sometime cash discounts. Armstrong, G, and Kotler,2007).  

Premium Pricing: This is when a high price is used when the brand is one of its kind and of high quality. This method is used when overwhelming competitive advantage exists and the marketer is safe in the knowledge that they can charge higher price.



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