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Executive Summary:........................................................................................................................3
Introduction:....................................................................................................................................3
1. Understand the principles of marketing.......................................................................................3
1.1
Marketing mix...................................................................................................................4
Product..............................................................................................................................4
Promotion..........................................................................................................................5
Price..................................................................................................................................5
Place..................................................................................................................................5
1 M1 Why different tools are used to market products and services...........................................5
1 D1 How the marketing mix is used to support decision making in businesses?......................6
2. Market research and analysis methods:.......................................................................................7
2.1Aims of market research.........................................................................................................7
2.1.1 Identify customer needs:.................................................................................................7
2.1.2 Identify problems/product or service improvements:.....................................................7
2.1.3 Look for new markets:....................................................................................................7
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Competitors analysis:.............................................................................................12
3.2
3.3
Executive Summary:
This assignment was given to ensure the understanding about marketing principles and
techniques and that is basically an integrated marketing learning unit that comprises basic level
of marketing knowledge, application of knowledge, derivation of marketing findings, critical
evaluation of findings and presentation of findings to the marketing team to deal with in real life
case. In this assignment it is tried to ensure all the relevant information about the topics are here
without any cluttering. According to the enquiry in the very first part the importance and
understanding of marketing principles and techniques for are given here. At various stages of
assessment criteria, the learners will be able to know better about these knowledge and analytical
factors. The appropriate justification is made regarding to any comments given.
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Introduction:
This assignment is prepared on the basis of personal and professional experience to understand
marketing principles and techniques and to know the way of reaching the strategic goal of an
organization .The basic objective of this reports is to develop knowledge and understanding of
marketing principles and techniques. All the information used in this assignment are relevant to
marketing principles and techniques. Different kinds of analysis, objectives and learning style are
also demonstrated here.
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Price
Determination of price is mainly related to supply and demand, profit margin and other
marketing strategy. It also measured on the basis of different price point and price elasticity the
other elements of the marketing mix will be influenced.
Place
For converting potential customers to actual customer provide the ideal goods to ideal location is
very important.
The different marketing tools are used to promote and communication with the stakeholders
mainly customers. Thomas Cook Airlines (UK) Limited, is a British airline based in Manchester,
England. is used to different marketing tools because
a) To control the controllable and uncontrollable tools.
b) To defense the competitor attract and strategies
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Thomas Cook Airlines, a British airline with its head office in Manchester, United Kingdom is
used the marketing mix to support decision making.
Product / Service:The Airways is a service based company to provide round trip flight. The
Airways offers three categories- Premium Economic Sale, Sale on Jet off, and Upper Class Sale.
They provide service in Africa, Middle East, Asia, Caribbean, USE and Canada.
Price: The price is classified high and low season. The price also differs for each travel
destination.
Place: The Airlines operates located in Gatwick Airport, Heathrow Airport and Manchester
Airport.
Its head office is in Crawley, West Sussex near Gatwick Airport, United Kingdom.
Promotion: The Airlines uses different types of promotion-Posters, Websites, You Tube and TV
adverts, Newspaper, Travel Agents, and Direct mail.
The marketing mix is explained as followed for Thomas Cook Airlines
The authority of Thomas Cook Airlines should have to follow the strategy which has given
below.
Product strategy: product is defined as goods, service, idea, experience etc which marketers offer
to satisfy certain need of a buyers. Product strategy is an integral part of marketing mix strategy
and it involves with planning, deciding and developing goods to satisfy certain need of the target
customer group
Distribution strategy: marketers need to develop distribution strategy to ensure that target
customers can find the product easily, in right place, in good quality and at right time.
Distribution strategy is thus related with developing effective supply chain and transportation
system, warehousing, inventory control and processing. Updated transportation and
communication technologies are being used to make the distribution process more easy,
responsive and customer focused (Kurtz, 2010).
Booming and consumers has increased purchasing powers and confidence then price of the
product can be set little high and adopt premium pricing and if economy is in depression
company trends to adopt skimming pricing strategy. In case of early development and growth
stage of a product life cycle company trends to charge premium pricing for compensating fix
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costs and exercise monopoly while maturity or decline stage company use market penetration
pricing policy because increased competition (Kotller & Armstrong, 2012).
market research focuses on consumers internal needs and try to study their likes and dislikes.
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2.1.4
Monitor
existing
markets
Market research bears the message about the way how we can monitor our existing market that
will bring success. This may be as simply as an change to the color, style of the product or the
functions it performs.(Hutter and Shu,2011)
Market research deals with both micro and macro level of information likeMacro level:
The impact of external forces on the organization like- foreign markets, government,
policies and regulations.
Entry of new products in the market and their impact on the companys products.
Micro level:
Consumers monetary behavior.
Estimation of potential purchasing-power in various area.
The level of price that the customer is willing to pay for the product
2.2 Market Research Method:
2.2.1 Primary Market Research:
Questionnaire: This is the most popular way of market research. A series of meaningful
and precise questions are provided among customers to get feedback from them about different
issues.
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Qualitative research:
When we will go at the early stage of study for eco -friendly airways, it would be best. It will
give the researchers independence to study more naturally but it is time consuming.
Quantitative research:
The objective of eco-friendly airlines can make objective evaluation and analysis using
statistical data in quantitative research but will not discuss the things in natural settings.
(Schivinski, Bruno; Dbrowski, D,2013)
Kotller (2000), explained that marketing research is a process of collecting and analyzing
information regarding product, market and environment to make making decision making. so
marketing research is related with systematic designing, collection, analysis and reporting of data
relevant to a specific marketing related problem facing in the organization. Different large
company such as Unilever, Kellogg, P&G etc. conduct their own marketing research to come up
with solution for certain marketing issue or to conduct market feasibility analysis before
introducing a product in the market.
The main aim of marketing research is to discover customer needs, buying behavior and
changing aspect of customers choice. Marketing research is conducted to identify factors and
forces that influence customer buying behavior and identify new trends and demand of product
so that company can come up newer solution to the problem and capture the newly developed
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markets share. Forecasting the future trend in the market and feasibility of a product in the
market is another purpose of marketing research
3.1Market analysis technique to research the target market for a selected product or services:
Again we will start our journey assuming eco-friendly Cars as product
3.1.1 SWOT Analysis:
Strengths:
Ability to design products with differentiating features
Brand Image like create Eco- friendly products or CFC free.
Weaknesses:
Lack of experience
Low brand awareness
Opportunities:
Govt. subsidies
Tax advantages
Threats:
Emerging competition
Rapid change in customer preference.
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Technological:
Reliable suppliers of high quality components
Economical:
Proximity to major export markets.
Legal:
Relatively high import duties.
3.1.3
Competitors analysis:
By this tool, a business of eco-friendly car can find out answer of some questions like15 | P a g e
Review research goal: The journey of interpreting and analyzing data should be taking the research
into consideration and it will help to organize data.
Organize data: organization of data is another important tool of interpreting findings. Data should
be organized according to its usage requirement.
Identify pattern: The final and most important part of interpreting findings is identification of
pattern that will ensures best uses of findings.
These factors should be considered in case of interpreting the findings of market research and
analysis of eco-friendly car business.
After getting the findings and critically analyzing information from research and analytical functions,
the findings should be shared and presented to the marketing team of eco-friendly products so that
they can take initiatives. In case of presentation to the marketing team, followings should be
highlighted
The expectation of customers?
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Design product
or services
Highlighting
based on
customerschan
customers
ging nature of
expectation and
wants
requirement
Macro and
Micro level
marketAnalysis
Basically market analysis technique helps to determine a companys goal and give direction
about which market offerings are demanded by the customers, their changing nature of want and
many other things. That finally helps to design product or services based on customers demand.
Target market is consist of group of customers to whom a business firm decides to direct its
marketing mix and develop long term relationship with them. Marketer divide the whole market
into different segment and then positioning its products to the selected group of customers.
Market Researcher can make decision about information of market analysis and product or
service.
The decision of Thomas Cook Airlines (UK) Limited can be:
Single segment strategy: this strategy is effective for small company with limited resource and
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marketing ability. In this method company select only one market segment and design marketing
mix to serve them only. Producer of small toy can be an example of this strategy. The
manufacturers of toy target a single market segment and offer marketing proposition and become
specialized in this segment (Cravens, 2000).
Product specialization: in this strategy business firm specialized in one product and offer tailored
product to different market segment. Mobile phone manufacturing company use this strategy to
offer one product item to different target market by customizing its features.
Full market coverage: in this strategy business firm intends to serve the entire market
1. Thomas Cook Airlines (UK) Limited is highly economic and the price is more the
competitors Like- Southeast Airlines and Best Ways.
2. Maintain time schedule properly and the passengers are unhappy to time schedule.
3. The ticket must be easily got by passengers ensured by the Airlines.
4. The behavior and reception need to be more modern and artistic.
By collecting the primary data, we can get the scenario of a market and we can know about the
potential and future customers of the product. After drawing these finding we can easily find out
the solution of the problem. We can determine the marketing mix which is required for the
market and finally we can make the proper recommendations for the marketing team. In reality,
market research gives different findings based on which the market researchers give the proper
recommendation to the marketing team for the specific problem and situation. There are several
target market strategies which marketers use to research the target market and analyze its
attractiveness. For doing this marketers identify the size of the market, competitive position,
growth and select the most attractive segment as target market. Some of the strategies are
discussed as followed.
Single segment strategy: this strategy is effective for small company with limited resource and
marketing ability. In this method company select only one market segment and design marketing
mix to serve them only. Producer of small toy can be an example of this strategy. The
manufacturers of toy target a single market segment and offer marketing proposition and become
specialized in this segment (Cravens, 2000).
4. Understand how e marketing is used
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On line reputation management: It is the information which will show when google an
organization name.it is a way of making a positive image of the company.
Email marketing: Email marketing is generally sending a commercial message to the
customer using email.
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Any organization can not satisfy its whole customer but it should be aware of what people are
saying about the company. Therefore, the companies should try to make its product acceptable to
the people and should try to get 100 percent positive review for the customers. You can make a
better image of your organization by providing quality products at reasonable price but there may
be some negative comments and you have to accept it. Then, you have to manage the negative
reviews about the company and you cannot react to the negative review though you are right.
Finally, solving the customer problems try to promote your brand successfully. (Tuten, T. and
Solomon, M,2013),
Thomas Cook Airlines (UK) Limited can easily take the benefit of e-marketing. How can
Thomas Airways make their progress in e-marketing are described belowWhile conventional marketing requires a huge amount of money e-marketing requires a little
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amount of money. Besides, conventional marketing can reach to a fixed number of customers
and it has a limitation to reach different corners of the world but e-marketing can reach anywhere
anytime. The main benefit of e-marketing comparing to traditional marketing is cost
effectiveness. Moreover, traditional marketing has a little scope while e-marketing has a huge
scope in the recent time. In conventional marketing, feedbacks of the customers do not consider
while e-marketing is also aware of feedback of the customers. Technological advancement makes
the company to be careful about their online image of the company. Like other activities online
managing online reputation is a great task for the organization.
Social network marketing: social network marketing is the newest window of marketing
opportunity. Social marketing and advertising is a very effective technique of marketing as its
response rate is very high, cost id comparatively low and marketers can target any niche market
or social group. Social media and network marketing enables marketing and promotion activity
to be a two way communication system as marketers can get prompt feedback from the market
and respond quickly as the market demand (Smith & Chaffey, 2008).
Online or e-marketing is thus a very effective way of promoting product. It enables marketers to
get a global reach, promote product with low cost, increase marketing and promotional scope and
encourage interactivity with customer which help customer to get better solution and help
business firm to build long term relationship with customers (Pride, 2011).
Thomas Cook Airlines (UK) Limited has taken to manage online image through online
management department. The manager of the department or PR Department controls over the
website and notices the online promotion activities. The feedbacks from passengers are read
carefully and answer the quarry.
Technological advancement makes the company to be careful about their online image of the
company. Like other activities online managing online reputation is a great task for the
organization. Therefore, getting a positive impression of the company some steps should be
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followed properly. The main benefit of e-marketing comparing to traditional marketing is cost
effectiveness. Moreover, traditional marketing has a little scope while e-marketing has a huge
scope in the recent time. In conventional marketing, feedbacks of the customers do not consider
while e-marketing is also aware of feedback of the customers. First of all, the company should
try to be at the top of the search results of the search engines and it will increase the personal
reputation of the company online. So, attractive media coverage and other thinks helps to get a
good online image. Finally, while facing any problems in maintenance of online image, the
problem should be solved immediately by consulting with the expertise and try to maintain a
long lasting positive image.( Kuhikar, P. (2013). Then, for gaining a positive reputation you
should develop a good brand name have no negative associations.
By using internet marketers use different promotional techniques and channel to reach
customers. Day by day organizations are increasing their online presence and marketing
competitiveness is affected by this changing aspect. But lack of transparency, unethical practice,
disturbing contents, lack of governance etc can hurt the online image of a business firm.
Business firm increases their presence in social media and build a group of followers and
customers. Any unethical practice in online presence can have huge impact over the image of the
business firm (Smith & Chaffey, 2008).
To maintain a good image in the online marketing and promotion organization need to maintain
the quality and sincerity of the marketing and promotional activity. The marketing contents need
to be analyzed, justified and filtered to maintain ethical aspect as well as positive message to the
customers. Transparency of activity should also be increased and promotional message should be
clear and unambiguous to maintain effective image in the virtual marketing world (Smith &
Chaffey, 2008).
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Reference:
Hutter, K., Wu, T. and Shu, Y. (2011). From waves in complex systems to dynamics of
generalized continua. Singapore: World Scientific Pub.
Tuten, T. and Solomon, M. (2013). Social media marketing. Boston: Pearson
Kuhikar, P. (2013) Social Media as a Future Marketing Tool in India: an overview. PRIMA:
Practices and Research in Marketing. 3(2), pp.15-21.
Megginson, D. and Whitaker, V. (2007). Continuing professional development. 1st ed. London:
Chartered Institute of Personnel and Development.
Paul, A. and Anantharaman, R. (2003). Impact of people management practices on organizational
performance: analysis of a causal model. International Journal of Human Resource
Management, 14(7), pp.1246--1266.
Pedler, M., Burgoyne, J. and Boydell, T. (2007). A manager's guide to self-development. 1st ed.
Maidenhead: McGraw-Hill.
Rothenbuhler, E. and Coman, M. (2005). Media anthropology. Thousand Oaks, Calif.: Sage.
Schivinski, Bruno; Dbrowski, D. (2013). April 2013 "The Impact of Brand Communication on
Brand Equity Dimensions and Brand Purchase Intention Through Facebook". Working Paper
Series A, Gdansk University of Technology, Faculty of Management and Economics 4 (4): 223
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