Goal setting phase sets the overall goals of the business. It requires outlining a mission and corporate objectives for the business (Egan & Thomas 2012). Newham College has a mission ?to expand and improve lifelong learning? (Newham 2007). To achieve this mission, Newham believes in ‘open access provision, relevant to the diverse range of needs in its local communities’ (Newham 2007). Its corporate goals include continuous capital investment to increase facilities for learning and enhance access to education. Over the last ten years it has invested ?15 million capital (Newham 2007) to meet its goals directing its way towards mission attainment. Situation review follows the goal setting phase. McDonald (2008) explained that the situation review is a sort of market analysis in which marketing audit needs to be performed, SWOT analysis is to be conducted and key assumptions are to be outlined. Jobber (2004) described five steps in completing a marketing audit as defining the market, determining performance differentials, knowing the competitors, competitor analysis, and designing a strategic planning structure. Defining the market requires target market identification and segmentation to ease positioning. Pride and Ferrell (2008) regarded target market selection as one of the major areas in developing a marketing strategy. Initially, Newham College will target those secondary schools within 2 miles of Stratford, Inner London that have high or medium suitability. Appendix – II shares the list of schools in and around Stratford that form suitable target market for Newham College; the list is prepared based on the data made available by Guardian (2013) showing the data supplied by Department for Education 2010-13. The list shares number of pupils in the school, their gender, their age group, location of the school and its suitability as the target. Criterion for suitability is set to be the number of students regardless of the gender; the more the number of students in the school the more suitable it will be regarded as a target market as more number of students can be approached in a single go. Looking at the specifications of this target market positioning of Newham College can be decided and it should be more lively and career-oriented in which students do find a reason to study; SWOT analysis will further elaborate on which strengths Newham can focus on to get maximum enrolments from local schools. Next step in marketing audit is to determine the performance differentials; Botten (2009) explained that this step requires identifying submarkets offering entry point for the firm. For Newham those schools identified in Appendix-II list that have low suitability may offer subsector where Newham can position its products. Nonetheless the positioning will be based on the same points that are discussed later in the SWOT. Third and fourth step in marketing audit is ‘knowing the competitors’ and ‘competitor’s analysis’. Competition in Stratford area is high when we see the number of colleges available for the students for further education because all the colleges are striving for the same students. There are colleges such as Whitechapel College, The Building Crafts College, University of East London, Interlink College of Technology, NewVic – Newham Sixth Form College, Tower Hamlets College, and Stratford-upon-Avon College. Now based on the courses offered by these colleges some
Assignment: Principles of Marketing Student Number: Institute: McDonald and Wilson (2011) divided marketing planning process in two types of plans: the strategic marketing plan and the tactical marketing plan. Former plan is concerned with the planning elements whereas later one is concerned with implementation aspects…
The five levels of product can help in comparing the BMW and Mercedes with other similar products. Core benefit The core benefit of the two products is transporting passengers. Generic product This is includes the inclusion of 4 wheels, lockable doors, and a function enabling adjustment of the sofas to the passengers needs.
Due to this reason the company has always earned good revenue and high profit for most of its brands. P&G has implemented three most important strategies for Tide. They wanted to sell what the customers wanted, create value by differentiating their product from the competitors and make a product which is convenient to use.
Future estimations predict the growth rate to increase and become 25% per annum. This sure is a huge market and FMCG marketers have gone all out to tap this new market in a bid to substantially boost their bottom-lines. However, the penetration levels are still at the paltry level of 15%.
Marketing is a complex business exercise which depends on several factors. Some people talk about four P’s of marketing mix (Price, Product, Place and Promotion) whereas some others are talking about seven P’s of marketing mix (Price, Product, Place, Promotion, People, Physical evidence and Process).
I have learned that group dynamics are important from the marketing perspectives. The group activities form the core essence of the marketing realms and these are significant towards understanding the said dictums. More than anything else, there is importance of working in collaboration with one another so that marketing comes out as the winner at the end of the day.
In doing so, the report will underline the features of segmentation, the major reasons behind segmentation failure and also the way by which a company can overcome segmentation failures. Sprite has been chosen as the product in order to make reference with the subject of study.
This view about marketing has huge implications for business organizations. For one, it highlights the current emphasis placed on satisfying customers by delivering products and services that they value. This new approach also emphasizes that companies should become market focused and customer driven in order to succeed, and even merely survive in the world's more competitive market.
The resort and its consultant team have done a number of technical studies that will act as a framework for the development of a long term marketing plan. Alton Towers is a highly competitive visitor attraction and leisure market that constantly reviews the services
Marketing communication can be understood as a critical subset of the overall marketing concept idealized and implemented by organizations across industries. Marketing communications helps in identifying and establishing the relationship of an organisation with its consumers as well as other stakeholders.
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