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Khizar Malik_Assignment 1

Assignment 1 of Khizar Malik


Postgraduate Diploma in Business Management

Unit Code: C719/002

Khizar Malik_Assignment 1

Introduction
Marketing principles concern with the some common and important aspects of marketing
practices of a business. We know that marketing is the process of delivering key information
of product and/or service of a business towards target customers. So, there may have some
common principles in marketing of that business to achieve both marketing and
organizational goals and objectives.
This assignment has been designated to discuss and explain some of the common issues and
concerns of marketing principles including marketing concept and its elements; benefits and
costs of marketing; factors affecting marketing; market segmentation and targeting; buyer
behaviour; product development; market positioning strategy; extended marketing mixes and
so on. All of the questions will be answer in accordance with the case studied organization,
i.e. Barclays Bank, a leading financial institution in the UK.
So, the author would like to mention that this assignment will be able to cover all of the
relevant learning outcomes and thus will be able to improve knowledge and understanding of
the marketing principles module both from academic and organizational point of views.

Khizar Malik_Assignment 1

Task 1
1.1.
Various elements of the marketing concept
Marketing is one of the most common and important part of a business that focus on the
delivering of key information of particular product and/or service to target market/customer
(Kotler and Armstrong, 2009). So, from this definition of marketing, it is clear that there are
various elements within the marketing that can be shown as follows Consumer behaviour: Consumer behaviour is the most priority feature in marketing
that mainly focus on the different characteristics of the consumer as well as their

attitudes and perceptions about products and/or services of a business.


Consumer ethics: Consumer ethics concern with ethical consideration by a business
during the development and implementation of marketing policies and practices by
that business in relation to deliver message of the product and/or service to the target

customer.
Advantages and challenges of marketing: Marketing has some sorts of advantages
to a business to increase sells of particular product and/or service while there may
have some challenges to reach to the right customer with right product and/or service

through applying most effective and appropriate marketing policies and practices.
Thus, along with some non-major elements, the above mentioned elements are very common
in marketing concept of a business.
1.2.
Benefits and costs of marketing orientation for Barclays bank
Singh (2004) has mentioned that marketing orientation is cornerstone of marketing
management of a business. He has also noted that marketing orientation is one of the critical
factors in superior performance and long-term success of the business in recent competitive
business environment. Thus, it is clear that there some benefits as well as cost of marketing
orientation within a business.
From the case studied information and other sources, the author would like to mention some
of the benefits and costs of marketing orientation for Barclays BankBenefits of marketing orientation: These includei.

To introduce appropriate products and services to two major segment of


customers, such as retail customers; and corporate and investment customers.

ii.

To explore specific needs and demands of each customer and client and thus
create appropriate market segment at the business.

Costs of marketing orientation: These include2

Khizar Malik_Assignment 1
i.

The business need to spend more time and money to conduct marketing research
for the purpose of exploring needs and demands of the target customer.

ii.

There may have difficulty to introduce right product as well product development
to create value propositions in current competitive financial market in the UK.

At the end, despite of having some costs of marketing orientation at Barclays Bank, the
author would like to say that there are more benefits of marketing orientation to provide
specific product and service to particular segment of customer.

Task 2

Khizar Malik_Assignment 1
2.1. Macro and micro environmental factors affecting marketing decisions
Marketing decisions are important part within a business in which there are both macro and
micro environmental factors that can affect marketing decisions (Jain, 2010).
The author would like discuss and explain some of the major macro and micro environmental
factors that have crucial influence and impact on marketing decisions as followsMacro environmental factors: Jain (2010) has mentioned following major ones as followsi.

Demographics of the customer: Some of the demographic characteristics, such as


age, income level, and educational background etc. have vital impact and influence on
marketing decisions of a business.

ii.

Economic conditions: The nature of economic growth and economic recession can
affect marketing decisions of a business.

iii.

Political conditions: The overall political conditions as well as some rules and
regulations adopted by the government or political parties has influence on marketing
decisions.

iv.

Social values: The concern for social values providing by the business has vital
impact on the development and implementation of marketing practices within a
business.

Micro environmental factors: Jain (2010) has mentioned following major ones as followsi.

Customers: Customers are the people who buy and/or consume a product and/or
service of a business. So, in marketing decisions, the customers have vital influence
and impact to make right decisions to deliver key message of product and/or service
to them by the business.

ii.

Suppliers: Suppliers are the people who supply either raw materials or produced
goods or both have significant influence and impact on making marketing decisions
by a business.

iii.

Competitors: Competitors are the existing businesses in the same market who are
offering same and similar products and/or services to the customers. Thus,
competitors are impact micro environmental factor affecting marketing decisions by a
business.

Identifying and applying targeting strategies to find solutions with example of problem

Khizar Malik_Assignment 1
Based on the case studied information, it is clear that Barclays Bank has been facing mainly
problem of low market share in the financial market within the UK. Based on this problem,
the author would like to mention the introduction of student accounts by the Barclays bank.
This targeting strategy at the business has been designated in such a way that reflects the
commitments of Barclays bank to provide quality financial services to a new segment of
market, such as students. For example, the case study information shows that after
introducing student accounts Barclays bank become second from third among four top market
leaders in the financial market within the UK.
At the end, the author would like to say that Barclays bank has introduced right and relevant
targeting strategy, i.e. student accounts to find solution with particular problem, i.e. low
market share in the financial market in the UK.
2.2. Segmentation criteria for two products in different markets
McDonald (2012) has noted segmentation is one of the most important issues in marketing
principles. Segmentation is defined as the process of dividing target market and/or customers
on

particular

characteristics

including

demographic

segmentation,

psychological

segmentation, behavioural segmentation and geographic segmentation (McDonald, 2012).


Thus, from the above explanation and discussion on segmentation in marketing, it can be
noted that there are several segmentation criteria for product of a business. The author would
like to mention following segmentation criteria for two products in different marketi.

Age level or age group can be regard as important segmentation criteria for two
products, such as type of account at bank and type of product at retail business.

ii.

Nature of market can be considering as effective segmentation criteria both for


products at financial market and retail market.

iii.

The attitudes and perceptions of getting financial services can be termed as


segmentation criteria at financial market while the attitudes and perceptions can also
be used as segmentation criteria to introduce right product at retail market.

2.3. Targeting strategy for selected product/service

Khizar Malik_Assignment 1
According to Lamb et al. (2011), targeting strategy is the particular means and ways by which
a business may target a segment or group of customers. They have mentioned that targeting
strategy has vital influence and impact on launching or introducing right product/service to
the target market/customer. Thus, Lamb et al. (2011) have noted that targeting strategy is
important step in marketing principles of a business.
The author would like to mention following targeting strategy for business account services
at Barclays banki.

The business need to select people who have more interest to open account either
personal or business. So, after selecting people, the business should offer particular
benefits and facilities of opening business account at the bank compare to other
competitors in the financial market.

ii.

The organization need to carry customer satisfaction survey and interview about the
performance of the business account services and thus need to improve existing
policies to offer better services to the customers.

2.4. Buyer behaviour affecting marketing activities in two different buying situations
According to Jain (2010) buyer behaviour reflects the overall attitudes, perceptions,
expressions and feedback toward a particular product and/or service of a business. The nature
of buyer behaviour differs for various reasons, such as changes in buying habits, changes in
life styles and standard, social environment, changes in income level, social status, choices
and preferences and changes in technology etc. Thus, it is clear that buyer behaviour can
greatly affect marketing activities of a business to reach target customer with particular
product and/or service by that business.
The author would like to explain how buyer behaviour affects marketing activities in two
different buying situations as followsi.

Some of the customers and clients are having more interest using online services
rather than branch services within the financial market. While, some of the customers
are more willing to use online purchase than store purchase within the retail market.
So, it can be noted that buyer behaviour affecting marketing activities in two different
buying situations.

Khizar Malik_Assignment 1
Product strategies used by different companies to sustain competitive advantage and
justification of those product strategies
The author would like to mention some of the most effective product strategy using by
different companies to sustain competitive advantage as followsi.

Tesco plc is the leading retail supermarket chain that has been focusing on the selling
of both food and non-food items through two major retailing formats, such as in-store
selling and online selling to sustain competitive advantage in the market.

ii.

BMW is one the leading car manufacturers in the world that has been focusing on the
development of product through concerning customers order to sustain its
competitive advantage in the market.

iii.

Barclays bank is a leading financial business in the UK that has been designing its
products and services in accordance with the demands and needs of both individual
customers and corporate customers to sustain its competitive advantage in the market.

All of the above mentioned product strategies using by different companies are most effective
and appropriate to launch or introduce right product for the target customers and thus gain
competitiveness in the market.
Finally, the author would like to say that product strategies are crucial to gain competitive
edge in the market and thus to sustain competitive advantage in the current competitive
market in which a business operates and manages its business.
2.5. New positioning strategy for selected product/service
Positioning strategy is concern with reaching right place with right product by a business.
Positioning strategy can be derived from different aspects such as product attributes, market
competition, application of technologies etc. (Sengupta, 2005).
The author would like to mention following new positioning strategies for business account
services at Barclays banki.

We have seen that Barclays bank has been providing financial services to business
account holders in some cases. But there are huge opportunities to create a new
position in the business account services through providing some extra services, such
as overdrafts, credit facilities in purchase and so on.

Task 3

Khizar Malik_Assignment 1
3.1. Product development to sustain competitive advantage
Product development is one of the most common and important tasks for a business to obtain
and sustain competitive advantage. According to Lamb et al. (2011), product development is
the process of creating new product as well as adding new features and some extra benefits or
facilities to existing product by the business. They have mentioned that product development
is considered as the source of competitive advantage for a business.
Based on the case study information of Barclays bank, it is clear that the business has been
developing its products in accordance with the demands of the current market and current
market share within the financial market. For example, Barclays bank having problem of low
market share in the financial market and for the purpose of increasing market share, the
business has introduced student account services that has been acting as competitive edge for
the business.
Thus, the author would like to mention that product development can be termed as most
important part or task for a business to sustain competitive advantage.
3.2. Arranging distribution to provide customer convenience
In marketing principle, distribution is very important aspect for a business that is designated
to make sure products and/or services are available to customers in most convenient ways.
For example, Ross (2004) has mentioned that distribution that ensures easier and simpler
access to goods and services of a business by the customers is considered as the fundamental
aspect in gaining and sustaining competitive advantage. So, he has noted that a business
should arrange distribution in such a way that will provide customer convenience to get the
products and/or services and thus can help the business to build strong brand position in the
competitive market.
In case of Barclays bank, the business has been arranging its distribution both in-store and
online financial services to its customers and clients. The company has been operating its
branches mainly at high street areas within the country (Barclays plc, 2013). So, it can be said
that distribution is most appropriate to provide customer convenience at the Barclays bank.

3.3. Setting of prices to reflect organizations objectives and market conditions


Price is one of the most common and important aspects in marketing principles. A business
need to set price to reflect business commitment towards the customers. For instance, the

Khizar Malik_Assignment 1
author has revealed that there are some internal factors, such as firms marketing objectives,
marketing mix strategy, and organizational factors etc. The author has also revealed that there
are some external factors, such as nature of market and demand, competition, and other
environmental factors etc. All of these external and internal factors have crucial influence and
impact on the setting of prices for its product and/or service of a business (Studymode.Com,
2013). As an example, the author would like to mention that Barclays bank has been running
account for its customers either with monthly fees or without fees depending on the customer
type (Barclays plc, 2013). Some of the competitors are also providing almost same and
similar services in the financial market. Thus, it can be said that Barclays bank has been
setting prices for its products and services that have been reflecting organizations objectives
as well as market conditions in the financial market.
Logical and coherent argument in support of recommended marketing mixes
Marketing mixes concern with some of the most appropriate aspects, such as product, price,
place, promotion, people, process and physical evidence etc. All of these aspects have been
playing significant and crucial roles in developing and applying effective and appropriate
marketing principles. At the end, the author would like to opine that recommended marketing
mixes have been playing crucial roles in achieving marketing as well as organizational goals
and objectives.
3.4. Integration of promotion activity to achieve marketing objectives
According to Gitman and McDaniel (2008), promotional activities are the particular activities
carried out by a business to increase sales of particular product/service. Some of the most
common promotional activities include- special offers, discounted prices, personal selling,
sales promotion, advertising, and public relations etc. All of these activities are most
important and vital to achieve marketing objectives, particularly to deliver key message about
product/service of a business. Thus, the author would like to say that there is need for
integration of promotional activities to achieve marketing objectives. For example, the case
studied organization, i.e. Barclays bank need to carry out personal selling activities to create
positive image about student account services among the students of colleges and universities
for the purpose of achieving marketing objectives.
3.5. Additional elements of extended marketing mixes
Marketing mixes mainly concern with four major aspects, such as product, price, place and
promotion. But there are some additional elements in extended marketing mixes that include
people, process and physical evidence (Gitman and McDaniel, 2008).

Khizar Malik_Assignment 1
People: People are the employees who are involved in producing products and delivering
services to the customers. People have vital influence and impact on the development and
implementation of effective and appropriate marketing principles within a business.
Process: Process concern with the particular pathways by which a business produces a
product and deliver a service to target customer. Process has been playing vital roles in
creating most effective and appropriate marketing principles within a business.
Physical evidence: Physical evidence concern with the visible features and characteristics of
the product and/or service provided by a business to the customers. Physical evidence has
been playing vital roles to create positive image among the customers of particular
product/service of a business and thus developing effective and appropriate marketing
principles within the business.
Limitations of the recommended marketing mixes
The author would like to mention some of the following limitations of recommended
marketing mixes

Recommended marketing mixes are complex in nature and very difficult for a
business to adopt it to achieve marketing objectives.

There may have issues and concerns that need to consider by the business to develop
and implement marketing principle with considering all of the elements of
recommended marketing mixes.

The concern for ethical practices in marketing is one of the most common
challenges in recommended marketing mixes.

Task 4
4.1. Marketing mixes for two different segments in consumer market
The author would like to mention marketing mixes for two different segments in consumer
market, such as retail market in a table as follows10

Khizar Malik_Assignment 1
Table: 4.1. Marketing mixes for two different segments in consumer market, such as retail
market
Key feature in Market
marketing mix
Product

segment:

In-store Market segment: Online selling

selling
The business need to display The business need to provide all
product at the store.

Price

relevant information and picture of

product at the website.


The business should put price The
business
should
for each product at the store.

Place

provide

information about price of each of

product.
There should be particular There should be product information
arrangement of product into the at the web site rather than physical

Promotion

shelves at the store.


existence of the product.
Sometimes the business can The business need to
reduce price and/or provide promotional
special

activities

provide

within

the

offers in particular website to catch the attention of the

product.
Source: Authors analysis

product.

4.2. Differences in marketing of products and services to organizations rather than


consumers
Marketing of products is most common and important feature in marketing principles.
According to Kotler (2005), marketing of products are defined as the particular pathways by
which an organization deliver key message or information about particular product to target
market/consumer. Kotler (2005) also mentioned that marketing of services are the invisible
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Khizar Malik_Assignment 1
activities carried out by the business along with marketing of products and selling of products
to the target market/consumer. Thus, from the definition of marketing of products and
marketing of services, it is clear that there are some major differences to organization rather
than consumers.
The author would like to discuss major differences in marketing of products and marketing of
services as followsi.

The business may need to use existing channel of marketing system to market new
product as well as existing product, while there is no need of using channel of
marketing system in marketing existing services by an organization.

ii.

The business may need to carry out several promotional activities in relation to
market product, on contrast there is no necessary of promotional activities in
marketing of services by the organization.

4.3. How and why international marketing differs from domestic marketing
International marketing is defined as the processes and activities of disseminating
product/service information within the international markets. On the other hand, domestic
marketing is the approach of providing relevant information of product/service to target
customer within the country (Kotler, 2005). So, depending on the nature of the marketing
practices and policies, international marketing differs from domestic marketing.

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Khizar Malik_Assignment 1
There are several reasons for which international marketing differs from domestic marketing.
In accordance with the discussion and explanation from Kotler (2005), the author would like
to mention following reasons for which international marketing differs from domestic
marketingi.

International marketing is designated to catch attention and provide information to


large number of population of different countries of particular product/service, while
domestic marketing is designated to deliver message of particular product/service to
wider population within the countrys market.

ii.

The key purpose of international marketing is to create strong brand name and image
among the different people around the international markets, on the other hand,
domestic marketing is focusing on the creation of brand name and image among the
domestic customers.

iii.

There are several things, including political, economical, social and cultural factors of
multinational people need to consider by the business to develop international
marketing practices and policies. But in case of domestic marketing, there is need for
considering all of those factors of countrys people.

Task 5
5.1. Planning, managing and organizing training sessions to cater the needs of 10
representatives
The author would like to plan, manage and organize training sessions to cater the needs of 10
representatives as follows-

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i.

Arranging pre-training session: The author will carry out pre-training for the purpose
of discovering main issues and concerns of training session. Based on the discussion,
the author will develop key purposes and objectives of the training session.

ii.

Conducting main-training session: The author will provide most factual and relevant
information about the key issues on training program. There will be equal chance of
discussing and explaining on particular issue by the participant after presenting
information by the author and other trainers.

iii.

Assessing training activities through post-training evaluation: At the end, the author
will assess overall training programs through collecting feedback and suggestions
from the participants.

Finally, it can be say that by completing all of the activities, the author will be able to plan,
manage and organize training session in such a way that will help each participant to improve
knowledge and understanding about key issues of training program.
Justifying plan and lateral thinking
The author has make most effective and appropriate plans for the completion of training
program that is designated to cater the needs of different representatives who are mid-level
managers of different business. For example, the author has divided three major steps to start
and complete the training session along with evaluating the training program itself.
Thus, the author would like to opine that there will be adoption of maximum efforts to carry
out training session and thus provide all relevant and factual information to each participant
and thus improve knowledge and understanding about major issues discussed and explained
in the training session.

Conclusion
Marketing principle is common aspect of a business that has been helping a business to focus
on the current trends and conditions as well as demands and expectations of the market and
thus to develop and implement effective and appropriate marketing practices and policies to
achieve both marketing and organizational goals and objectives.

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Khizar Malik_Assignment 1
Under this assignment, the author has discussed and explained some of the most common and
related issues and concerns of marketing principles with case study organization, such as case
study of Barclays bank, a leading financial institution in the UK.
In conclusion, the author would like to say that this assignment has covered all of the relevant
learning outcomes of marketing principles module and thus helped to improve knowledge
and understanding from academic and organizational perspectives about the module.

List of references

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Khizar Malik_Assignment 1
Gitman, L. J. and McDaniel, C. D. (2008). The future of business: the essentials. Mason,
USA: South-Western Cengage Learning.
Jain, A. (2010). Principles of marketing. New Delhi, India: V. K. (India) Enterprises.
Kotler, P. (2005). Principles of marketing. Essex, UK: Prentice Hall/Financial Times.
Kotler, P. and Armstrong, G. (2009). Principles of marketing. Global edition/13th edition.
New Jersey, USA: Pearson Education Inc.
Lamb, C. W., Hair, J, F. and McDaniel, C. (2011). Essentials of marketing. 7th edition. Mason,
USA: South-Western Cengage Learning.
McDonald, M. (2012). Market segmentation: how to do it and how to profit from it. West
Sussex, UK: John Wiley & Sons Ltd.
Ross, D. F. (2004). Distribution: planning and control-managing in the new era of supply
chain management. 2nd edition. Massachusetts, USA: Kluwer Academic Publishers.
Sengupta, S. (2005). Brand positioning: strategies for competitive advantage. 2nd edition.
New Delhi, India: Tata McGraw-Hill Publishing Company Limited.
Singh, S. (2004). Market orientation, corporate culture and business performance. Hants,
UK: Ashgate Publishing Limited.

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