PRINCIPLES OF MARKETING

ASSIGNMENT [MKTG101]

Submitted by –
Devopriya Basu
A90904622046
B.com (H) – 3rd semester

Submitted to –
Dr. Kunal Vikram

AMITY COLLEGE OF COMMERCE AND FINANCE

KOLKATA
AMITY UNIVERSITY, KOLKATA

ACKNOWLEDGEMENT:
I feel greatly indebted to my faculty guide DR. Kunal Vikram of Amity
College of Commerce and Finance, because he created in me immense
interest in this field.
My understanding of this subject became sharpened through many
discussions with my faculty. I am thankful to him who constantly
mentored my progress and guided me throughout.
Last but not the least, I would like to thank all those who helped me
directly or indirectly during my dissertation.

Devopriya Basu
 TABLE OF CONTENT:

S. TOPICS BLOOM’S TAXONOMOY

NO. LEVEL
1. Define core concepts of Comprehension & Application
marketing & compare them to
at least two marketing
management philosophies.
2. Conduct a SWOT analysis for Analysis & Evaluation
a product, identify factors
affecting buyer behaviour.
Analysis & Evaluation.
3. Select a market segment & Synthesis & Application
propose targeting and
positioning strategies.
Synthesis & Application.
4. Evaluate a product's life cycle Evaluation & Analysis
& pricing strategies.
5. Examine channel dynamics & Analysis & Synthesis
propose an integrated
marketing communication
mix.
Define core concepts of marketing & compare them to at
least two marketing management philosophies.

Marketing: Marketing starts before the production process and

continue even after the goods have been sold. It consists of all those
activities, which satisfy needs and wants of present and potential
customers better than the competitors.

The main core concepts of marketing are as follows:

1. Needs, Wants and Demands:
Definition of need: Needs are basic necessities for human survival
and well-being. For example: basic needs of food, shelter, etc for a
human being.
Definition of wants: Wants are desires that go beyond basic
necessities and are influenced by personality, cultural and societal
factors. For example: basic need for food may turn into a want for
dosa for a south Indian and chapatti for a north Indian.
Definition of demand: Demands are when wants are backed by the
willingness to pay, representing the purchasing power to buy a
product or service. For example: Tesla launched its electric vehicle
lineup which addresses the wants of environmentally conscious
consumers who desire sustainable transportation.

2. Market Segmentation: It is based on the group of people based on

geographic, demographic, psychographic and behavioural
specifications for whom the product or service is made. For
example: Women Horlicks or sanitary pads which is gender
specific.
3. Product lifecycle: The product lifecycle encompasses the various
phases that a product undergoes from its initial launch to growth,
maturity, and decline, and necessitate marketers to adapt their
tactics accordingly. For example: During the period of expansion,
Tesla modified its approach by introducing fresh models and
cutting-edge technologies in order to maintain its competitiveness.

COMPARISON:
 Needs, Wants, and Demands vs. Production Orientation
(Comprehension): Comprehending the essential principles of
needs, wants, and demands is significant for production
orientations. In the context of production orientation,
understanding entails acknowledging that efficient production
caters to fundamental needs and wants by enhancing the
affordability of products.
 Needs, Wants, and Demands vs. Production Orientation
(Application): Ford and Toyota both implemented a production-
oriented approach in their operations, focusing on optimizing
processes to enhance the efficiency of goods manufacturing. The
primary objective of adopting this philosophy was to cater to the
diverse transportation requirements of a large consumer base by
ensuring the affordability of automobiles.
 Market Segmentation vs. Production Orientation
(Comprehension): It is crucial for marketers to understand that
market segmentation revolves around catering to the needs of
specific customer segments, ensuring that products are tailored
accordingly. On the other hand, a production-oriented approach
is more focused on internal aspects, prioritizing cost-effective
mass production.
 Market Segmentation vs. Production Orientation
(Application): Apple utilizes market segmentation data to
develop and promote products that meet the unique requirements
of different customer segments. On the other hand, a production-
 oriented company focuses on implementing efficiency measures
in manufacturing to reduce costs and provide affordable
products to a wide range of customers such as Redmi or Poco.
 Product Lifecycle vs. Market Orientation (Comprehension):
The product lifecycle concept guides strategies throughout a
product's journey, whereas, a market-oriented approach involves
continuous adaptation to customer preferences.
 Product Lifecycle vs. Market Orientation (Application): To
maintain interest and boost sales, companies can utilize the
product lifecycle concept by introducing fresh features and
models. P&G serves as a prime example of market orientation in
action, as they continuously adapt their product offerings
according to consumer preferences and feedback.
Conduct a SWOT analysis for a product & identify factors
affecting buyer behaviour.

Definition SWOT Analysis: The SWOT analysis is a powerful

tool for strategic planning, which stands for Strengths, Weaknesses,
Opportunities, and Threats. It is utilized to evaluate and analyse both
internal and external factors that can affect the present and future
state of an organization, project, or individual. By identifying and
assessing these factors, informed decisions can be made, and effective
strategies can be developed.

Conducting a SWOT analysis for a real-life product and identifying

the factors affecting buyer behaviour. let's consider the iPhone, a
product by Apple:
STRENGTHS: WEAKNESSES:

1. Brand loyalty: Apple boasts a 1. Expensive Price Tag:

dedicated and devoted customer iPhones are marketed as high-
base, as users frequently remain end devices, which could restrict
loyal to the iPhone due to its their reach to a wider audience.
seamless ecosystem and
exceptional user experience. 2. Apple Ecosystem: The
device's reliance on other Apple
2. Innovation and creativity: products may deter users who
The iPhone maintains its position prefer different ecosystems.
as a leader in the smartphone
market through continuous 3.Limited Personalization: In
innovation, consistently comparison to some rivals,
introducing new features and iPhones offer fewer options for
technologies. customization in both hardware
and software.
3. Robust app store: the App
Store greatly enhances the
 iPhone's adaptability and
usefulness, further solidifying its
reputation as a robust platform.
OPPORTUNITIES: THREATS:

1. Integrating health and 1. Fierce Competition: In the

wellness: It can help to the smartphone industry, there is a
increasing consumer demand for cutthroat competition as multiple
fitness and well-being, creating a Android manufacturers provide
new avenue for growth. alternative options across
different price ranges.
2. Exploring new markets or
regions: It can lead to untapped 2. Influence of Global
growth opportunities in emerging Economy: The iPhone, being a
economies. high-end product, can be
affected by economic downturns
3. Leveraging AR technology: or uncertainties, which may lead
It can help in future models that to a decrease in consumer
can open up innovative spending.
possibilities for user experiences.
3. Potential Regulatory
Hurdles: Apple might face
obstacles due to changes in
regulations related to data
privacy or antitrust concerns,
posing challenges
for the company.

Factors Affecting Buyer Behaviour:

INTERNAL FACTORS:
 iPhone is seen as a reflection of a lifestyle that values innovation,
sleek design, and a top-notch user experience.
  People are motivated to buy an iPhone because it represents a
status symbol, instils trust in the brand, and fulfils the desire for a
seamless ecosystem.
 Consumer perception of the iPhone is shaped by Apple's strong
brand image and reputation for delivering high-quality products.
EXTERNAL FACTORS:
 The adoption of iPhones is influenced by social trends, cultural
values, and peer pressure, particularly in markets where it is seen
as a symbol of status.
 The decision to choose an iPhone or a more affordable alternative
is influenced by factors such as affordability and income levels.
 Consumers who prioritize the latest technology and innovations are
more inclined to select the iPhone.

MARKETING MIX:
Product:
The consumer preferences are influenced by the iPhone's design,
features, and technological advancements.
Price:
Consumers may be attracted to the premium pricing strategy of the
iPhone, as they associate higher prices with better quality and
exclusivity.
Place:
The accessibility of the iPhone is impacted by its availability through
Apple Stores, carriers, and authorized resellers.
Promotion:
Apple's marketing strategies, such as sleek advertisements and product
launches, play a significant role in shaping consumer perceptions and
influencing purchasing decisions.
Select a market segment & propose targeting and positioning
strategies.
The intersection of wellness and sustainability is where health-
conscious Millennials who are interested in plant-based diets, comes
as a dynamic and influential demographic.
Targeting Strategy:
It includes the following components:
Demographic Targeting:
1. Age: Focus on the age group of 22-35 years, specifically targeting the
Millennial generation.
2. Income: Concentrate on individuals with middle to upper-middle
income levels, as they are more likely to invest in health and wellness
products.
3. Education: Direct efforts towards college-educated individuals who
are likely to be more conscious of their dietary choices.
Psychographic Targeting:
1. Lifestyle: Appeal to individuals who lead an active and health-
conscious lifestyle, placing importance on fitness and overall well-
being.
2. Values: Target people who prioritize sustainable and ethical practices
in food production, aligning with the principles of a plant-based diet.
Behavioural Targeting:
2. Purchase Behaviour: Focus on individuals who regularly purchase
organic, plant-based, or health-focused products.
7. Media Consumption: Engage with those who follow health and
wellness influencers, actively participate in fitness communities, and
seek nutritional information.
 POSITIONING

Health and
Taste and Variety:Position
Wellness:Position products
the products as not just
as a key element in a
healthy but also flavorful.
health-conscious lifestyle.

Community and Social Sustainability and

Connection:Position the Ethics:Highlight the
brand towards better sustainability and ethical
health and sustainable aspects of plant-based
living. diets.

Convenience:Emphasize
the convenience of
incorporating plant-based
products into daily life.

Furthermore, the increasing popularity of plant-based diets among

health-conscious Millennials, this targeting and positioning strategy
aims to tap into a growing trend. Through aligning with their values,
addressing their specific needs, and fostering a sense of community, the
brand can successfully establish a robust connection with this particular
market segment.
Evaluate a product's life cycle & pricing strategies.
Coca Cola’s product life cycle:
1. Development: The origins of Coca-Cola's mysterious formula remain
largely unknown, with little information available on its development.
2. Introduction: Even in its early days, Coca-Cola seemed to have a
winning formula, as evidenced by its success just a few years after its
founding in 1886.
3. Growth: Within a decade of its launch, Coca-Cola had already
become a household name across all states in the United States.
4. Maturity: While it's difficult to pinpoint exactly when Coca-Cola
reached maturity, it's safe to say that the brand has spent most of its
history in this stage. Coca-Cola is currently in the maturity stage in
Western countries, but is still experiencing growth in the Asian market.
This highlights the importance of tailoring marketing strategies to the
different stages of the product life cycle in various regions.
5. Decline: Over time, even the most well-known products experience a
decline in revenue and a decrease in popularity. It is fascinating to
envision the eventual demise of a company such as Coca-Cola, a
company that has been in existence for over a century and has achieved
tremendous financial success.
Pricing strategies:

 Premium Pricing: Higher price than competitors to convey a sense

of exclusivity and quality.
 Penetration Pricing: Lower price than competitors to gain market
share and attract price-sensitive consumers.
 Price Skimming: Higher price than competitors for a new product
or service to maximize profit before competitors enter the market.
 Promotional Pricing: Coca Cola also uses promotional pricing,
which involves offering discounts or special deals to increase sales.
This strategy is used to attract price-sensitive customers and
increase brand awareness.
Examine channel dynamics & propose an integrated marketing
communication mix.
Channel dynamics encompass the connections and associations among
different channels that facilitate the delivery of a company's products or
services to the final consumers. These channels may comprise direct
sales, distributors, retailers, e-commerce platforms, and other mediums.
On the other hand, an integrated marketing communication (IMC) mix
involves harmonizing and merging diverse communication channels to
convey a unified and uninterrupted message to the intended audience.
Let’s take an example of iPhone:

Apple iPhone Distribution Channels:

1. Apple Stores: Apple's retail stores play a vital role in the distribution
of iPhones. These stores offer customers a direct avenue to experience
the product, receive expert assistance, and make purchases.
2. Carrier Partnerships: Apple collaborates with major mobile carriers,
such as AT&T and Verizon, to sell iPhones with service contracts. This
partnership expands the distribution network, making the product
available through carrier stores and online platforms.
3. Authorized Resellers: Apple has authorized resellers, including
electronics retailers and online marketplaces, that carry the iPhone.
These partners help extend the availability of the product to a wider
audience.
4. E-commerce: Apple's official website serves as a direct online sales
channel. Customers can conveniently purchase iPhones online,
customize their orders, and take advantage of exclusive online
promotions and services.
Integrated Marketing Communication Mix for iPhone:
1. Consistent Brand Messaging: Develop a unified message that
highlights innovation, design, and user experience across all
communication channels. This consistency reinforces the brand's
identity and values.
2. Advertising: Utilize a diverse range of advertising channels, such as
TV commercials, online video ads, and print media, to showcase new
features and generate excitement around product launches.
3. Content Marketing: Create compelling content, including blog posts,
videos, and interactive experiences, to showcase iPhone features, share
user stories, and educate customers about the product's capabilities.
4. Social Media: Leverage popular social media platforms like
Instagram, Twitter, and Facebook to make product announcements,
encourage user-generated content, and foster community engagement.
Social media plays a crucial role in building a strong brand community.
5. Public Relations: Engage in strategic PR activities to generate
positive media coverage for product launches, partnerships, and
technological advancements. Apple's highly anticipated keynotes are
widely covered and contribute to building anticipation and excitement.
6. In-Store Experience: Enhance the in-store experience with interactive
displays, knowledgeable staff, and hands-on product demonstrations to
create a memorable brand experience.
7. Digital Marketing: Implement digital marketing strategies, including
email campaigns and search engine optimization, to reach and engage
online audiences.
8. Customer Service: Ensure excellent customer service through
multiple channels, including online chat, phone support, and in-store
assistance. This contributes to customer satisfaction and loyalty.
9. Event Marketing: Host launch events and participate in industry
conferences to maintain a strong presence in the market and keep
customers excited about new products.