PRINCIPLE OF MARKETING

Principle of Marketing
Contents
Introduction ................................................................................................................................................. 3
Section 01- Marketing Environment and Planning Process. ......................................................................... 4
1.1 Business Ideas and Its Marketing Planning Process. .............................................................................. 4
1.2 PESTEL Analysis & Micro environmental aspects. ............................................................................... 5
1.3 Marketing Mix 7ps .................................................................................................................................. 7
Section 2- Segmentation, Targeting & Positioning. ................................................................................. 9
2.1 Market Segmentation for Consumer and Business ................................................................................. 9
2.2 Targeting Methods ................................................................................................................................ 10
2.3 Market Positioning ................................................................................................................................ 10
Section 3 – Marketing Mix Analysis ........................................................................................................ 11
Conclusion ................................................................................................................................................. 13
References .................................................................................................................................................. 13
Introduction

Marketing is that the method of fascinating potential customers and sellers in your products and/or
services. The key word during this promoting definition is "process"; marketing involves
researching, promoting, selling, and distributing your products or services. Selling issues itself
with the hints and techniques of getting human beings to trade their money for your product. It is
now not involved with the values that the exchange is all (wikiversity , 2018) In addition, it does
not, as advertising invariable does, view the entire commercial enterprise procedure as consisting
of a tightly integrated effort to discover, create, arouse and satisfy consumer needs. In this report
we found that BUPA a new private healthcare provider which are looking for expanding their
business. Their marketing strategy for their innovation to their personal and business customers.
They have some potential investment in small acute medical units (AMU) located in London,
Birmingham, Manchester, Cambridge and Leeds city centers. The company wants to put PESTLE
method to analyses the detail market then BUPA is considering the market segmentation and
targeting the special customers for their innovation.

Organization profile: BUPA is a healthcare provider, which is looking for innovation with their
potential customers. BUPA is a health and care company committed to helping our customers live
longer, healthier, happier lives. We offer a broad range of services, including aged care and
retirement, dental, optical, health insurance, and community wellbeing initiatives, to improve the
health of all citizens. To help people live longer, they focus on preventative health. They do this
by collaborating with experts and communities to deliver meaningful programs and outcomes.
BUPA Health Foundation has invested more than $32 million in over 110 partnerships across
Australia to support and advance health research. (BUPA, n.d.)
Section 01- Marketing Environment and Planning Process.

1.1 Business Ideas and Its Marketing Planning Process.

For BUPA, I think they might think about some new business segment tricks. They are
working for their new business innovation for their potential customers but the fact is that their
targeted customer and market will varied as if they want to bring some professional medical
core teams to their probable suitable place in England and sell their products and services with
premium prices for registered customers (Annmarie Hanlon, 2018). In this case, not all places
they choose will be favorable to this thinking because premium prices products will not be
able to buy for all and they can use market research for those suitable areas so that they can
know their probable customers with their competitors. We describe their business idea in this
market planning process from Essential Marketing planning components by (Emerson, 2014).
Let me define properly –

 Market research - Identify consumer-buying habits in the industry, market size,

market growth or decline, and any current trends.
 Target Market - A well-designed target market description identifies your most likely
buyers. In addition, we should discuss at least two or three levels of segmentation.
 Positioning - What is the perception of your brand in the marketplace?
 Competitive Analysis - we need to know who our competitors are and how our
products and services are different. What is the price point at which our competitors
are selling, and what segment of the market are they aiming to reach? Knowing the ins
and outs of our competitors will help you a better position in our business and stand
out from the competition.
 Market strategy -Your marketing strategy is your path to sales goals. It should look
at the entire marketplace and then break down specific tactics including such as events,
direct mail, email, social media, content strategy, street teams, couponing, webinars,
 seminars, partnerships, and other activities that will help you gain access to customers.
(Wikipedia, 2018)
 Budget- Develop a month-by-month schedule of what you plan to spend on
marketing. Also, include a “red light” decision point. For each activity, establish a
metric that tells you to stop if it is not generating sufficient return on investment (ROI).
(Susan ward, 2019)

1.2 PESTEL Analysis & Micro environmental aspects.

We know about the PESTEL analysis and here PESTEL stands for-
A PESTEL associate lysis is a signifier for a tool accustomed determine the macro (external)
forces facing an organization. The letters symbolize Political, Economic, Social,
Technological, Environmental and Legal. Looking on the organization, it may reduce to
gadfly or some areas can added i.e. International.

In selling, before any quite strategy or plan of action arrange may be enforced, it is basic to
conduct a situational analysis and therefore the PESTEL forms a part of that and will be
continual at regular stages (6 monthly minimum) to spot changes within the macro
atmosphere. Organizations with success monitor and answer changes within the macro-
environment are able to differentiate from the competition and build a competitive advantage.

Chart: 01
Figure: (PESTEL analysis)
(Marketing Teacher.com, 2019)
For the BEAM concept, in Political Part we can consider government policy, political
stability or instability in overseas markets, foreign trade policy, tax policy, labor law,
environmental law, trade restrictions and so on (Professional Academy, 2019).

Then we will go for Economic part where we can consider which potential customers will
be available for us to buy this product and we will consider about their economic growth,
interest rates, exchange rates, inflation, disposable income of consumers and businesses and
so on. Economic factors are determinants of a particular economy’s performance. ( Ihsan
Yüksel, 2012) Factors embody economic process, exchange rates, inflation rates, interest
rates, the income of customers and state rates. These factors might have an immediate or
indirect future impact on an organization since it affects the buying power of customers and
will presumably modification demand/supply models within the economy. (wikiversity ,
2018) Consequently, it conjointly affects the manner corporations worth their merchandise
and services.
Next point is about Social factors where we will consider for BEAM are Also regarded as
socio-cultural factors, are the areas that involve the shared trust and attitudes of the population
( Basrah Saidani, 2019). These elements include – populace growth, age distribution, fitness
consciousness, and career attitudes and so on. These elements are of particular interest as they
have a direct impact on how entrepreneurs apprehend customers and what drives them.

Technological factors will work well for this sector because lots of media and technologies
can work here so that we can flourish our maximum sales.

Environmental factors have solely very returned to the forefront within the last fifteen years
close to. they need become necessary thanks to the increasing scarceness of raw materials,
pollution targets, doing business as Associate in Nursing moral and property company, carbon
footprint targets set by governments (this may be a model were one issue may well be
categories as political and environmental at a similar time). These are some of the problems
marketers face among this issue. A lot of and more shoppers are strict that the product they
purchase is sourced ethically, and if doable from a property supply.
 And the last factor is Legal factor where we might Legal factors include - health and safety,
equal opportunities, advertising standards, consumer rights and laws, product labeling and
product safety. (Professional Academy, 2019) It is clear that companies need to know what is
and what is not legal in order to trade successfully. Although these factors might have some
overlap with the political factors, they embody a lot of specific laws like discrimination laws,
fair laws, employment laws, shopper protection laws, copyright and patent laws, and health
and safety laws. It is clear that firms have to apprehend what's and what is not legal to trade
with success and ethically. (Ricky Singh, MBA., 2018)
Micro-economic factors are all about the way people spend their incomes. In BUPA, they have
some microeconomic factors of competitor’s name –
1. PruHealth
2. AXA PPP Healthcare
3. BCWA Healthcare
Their possible of threatening from these competitors are –

1. Intense competition with continuous innovation

2. Stagnating growth in the healthcare industry. (MBA SKOOL, 2017)

1.3 Marketing Mix 7ps

In marketing theory, the most common topic is 7p marketing mix and actually, it has been
broadening from 4ps formula (Marketing Teacher.com, 2019). In addition, here we get to
know about these-

Chart 02
Figure 02: (Marketing 7p)
(Marketing Teacher.com, 2019)
 Products/Services: How can you develop your products or services?
 Prices/Fees: How can we change our pricing model?
 Place/Access: What new distribution options are there for customers to experience our
product, e.g. online, in-store, mobile, etc.
 Promotion: How can we add to or substitute the combination within paid, owned and
earned media channels?
 Physical Evidence: How we reassure our customers, e.g. impressive buildings, well-
trained staff, great website?
 People: Who are our people and are there skills gaps?
 Partners: Are we seeking new partners and managing existing partners well?
For BEAM concept, we got a new marketing concept in the passage and here we are working
for marketing mix 7p formula for this new business concept (Ricky Singh, MBA., 2018)and I
think we should discuss it properly to implement this new concept properly.

You must ensure to have the right type of services that is in demand for your market. Therefore,
during the product development phase, the marketer must do advanced research on the life
cycle of the product that they are creating. (wikiversity , 2018)

It is also a very important component of a marketing plan as it identifies your firm’s profit and
survival. Adjusting the price of the product has a significant impact on the entire marketing
strategy as well as greatly affecting the sales and demand of the product. (Professional
Academy, 2019)

The processes are the steps, which are required to deliver the service to a customer. There are
a number of perceptions of the concept of process within the business and marketing literature.
Some see processes as a means to achieve an outcome, for example – to achieve a 30% market
share a company implements a marketing planning process. However, in reality, it is more
about interface between the business and consumer and how they deal with each other in a
series of steps in stages, i.e. throughout the process. ( Basrah Saidani, 2019)

Placement or distribution is a very important part of the product mix definition. You have to
position and distribute the product in a place that is accessible to potential buyers.
 This comes with a deep understanding of your potential market. Understand them inside out
and you will discover the most efficient positioning and distribution channels that directly
speak with your market. (Annmarie Hanlon, 2018)

There are many distribution strategies, including:

1. Intensive distribution
2. Exclusive distribution
3. Selective distribution
4. Franchising

Promotion is a very important element of marketing as it can boost brand recognition and
sales. Thorough research is important to discover enough people in your target market that is
in demand types of products and services. In the service industries, there should be physical
evidence that the service delivered. Additionally, physical evidence pertains also, to how a
business and its services perceived in the marketplace. Physical proof is that the material a part
of a service. To be precise there are not any physical attributes to a service, therefore a client
tends to trust material cues. There are several samples of physical proof, as well as a number
of the subsequent buildings, equipment, signs and logos, annual accounts and business reports,
brochures, your web site, and even your business cards.

Section 2- Segmentation, Targeting & Positioning.

2.1 Market Segmentation for Consumer and Business
Market segmentation theory is all about separating the market into smaller groups of consumers
and then marketing your product only to the group of people that are your potential buyers
(Wikipedia, 2018). In addition, we know that in market segmentation, we will find out the market
division and the selected customer lists with their choice. We also have to know about business
preference because for the business mind you can see that consumer choice is changed and the
competition is going on. (Bases of Market Segmentation Success: A Marketing Decision Makers’
Perspective, 2016)In order to think about BEAM concept for market segmentation to consumers
and business will vary. Let me introduce two variable to identify them as
B2C- Consumer.

B2B- Business.

 (B2C) Consumer market segmentation for BEAM concept and here targeted customers are
Premium level I mean VIP customers. In BEAM concept, we found a professional medical
care team to serve their services like NHS AMU A&E at a premium level for registered
customers. Therefore, the consumers who have good earnings might be the best choice for
this segmentation. (MBA SKOOL, 2017)
 (B2B) Business market segmentation for BEAM concept and her business for this sector
will be a good choice because the BUPA wants to put invest some profitable sectors and I
think the place they choose for business is perfect because political stability and
communication and People there are well behaved so I think this is a good choice.
(Emerson, 2014)

2.2 Targeting Methods

My targeting methods for both consumer and business markets are not same because I would
rather choose B2C market because if you think the business perspective you will see there the
places chosen for this segment is right and the behaviors of there were too good for this
perspective because they believe in quality. Moreover, lifestyle for this segmentation is perfect
because here we will provide services only for those areas where people are living high
standards and I think they will be able to sell their products. Moreover, if we concentrate about
the B2B perspective we will figure out that in the business competitors are good factors to
think because when you want to run a business you have to think about what marketing strategy
your competitors are following and what is their special techniques and what are their selected
customer policy and segmentation. Moreover, we also have to think about what strategy we
are following that will be accurate for long term (K., 1992) (Susan ward, 2019)

2.3 Market Positioning

Market Positioning refers to the power to influence client perception concerning a complete or
product relative to competitors. The target of market positioning is to ascertain the image,
identity of a complete, or product so customers understand it in an exceedingly sure manner.
Market positioning refers to the process of establishing the image or identity of a brand or
product so that consumers perceive it in a certain way. (MBA SKOOL, 2017)
 For BEAM concept, I think if we make a good branding in the market it will be a very good
position in the market in view of consumer perspective because the consumer wants good
quality and positive feedback. On the other hand, for the business, the perspective we know
that brand positioning is a great factor for any kind of business and that is why market
positioning helps a lot here. If we think about business perspective, we need to promote our
business more than other competitors do like Advertising, PA marketing, Personal sales, etc.
we have to establish our brand to our favorable customer and they depend on us without
hesitation. ( Basrah Saidani, 2019)

Section 3 – Marketing Mix Analysis

Here we found major issues of 7p consequences, these segments give much importance
(Marketing Teacher.com, 2019) and the face is that BUPA concept will go for it. Let me define it
properly by using this table:

Chart 03

Figure name: The elements of the Marketing Mix

(K., 1992)
 BUPA

Product Products should be considered to be

Thing, which will satisfy human needs, and wants More to be merged and developed for the
considered product. customer and make it user-friendly. Because as
they are health care provider so they should look
forward to their products research and
developments and innovation. If we think about
the market, their products should be promoted
well and their latest products should be launched
with huge promotion so that competition will be
more interesting and not that they should follow
consumer product behavior and what they expect
from their services that should be also considered.
Place It is an important factor where should be they
A place where a number of people accumulate and maximize their products. In my opinion, I would
business position are favorable that is called place in choose that place where people living standard
7p. are a too good and crowded place so that people
can get in touch with their services.

Price For price issue, it is much sensitive for the

An estimated amount or mutual amount when both business outline. Price should be reasonable
buyer and seller are satisfied to exchange their because overprice may reflect customers minds
products. and we also have to think about opposition
competitors price choice because they have a
good impact on the market. Moreover, price and
market condition should be favorable for BUPA
.if they make a good reasonable price; they will
get feedback from customers and capture the
markets.
Promotion Good points for BUPA. BUPA should consider
Illustrate how promotional activity integrated to some important promotional factors like CPA
achieve marketing objectives – the communications marketing, Online promotion, Campaign, Sample
mix including social media. testing, Personal sales, Advertisement, PR,
Newspapers, TVC program. These promotions
will help them to accelerate their product selling
and the customer will know about their product
information.
Analyze the additional elements of the extended I think there are some external factors for
marketing mix: extending marketing mix: consumer policy,
Discount, Credit Payment, Warranty services,
customer choice options, feedback, etc.
People It is very much important of the staff to the brand
Staffing persons for business and promote a brand of purpose and brand image because they are the
the business. main persons who hold business brand properly
to the customers and introduce well. They can
expand business by promoting products with
 objectives. They also should be given Training,
Remuneration, etc.

Physical Evidence I think customer feedback and customer policy

What significance will the visible elements of the can play good roles to take ensure position and
brand take to ensure positioning and consistency? consistency because customers always choose
that services what they good satisfaction. It will
help to broaden brands value.
Process
Think of the importance of customer convenience in I think when the customer gets booking for this
this sense in booking, etc. service we would inform them of good
advantages of using these services and what will
be the future benefit of after using these services.
We will introduce our offerings to our registered
customers. Make them assure that they can use
this service without any hesitation.

Conclusion
Above all analysis and the marketing concept, we found that BUPA is introducing new services
to some favorite places, they want to provide it with high professional medical core teams, and
they are analyzing their innovation with new techniques. We got many new concepts here and
finally came out in one solution that BUPA can expand their business market with this innovation
considering both personal and business customers as well.

References
1. Basrah Saidani. (2019). Marketing Mix-7Ps: The Effect on Customer Satisfaction. Journal Pendidikan
Ekonomi Dan Bisnis (JPEG).
2.Ihsan Yüksel. (2012). Decision-Making Model for PESTEL Analysis. International Journal of Business
and Management.
3.Annmarie Hanlon. (2018, 05 31). smart insights.com. Retrieved from
https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-
marketing-mix/
4.Bases of Market Segmentation Success: A Marketing Decision Makers’ Perspective. (2016).
International Journal of Business and Administrative Studies.
5.Emerson, M. (2014). Essential Marketing planning.
K., B. (1992). Market Segmentation and Product Targeting at the Conceptual level. HortTechnology,
192b-193.
6.Marketing Teacher.com. (2019). Marketing Mix. Retrieved from
https://www.marketingteacher.com/marketing-mix-4ps-and-7ps/
7.MBA SKOOL. (2017). BUPA SWOT Analysis, Competitors & USP. Retrieved from
https://www.mbaskool.com/brandguide/pharmaceuticals-and-healthcare/9987-BUPA.html
8.Professional Academy. (2019). PESTEL ANALYSIS. Retrieved from
https://www.professionalacademy.com/blogs-and-advice/marketing-theories---pestel-analysis
9.Ricky Singh, MBA. (2018). What are the 7Ps of Marketing? Start up.com.
10.Susan Ward. (2019). Target Marketing and Market Segmentation. The small business, 9.
11. BUPA-A Health Care Provider, https://www.BUPA.com/