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Marketing is termed as the procedure of planning and implementing concepts, pricing, merchandising and distribution of commodities, services and ideas to develop the dealings that meet individual’s and business objectives. It is also taken as a managerial approach through which customers acquire what they need and desire by developing and exchanging offerings and value with others (Sheth and Sisodia, 2015). In this report, different aspects of marketing principles will be studied in context of Halo Foods.
Halo food is a renowned company that is known for offering cereal bars that fulfill the need of customers to consume high quality food. The firm also offers spanning energy bars, specialized diet bars, Low-Carb bars, chocolate enrobed snack bars and low glycaemic index products. In this report, benefits and costs of marketing orientation will be studied. Different macro and micro factors that impact the marketing decisions of Halo Foods will be described.
With the help of marketing process, Halo Foods tries to identify the emerging needs of customers and therefore, develops bars and other products accordingly. This further helps company in retaining the loyal customers and in attracting the new ones. The marketing manager of company also focuses on various elements of marketing procedure which are as follows:
It is an important process that helps the organization in identifying marketing possibilities that meet the requirements of customers in accordance with the changing tastes, preferences, market trends and needs of consumers (Marketing Elements. 2015). It can be explained like; with the increasing health consciousness among millennial, Halo Foods launched special diet bars.
The marketing procedure of company is concerned with the selection of prospective market with having superior marketing possibilities to offer a wide range of offerings. With this aspect, firm decides to whom they want to sell its products. For instance, chocolate snack bars are for kids, low glycaemic bars for elderly, etc.
It refers to a well defined plan of action that helps the organization in achieving long term goals (Jobber and Ellis-Chadwick, 2012). It plays an important role in guiding the marketing efforts of Halo Foods that further ensures the success of business in future. It is significant for the marketing manager to consider long term vision, mission, core competencies, etc. while devising the strategy.
It means proper sequential steps that assist Halo Foods in attaining the framed objectives of business by applying planned strategy. Further, it involves allocation of resources, setting time frame to goals, preparing budget, etc.
They are short termed plans that help Halo Foods in achieving short term goals of business. Main aim of tactics is to enhance the sales of establishment by stimulating customers to buy the product (Sheth and Sisodia, 2015). It involves an effectual use of promotions, offers, discount, loyalty program, etc.
Marketing orientation is an important approach that assists company in designing products as per the desires, requirements and preference of consumers. It further ensures proper functionality of product along with the skillfulness in production (Sheu, 2014). With this aspect, organization is able to build a distinct image of its brand in market and to create maximum customer loyalty. The marketing orientation of Halo Foods involves various costs and benefits which are a
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