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Marketing refers to the process which is associated with buying and selling activities of any product or service. It involves selling, advertising and providing products to customers. Marketing principles are the strategies broadly used by the marketers for promotion of their product (Allyson Dooley, Jones, and Iverson, 2012). These principles optimises the company's existing performance and assist in launching new products in the market. Softwire which is a local company in the UK provides software development services has been taken in this project. Factors influencing marketing strategies are explained in this report. Further, different marketing strategies, theories, and models are also described.
There are different internal and external factors which affects the marketing process. To determine all these factors companies use pestle analysis. PESTLE analysis is a method used to determine external factors in the marketing process of Softwire company. This analysis helps in identifying threats and weaknesses and provide measures to overcome them.
Political Factors:- Political factors assist in identifying how different decisions made by the government such as trade policies, tax policies, etc. impact economy and business in Softwire company. Generally, political factors have an influence on the marketing processes used by the company to run their business. As a marketer viewpoint, the company has to organize and balance their marketing schemes accordant to government postulates.
Economic Factors:- Economic factors involves business growth, unemployment level. Inflation, employment level, trading services or goods, etc. In context to Softwire company all these affects largely and determine how the organisation flourishes, with success and expand economically. Economic factors are different in every country and are according to their financial situation.
Social Factors:- Social factors refer to all those components which play a vital role in society and community (Dana, 2014). These factors cover different areas – health, safety, population growth, education, social class, religion, etc. In context to Softwire these factors have a large influence on its businesses and performance. From the point of view of marketer the company should ensure that perfect pestle analysis should be applied. By applying it the company will able to analyse the influence of culture in the organisation.
Technological Factors:- Technological factors play an important role because they assist a company in eradicating recession and inflation. Technological factors involves innovative techniques, research and development activities, etc. In context to Softwire, latest technologies will be advantageous for effective performance of company.From the marketer view point technology provides new ways to expand businesses and it will assist in making marketing process more effective (Ennew, Waite and Waite, 2013).
Legal Factors:- Legal factors involves product safety and consumer rights. In context to Softwire, the company should determine their limitations, legal rights and prepare marketing strategies according to fundamental rules and regulations.
Environmental Factors:- Environmental factors are vital in marketing processes. In context to Softwire, the company should concentrate on environmental factors and their marketing process must be ethical, because in modern marketing world the customers demand for the environment friendly and sustainable products.
Marketing strategies are used to cooperate with customers in different companies. The main objective of using marketing strategies is to promote the target population to purchase particular products or services. In context to Softwire, different marketing strategies are used to provide software services.
Video Marketing Strategy:- Video marketing is a strategy used by the software companies to sell their products and services. Its purpose is to influence customers through videos and campaigns to purchase a specific company's products. In context to Softwire, this strategy will help in stimulating customers to buy their services.
Social Media Marketing:- Social media marketing strategy is a way to promote services or products through websites and social media platforms. In context to Softwire, this strategy will help in tracking, success, progress, and involvement of ad campaigns.
Media Relation Strategy:- Media relations strategy refers to the measured deployment of media to state an organisation's message. It is the way to build out a substance and distributing it to the precise media sources, in order to reach the target market (Jobber and Ellis-Chadwick, 2012). In context to Softwire this strategy will help in encouraging customers to buy their products with the help of media.
Marketing Environment:- Marketing environment refers to the term which includes all those factors and forces which have impact on company's ability to create and maintain good relationships with customers (Lang and et. al., 2012). Marketing environment of any firm or organisation involves the micro and macro environments. There are various factors involved in both of these environment. In the context of Softwire, both internal and external factors in a business environment affects its operations and success.
Micro Environment:- Micro environment factors are very close to the businesses. It involves consumer markets, suppliers, competition, showcasing delegates, marketing intermediaries, etc.It concerns the internal environment of the system, affects marketing and its different departments – finance, management, human resource, purchasing, research and development, accounts and operations department. In context to Softwire , it will affects its inward operations and various departments. It is divided into various components which are described under.
Customers:- It is very important element for every business to satisfy its customers demands and needs. In context to Softwire, their marketing strategy is customer directed which concentrates on identifying and determining customer's needs and requirements and provide products and services, in order to satisfy their needs.
Employees:- Employees are vital elements in any company or organisation, as they assist them in performing day to day operations and responsibilities. Their efficiency can be improved by providing appropriate training to them. In context to Softwire, it is necessary to execute training programmes, in order to develop their skills and productivity.
Suppliers:- Suppliers refers to those persons from whom companies purchases their resources and raw material to manufacture products and services (Mayer, Borges and Simske, 2018). In context to Softwire, suppliers are very crucial in the organisation and it is necessary to determine ans select effective suppliers in the market, in order to accomplish business requirements.
Distributors and Retailers:- Distributors and retailers have vital contribution in deciding growth and success of any business. In context to Softwire, they will assist in providing relevant information about customers, suggesting about their needs and requirements for services and products. So it is important for an organisation to stay in touch with channel partners.
Competitors:- Competitors refers to those businesses or companies who are designing and manufacturing products similar to any other company. In Softwire, it is very important to keep look on its competitor companies regarding its products, manufacturing, services and overall information about them. By this way the company can manufacture products according to prevailing market trends.
Macro Environment:- Macro environment is the uncontrollable factor of the businesses. It involves various factors such as – economic, demographic, social, technological, legal, political, cultural prospect of the market. It is also named as broad environment. In context to Softwire, it comprise the external factors which directly affects the business and its operations. It is categorised into six types of environment (Russell-Bennett, Wood and Previte, 2013).
Demographic Environment:- Demographic environment is constructed by the people who represent the market. It is defined as the actual research and segregation of people accordant to their density, size, gender, location, occupations, age, race, etc. In context to Softwire, measuring all these variables will assist in identifying customers demand and producing products according to their requirements.
Economic Environment:- Economic environment involves all those factors which affects customers power of buying and spending patterns. It includes factors such as – interest rates, gross domestic products, inflation, gross national product, government funding, income distribution, subsidies, and many other economical variables. In context to Softwire, it is easy to offer products to customers when they have enough money to spend.
Physical Environment:- Physical environment refers to the natural environment in which companies operates and carry out its activities (Sargeant and MACQUILLIN., 2016). It involves environmental changes, natural disasters, climatic conditions, pollution, accessibility to raw materials and water, etc. In context to Softwire, the company should apply policies restrained by the regulations fixed by nature.
Technological Environment:- Technological environment comprise research and development, innovation inducements, innovative technologies, technological alternatives, technological barriers, etc. Technology is the largest source which provides opportunities and threats for any business and it is impulsive. In context to Softwire, technological aspects will assist in creating new industries, new desires, rub out old businesses and increase the research and development investments.
Political-legal Environment:- Political and legal environment policies and laws made by the government predominant in the country (Spotswood, French, Tapp and Stead, 2012). Along with this it comprises another pressure agencies and groups which affect the working conditions of businesses or companies in the community. In context to Softwire, the company should comply with rules and regulations, in order to carry out its operations effectively.
Social-cultural Environment:- Social-cultural aspects of external environment involves values, beliefs, lifestyle, prejudice, culture, etc. These factors are different in every country, as people have various beliefs and values. In context to Softwire, the marketing manager should identify and determine the all these factors of society, in order to make appropriate marketinf strategies and products.
Softwire company which is a centric company of London and offer software products and services to customers. It provides its services locally, not all over the world. The company was started in 2000 and serves to the UK's leading brands. They business with many clients – from large constituted product marketers and solution suppliers to start-up net speculations which support their concern on the software made-up by the Softwire company. It ensures to create appropriate working environment to manufacture outstanding software and deliver best services to customers. Its main objective is to appoint talented people, provide them best remuneration, autonomy good opportunities, in order to carry out its daily operations and serve its local customers effectively. Further, it operates effectively by proper plans and strategies. It follows marketing principles and practices to encourage customers to purchase their products and services.
It develops effective marketing plans by involving various steps like – defining goals, evaluating market opportunities, selecting target market, developing appropriate marketing mix, and managing marketing efforts and plans. Furthermore, it analyses market conditions with appropriate pestle analysis. The pestle analysis assist company in determining its, strong and weak points in the business environment. It also give information about political, economic, social, technological, legal, and environmental factors and how they affects it businesses and strategies. The company applies various marketing strategies regarding software promotion, in order to motivate customers to buy their goods and services (Wood, 2012). It uses different marketing strategies such as – video marketing, website designing and mobile marketing, social media strategy, media relations strategy, etc. to advertise their products. Using these strategies assist company in selling more products and service and increasing their revenue and profitability.
Further it analyse the marketing environment in which the company is dealing and carrying out their operations. It considers all the macro and micro factors which affects the business, its growth and success. It determines the internal and external factors – customers, suppliers, competitors, retailers, distributors, stakeholders, government, etc. and macro factors – political-legal, social-cultural, technological, physical, demographic and economical environment. Analysing market environment in Softwire, help its employees in conducting its operations smoothly, effectively and efficiently. Furthermore, it helped in identifying all those components which are vital in company. By using all these marketing, strategies, processes, environment analysis the company easily accomplished its goals and targets which are decided.
From the above project report it is concluded that marketing principles and practices assist in optimising company's present performance, manufacturing and selling new products into market. Further pestle analysis help in determining external and internal factors which have great influence on organisation's operations and performance. Marketing strategies are used by companies to promote their product, in order to expand and grow their business. Marketing environment is the surrounding in which the company is operating. Marketing environment factors assist company in analysing strengths, weaknesses, opportunities and threats in the business environment. Both macro and micro factors help the company to identify customer needs and requirements.
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