Marketing Principles

Higher National in Business

Unit Number and Title Assessor Name Assignment No. Assignment Start Date Assignment Due Date Assignment Title Assignment Brief

19.Marketing Planning Prashant Shandilya 1. 20/04/2015 25/04/2015 Be able to compile marketing audits & Understand the main barriers to marketing planning In this assignment students will compile a marketing audit and also identify the main barriers to marketing planning.

Task 1 QUESTION 1 (L01: Assessment Criteria 1.1) Read the Case Study: New Rules for Marketing and then answer the following question: 1. Marketing has changed in the last 20 years. Marketers in the past followed the old rules. Marketers of today follow the new rules. Identify three (3) differences between the old rules and the new rules of marketing and give examples pertaining to each set of rules. Case Study: New Rules for Marketing If you think of marketing as the same thing it was twenty (or even ten) years ago, you're wrong. The reason is simple. What works today is the opposite of what worked in the past. The Old Rules Here are the rules for marketing that are taught in most business courses, and are common inside most companies (many of whom are struggling):

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Step 1. Create a product that has a broad appeal to a large number of consumers or buyers. Step 2. Reach as large an audience as possible with a message that appeal to many of those potential buyers. Step 3. Create a recognizable brand name that can be extended into additional product categories.

While it's true that companies following these rules have, in the past, been able to build strong brands like Sony and Coke, this type of "broadcast marketing" no longer works because:

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1. The Internet and wealth of media outlets has fragmented consumers and buyers into ever smaller groups, each with its own characteristics and interests. 2. Messages that appeal to those consumers and buyer must be highly customized and specific in order to gain any attention. 3. The...