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BSBMKG502 - Establish and Adjust the Marketing Mix - Assignment

   

Added on  2020-03-02

29 Pages7062 Words41 Views
RUNNING HEAD: Establish and adjust the marketing mix1Establish and adjust the marketing mix

Establish and adjust the marketing mix2Que 1)Consumer behavior principles:Principles of consumer behaviourExplanation of principlesExample of buyer behaviourCultural Cultural is a common cause to change the wants and behaviour of a consumer. A person is largely earned with its culture and thus the behaviour of the consumer towards a product gets change. Such as in Taiwan culture, green colour signifies the unfaithfulness to wifeby her husband. SocialSocial principles also make an affect over the behaviour of a consumer such as family, friends group, status and social roles. As society is an essential part of a human being and thus an individual work accordingly. Such as high income person would like to buy SUV whereas a medium class family would like to buy a normal car. Personal The decision of a consumer could also be influenced by his or her personal characteristics like lifestyle, age, occupation, lifecycle stage, self concept, personality, economic situation etc. Such as a child wouldlike to buy chocolateswhereas an old man would like to buy some newspapers from a stall. PsychologicalFurther, the buying choices of a consumer get affected by their psychological factors such asperception, motivation, beliefs, attitudes and learning.Such as a motivated people work with more efficiency than a normal people. Situational The decision of a consumer could also be influenced by his or her situation which is currently faced by them such as a suffering situation, personal life situation etc. Such as a new married guy would like to buy roses for his wife and a divorcee people will

Establish and adjust the marketing mix3ignore it. (Jain and Haley, 2009)Que 2)Marketing mix principles:Principles of marketing mixExplanation of the marketing mixExample of industry-specificProductIt is an item which is built or manufactured bythe company to satisfy its consumer’s needs. Product could be intangible as well as tangible as it could be in the service form too. In FMCG industry, instant food is a product. PricePrice of a product or an item is normally the total amount which is paid by the customers to enjoy the product. It is an important component of marketing mix. In FMCG industry, the total amount paid for the instant food is price.Place Distribution or placement is quite significant part of the marketing mix. It depict that the product or service must be distributed at that place which is easily accessible by the potential buyers of the company. IN FMCG industry, the supermarkets are the place from where the buyer could take the product. PromotionPromotion is very effective and important component of marketing mix as it could enhance the sales and brand recognition. It includes many elements such as sales organization, advertising, sales promotion etc.IN FMCG industry, TV advertisement is the most common way to promote the product. (Kvint, 2009)Que 3)Techniques for marketing information:List of 5 statistical techniquesExplanation of the techniquesIndustry-specific example

Establish and adjust the marketing mix4Conduct win/loss analysisThis technique could be used through interviewing new customers and the people who is interested to switch the product. The main goal of this technique is to uncover the reasons behind their decision.In FMCG industry, this technique could be conducted to analyze the buying behaviour of the company. Talk to internal expertAn internal export of an industry knows everything about the industry so it is a good decision to call them over a coffee and ask them about the industry position and competitor’s habit and market trends (O'Neill and Mattila, 2010). In FMCG industry, these experts could beconducted to analyze the competition’s behaviour.Trade shows could be used to fact finding missionsIn a trade show, it is quite easy to meet lots ofinternal experts, external experts, competitors and prospects. This would help the company to analyze about the industry position and competitor’s habit and market trends.In FMCG industry, this technique could be conducted to analyze the marketingbehaviour of the company.Build an information databaseA wealth of information is there online. A company must collect the information and make a database which could be easily searched.In FMCG industry, this technique could be conducted to manage the database.Remain ethical andignore deceptionAn organization must conduct all the researchby being ethical and by using the best rivalry theories. In FMCG industry, this technique would help the company to be more ethical.1)Marketing mix evaluation:Change managementKey characteristicsSignificance to the market

Establish and adjust the marketing mix5MotivationThis would help the company to capture more market and manage the share if the market. AttitudeThe attitude of the training program of changemanagement training program would help the market of the company to be more energetic. Learning The learning of the training program of change management training program would help the market of the company to be more enthusiastic. BehaviourThe behaviour of the training program of change management training program would help the market of the company to be more competitive. EthicsThe ethics of the training program of change management training program would help the market of the company to be more competitive and honest. (Winston & Ruth, 2013)Review and analyze the pricing variables:Pricing policy and variablesEffect on demand Pricing policy 1:Premium pricing The cost gets higher than the rivals in this pricing policy. Itis an ideal and most effectivepricing policy now days. Public: The demand wouldbe average.NGOs: demand would be less.Corporate: demand would be higher. Pricing policy 2:Psychology PricingThe cost is set by the company according to the psychological concept such as “99 pricing method”.Public: demand would be highNGOs: demand would be

Establish and adjust the marketing mix6highCorporate: demand would be high Pricing policy 3:Price penetration The cost gets higher with the time in this pricing policy. It is most effective pricing policy now days.Public: demand would be highNGOs: demand would be highCorporate: demand would be high Pricing policy 4:Price skimmingThe cost is set higher than the rivals in this pricing policy. It is an ideal and mosteffective pricing policy now days (Neuman, 2014).Public: demand would be average NGOs: demand would be average Corporate: demand would be less Pricing policy 5:Economy PricingThe cost is set very economically and lower than the rivals in this pricing policy. Public: demand would be highNGOs: demand would be highCorporate: demand would be low Analyze the promotional methods:Promotional MethodsImportance of these promotional methodsAdvertising Advertising manages a significant section of a corporation's budget owed toward promotion and marketing. It contains the paiddelivery and development of product or brandmessages through many mediums such as

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