Establish and Adjust the Marketing Mix

BSBMKG502 Establish and Adjust the
Marketing Mix

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................6
External environment.............................................................................................................6
Marketing plan........................................................................................................................7
TASK 3..........................................................................................................................................12
TASK 4 .........................................................................................................................................14
CONCLUSION .............................................................................................................................15

INTRODUCTION
Marketing mix can be defined as a set of actions or tactics which is done by companies in
order to promote its brand. The marketing mix is made up of 7 P's namely product, price, place,
promotion, physical evidence, people and place which is discussed in a report. The marketing
mix of CoffeVeille has also been discussed in study. The report will also cover various strategies
of marketing mix. Case has also been discussed in study which is based on Michael's cafe.
TASK 1
1. The ADMA focuses on providing greater consumer trust and confidence. Secondly the logo of
ADMA should be seen as the logo of trust. The companies should take reasonable steps in order
to avoid marketing which is intrusive or excessive and should not knowingly target vulnerable
consumers.
2. Members should not intentionally spread or pass wrong information in written, oral or conceal
any relevant fact. The members are responsible and holds the duty to maintain truth, good taste
as well as accuracy in making various strategies which are included in marketing mix such as
advertising, sales promotion etc.
Members should not be involved with any such enterprises which use improper or illegal method
to obtain business(Fan, Lau & Zhao 2015).
3. There is a direct link between consumer behaviour and marketing mix as consumer behaviour
is a study by which the marketers came to know about the way in which people seek, evaluate,
purchase and dispose product. While marketing strategy is strategy which is made for packaging,
distribution and sales by market researchers. The marketers make strategies for their product and
services by analysing the behaviour of customers which results in higher profit margin and
competitive sustainability.
4. The product is very essential or central element of marketing mix. The reason behind this is
that, the success of marketing strategies and brand image depends entirely upon the type of
product which is introduced in a market. Therefore it is highly required that product should be of
great quality. If the product is not unique, or is of bad quality and is unable to attract customers
than there is no chance of marketing mix to succeed(Stead & Hastings, 2018).
5. The product life cycle is divided in four stages as introduction, growth, maturity and decline.
This concept is used by management and marketing professionals in order to decided that when

various activities or steps such as advertising, expansion of market, redesign packaging and
reduction in prices is to be done.
Introduction stage: The firm builds product awareness and develop market for their product.
Growth stage: The firm builds brand preference and try to increase their market share.
Maturity stage: Competition arises in market. The main aim at this stage is to protect market
share by maximising profit.
Decline stage: The sales decline at this stage, therefore as a result company can maintain product
by adding new features, reduce cost, or discontinue the product and sell it to firm who are willing
to sell this product.
6. Pricing strategies
Market penetration: The strategy aims at attracting customers by offering lower prices. For
example a company may offer its current products at low prices to attract customers.
Price skimming: Introducing the product at high rate during introductory phase than gradually
lower the prices as the competition arises in market(Kienzler & Kowalkowski, 2017).
Example: A play station was sold at a rate of $599 in US market but after the competition has
increased and time passes the price was reduced gradually to $200.
Bundle pricing: The firm will charge lower prices for products or services if bought in large
quantity. The prices are lower than the product brought separately. For example a company
providing soap may charge higher if soap is bought individually but if a customer bought pack of
5 than the cost will charge will be lower.
7. Comparison of pricing strategies with competitors is beneficial because it will help business to
identify the various reasoners behind why customers are attracting toward their competitors.
Therefore in order to remain ahead of competitors it is highly required that company analyse the
market properly.
8. Social media promotion: Promotion of products and services with the help of social media
platforms such as Facebook, google +, etc.
Causes and charity: promoting products while supporting cause is also a best and effective
promotional strategy.
Branded promotional gifts: Providing promotional gift is one of the promotional strategy which
is quite helpful in attracting customers(Chang & Flores, 2015).