Concept of Marketing Mix- Doc
Added on 2020-02-17
36 Pages5532 Words237 Views
1
2ContentsINTRODUCTION..........................................................................................................................................................................TASK 1............................................................................................................................................................................................ELEMENTS OF MARKETING........................................................................................................................................................1) PRODUCT...............................................................................................................................................................................2) PRICE......................................................................................................................................................................................3) PLACE.....................................................................................................................................................................................4) PROMOTION ........................................................................................................................................................................BENEFITS AND COSTS OF A MARKETING ORIENTATION FOR ELECTRIC CARS............................................................................TASK 2............................................................................................................................................................................................MACRO ENVIRONMENTAL FACTORS WHICH INFLUENCE MARKETING DECISIONS....................................................................SEGMENTATION CRITERIA FOR PRODUCTS..............................................................................................................................TARGETING STRATEGY FOR A NEW SMART PHONE ‘PINK’......................................................................................................MARKETING ACTIVITIES ARE AFFECTED BY BUYER BEHAVIOR.................................................................................................NEW POSITIONING FOR A PRODUCT........................................................................................................................................TASK-3..........................................................................................................................................................................................................................................................................................................................................................................................SUSTAINABLE COMPETITIVE ADVANTAGE...............................................................................................................................DISTRIBUTION ACCORDING TO CUSTOMERS’ CONVENIENCE.................................................................................................PRICES SET TO REFLECT ORGANIZATION'S OBJECTIVES...........................................................................................................PROMOTIONAL ACTIVITIES TO ACHIEVE MARKET'S OBJECTIVES.............................................................................................ANALYSIS OF ELEMENTS IN EXTENDING MARKETING MIX......................................................................................................REFERENCES.................................................................................................................................................................................INTRODUCTIONAn organization, perforce, needs to determine the competency of the product or service alongwith its suitability for the consumers in its target market. This brings in light, the concept of marketing mix, an imminent tool for any organization to implement various actions, strategiesand marketing tactics for promoting its own brand, product or service. This introduces other concepts such as product life cycle, new product development, pricing strategies, distribution options, promotion mix and other extended elements of marketing mix.
3TASK 1ELEMENTS OF MARKETINGMarketing, the term can be explained as the act of promoting or selling the product or serviceafter performing the market research and analysis to have an idea about the future growth ofthat product or service. While designing a product and preparing its marketing strategy themost important thing is to analyze that whether the customer will be satisfied by the productsupplied. Various analysis models are present that can be use to anticipate the requirementsof the customers that can be helpful while designing the features of the product. and Thekeystones in the concept of a successful marketing plan are product, price, place andpromotion which are also referred as the four Ps of marketing. (smallbusiness.chron.com,2016). There are different elements of marketing process which are explained as below:Analysis of market opportunities- The company is required to identify about currentand future market trends and current resources and capabilities along with internal andexternal environment. Research for environment context is a concept which definesstrengths and weaknesses of the company and competitive forces at work and the macrofactors which affects the business and what has been demanded by the market.
4Selecting the target market- The next step of marketing process is to choose the targetconsumers by the company which will help the organization in strategic planning aboutits products. The company segments the whole market in different parts based ondifferent aspects of customers and will select the best one for delivering its productsand services.Market strategy- The next step involves developing marketing strategy by anorganization after selecting particular market segment of the customers. Marketingstrategy consists of proposal of value, targeting, segmenting and positioning of servicesand goods. It gives organization a general vision of achieving goals and objectiveswhich the company desires for.Marketing mix decisions- The next step of marketing process involves determiningmarketing mix decision regarding Products and services of organization . It alsoincludes pricing decision, promotional marketing campaign growth etc.Implementation and control- It is the last step in the process of marketing whichallows organization to assess whether they had planned and performed with ethical duediligence and accordingly to their strategies so as to achieve customer satisfaction andalso brought to market the right marketing approach and mix.BENEFITS AND COSTS OF A MARKETING ORIENTATION FOR ELECTRIC CARS
5Example of an electric car has been taken here in reference. Electric car is an automobile thatis motivated by the use of electric motors, where the electrical energy is stored in therechargeable batteries or any other device. The invention of electric car has made life muchconvincing as it has a number of advantages over the conventional fuel based cars. Though anelectric car has many merits but they are still uncommon among the people. A propermarketing strategy is required for increasing the sales of electric car. The product (car) needsto be promoted on a very large scale platform like social networking sites such as Facebook,Twitter etc. (Dennis, Halborg, Ross, 2001) BENEFITS OF PROMOTING THE ELCTRIC CAR THROUGH SOCIAL MEDIAPromotion through social media builds credibility as with the increase in number offollowers and the amount of customer engagement, more potential buyers areinfluenced.Electric car’s image and popularity will be enhanced when more and more people willconnect with the advertisement of the product through their friends on the socialmedia. It will increase the recognition in the market.Online information is more accessible to people rather than any physical piece ofinformation.Making use of social media is very cost efficient because the only requirement isinternet access.
6Social media provides a long term audience which results in assured success of theproduct in the market.COST OF PROMOTING AN ELECTRIC CAR THROUGH SOCIAL MEDIACost of promoting the product (car) varies on the basis of which networking site isused. For instance if Facebook or Twitter is used then the only requirement is internetthat will be of negligible cost. But in case of Google advertisements the cost will bevery high.The budget for promotion must be decided very carefully because if the profit made bythe electric car in the market and the promotion budget is almost near then this will beof no utility. Thus the amount that is to be spent on promoting the car must be lessthan an estimated profit that will be made by the car in the market. (ukessays.com,2016)
7TASK 2MACRO ENVIRONMENTAL FACTORS WHICH INFLUENCE MARKETING DECISIONSMACRO ENVIRONMENTAL FACTORSThe smart phone industry has successfully expanded its market worldwide. According to thePEST model that is P-Political, E-Economic, S-Social and T-Technological the working analysisof smart phone industry is explained below:POLITICALForeign countries are not satisfied with the highroaming charges, bullying has also increased etc.Example- there is a bunch of legal issues betweenApple and Samsung.ECONOMICRecession and a poor economy can lead to amarket failure; prices must be free for theproducts etc. Example- 19% lesser products weretraded during recession period in Japan.SOCIALLaunching of new models are attracting peopleespecially teens, having latest model has becomethe status symbol etc. TECHNOLOGICALThey are the fastest means of communication, thebest possible technology being used. Example-Major competition is Android versus Apple.MICRO ENVIRONMENTAL FACTORS
8The micro environmental factors are analyzed on the basis of the Porter’s Five Forces analysisand SWOT analysis model. The Porter’s five forces analysis is a framework comprising of fiveforces that analyzes the business strategy for the development and the level of competitionwithin an industry.1.Threat of new entrants- This is very low as the smart phone industry requires higherinvestment which is not an easy job for the new comers. 2.Bargaining power of buyers- This is relatively high because the buyers can switch toanother brand or model if they are not contented with bargained value.3.Bargaining power of suppliers- Unlike the buyers, this is low because the customeralways has a larger number of suppliers and if the bargaining power of the suppliertends to become higher, the customer is more likely to move to the other supplier withlow bargaining power.4.Threat of substitute products or services- The rate is low here because providing asubstitute product or service is not a child’s play for any supplier.5.Rivalry among the existing competitors- The rivalry rate is relatively low because of thelimited number of suppliers and each supplier provides its own specifications. (Grundy,2006)SWOT analysis is a market analysis strategy that determines the future growth aspectsin reference to the existing measures taken by the company. The acronym stands for:
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
TASK 11 INTRODUCTION 1 1.1 Marketing Principleslg...
|29
|5437
|200
Assignment on marketing principles mcdonaldlg...
|23
|5454
|213
MARKETING PRINCIPLES University Marketing Principleslg...
|20
|4558
|306
Marketing Principles of McDonald's : Reportlg...
|16
|4060
|156
Report On Starbucks-Concepts & Principles Of Marketing Processlg...
|15
|4557
|65
Principles of Marketinglg...
|16
|4784
|154