This document provides a critical evaluation and reflection on the use of marketing mix in expanding a business. It discusses the importance of product, price, place, and promotion in the marketing strategy. The document also explores the benefits of franchising and international marketing.
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Critical Evaluation and Reflection Template
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Critical Evaluation...........................................................................................................................3 Model, Framework or Theory to be critically evaluated.............................................................3 Diagram of Model, Framework or Theory..................................................................................3 RECOMENDATION AND OUTCOME........................................................................................5 Analyzing of outcome from various aspects...............................................................................5 Feedback of an overview.............................................................................................................6 References:......................................................................................................................................7
Critical Evaluation Model, Framework or Theory to be critically evaluated Marketing mix. Diagram of Model, Framework or Theory Critical Evaluation: In this course work Marketing Mix is been used in order to expand Eggfree Cake Box Limited within the market of UK and EU respectively. Also theory has been associated over describing about aspect that is related to various aspects of expansion of market. Elements required for this purpose has also been covered under the theory of marketing mix has to be organized. It makes promotion possible in appropriate manner with product and services. Such tactics has been set of actions which is important over marketing function within an organization. Under it there are 4P’s that has been covered and is required for evaluation within an organization. They are product, price, place and promotion it is being applied in effective and appropriate manner. Basically it talks about introducing of product in two market in which organization has decided to enter. In order to gain perfect evaluation these factors are very important to be maintained. Very first element is product that is being used as a strategy in which an organization is willing to adopt specific offerings. Second element that has been explained is price it plays very important role to the strategy which the company is willing to implement towards setting up the price of the offering in regards to the market, competition and customer requirements.Third element that us being used is based on promotion in which product is being promoted to increase sales of product within the market. Fourth element that is being used is based on place it has and
very important impact on the product and expansion of business. Further these are being explained in detail as: Four P’s are explained below and they are: Product:Product is that thing or an item which a company produces and provides to its customers. As per the company that has been taken is offering sugar free cakes for its health conscious customers and in return making them loyal towards the company for longer period of time. Price:This is considered to be as the cost that has been decided for the product which is being sold by them and various factors are there which are required to be kept in mind before forming price of a product. The company taken is selling sugar free cakes. This is an important factor for the growth of the company because this helps in building of larger customer base and this is done by offering low cost which is going to attract customer and make their rivals struggle in establishing themselves in market. So, the company is going to become an bigger entity in market. Place:It is the geographical area in which a company has setup itself. This also an very import factor that is responsible for growth of an organization in a manner that it offer those type of commodities which the customer is required by providing both online and offline modes of purchase. This makes them approachable it towards its customers. This plays an important role by giving strong base to a company for establishment. Promotion:This means promoting an product to sell it in market and establish a company within a market this leads towards testing strategies of company in the market and also helps in knowing preferences of customer this also promotes product of a company in the market. This factor is important to be developed in an organization because its tendency of covering market. A product can be promoted by a company in a manner that advertising can play an important role and also through social media platform this can be done. Marketing mix is very important tool which helps in ensuring that an organization is been allocated with resources in effective manner. It also makes exploitation of resources reduced. Main reason for the same is the efficiency and emphasizes that has been made over elements responsible maximizing of satisfaction to be gained within the target market. Further expansion of business in an international territory is not easy and involves huge amount of cost. In such condition marketing mix helps in making appropriate decision over strategy which has to be applied to gain cist benefits, making optimum utilization of resources. All this is going to make organization invest in activities and resources that makes benefits to be attained form the area in which business has to be expanded. For Eggfree Cake Box limited is going to be benefitted from the theory in a way that coordination is going to increase, working should be implementing towards marketing mix and makes positive competition in market.This would further ensure flow of information within the company, as well as that with the external stakeholders quite simultaneously. References: Barry, M., 2016. Avoiding fluff: Crafting meaningful reflection activities for service-learning students.Service-learning, information literacy, and libraries. pp.39-50. Blackberry, G. and Kearney, J., 2020. Lessons for teachers: Maori and Pacific Islander students’ reflections on educational experiences.Asia-Pacific Journal of Teacher Education. pp.1- 15. Hulse,A.L.,2018.Designingandevaluatingvascularaccesstrainingusingeducational
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theory.British Journal of Nursing.27(2). pp.S27-S33. Jones, M. and Charteris, J., 2017. Transformative professional learning: An ecological approach to agency through critical reflection.Reflective Practice.18(4). pp.496-513. Sylva, G and et. al., 2019. Fe (Se, Te) coated conductors deposited on simple rolling-assisted biaxially textured substrate templates.Superconductor Science and Technology.32(8). p.084006. RECOMENDATION AND OUTCOME I have learned from the above analysis that considering the targeting of market for egg free cake box Limited is going to be very beneficial because they have selected two very prominent country which is a large inters of population and is going to be helpful to an company by helping them in increasing sales revenue and profit of the company. Further I have learned that both the countries UK and China are belonging to different continent which is going to make the company cover large area of market and large customer base. Also it has been analysed by me financial condition in both the both the countries is stable that is going make growth of the company much faster. Also profit is going to be earned at higher rate. Also it is important for the company to promote its products in attractive manner that is going to attract customers is going to lead towards establishment of a stronger and larger customer base. Analyzing of outcome from various aspects I have determined from the above discussion that companies that is offering an customized and sugar free cake is useful for both the customers who are health conscious and also to youngsters. In the present time many people are becoming health conscious and regarding this they are majorly demanding for sugar free cakes as eatable item. Also the company is going to achieve financial stability and culture by targeting market in which it wish to expand itself and for this purpose it is required to follow the following things and they are as follows: Segmentation:For expansion of the business of product and services the company needs to target youth a diabetic patients. This should be between the age group of 3 to 75. Also in terms of geographical area and demographic the company has to
considerdeveloping and populated countries in terms of enhancing its sales and profitability. Targeting:As the company Eggs free is going to target young and diabetic customers for enhancing of its sales and this is going to promote product of prominent benefit which has helped in enhancing or improving of sales. As its producttoprominentbenefitsthatiscustomisedcakewhichattractsyoung customers and sugar free feature which attract health conscious people. Positioning:This is one of the most important element that is used to describe condition of the company in the market by making its position better in those countries where it has set-up its market. Feedback of an overview Upon analyzing about appropriate information it has been determined that egg cake box Limited is going to adopt franchising for taking entry in the market this is going to target countries and region which is going to help in establishing itself in the market at faster rate. Also in relation to the company taken in this analysis has to allow other party to sell its products and services in that area or region which is going to help in building of brand name. It is going to promote positive growth of an organization. As in modern time all the people has to think about their health and wants product accordingly. So, this is considered to be most important and strong point for the company to grow. From the above discussion this can be analyzed that international marketing is very important for achieving success and making growth of company possible. This has to be done with proper research of product, culture that it is suitable for an organization or not.In relation with this the above report franchise is considered in order to take entry in the market. Marketing mixisconsideredtomakemodificationswithintheproductsandservices. According to the preferences of customers. Also in the end I have to say that to gain sustainable growth an organization should use marketing mix for analysing all conditions in market and place that has been used for setting of business.
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