Establish and Adjust Marketing Mix

Running Head: ESTABLISH AND ADJUST MARKETING MIX
Establish and Adjust Marketing Mix
Name of the Student:
Name of the University:
Author note:

1ESTABLISH AND ADJUST MARKETING MIX
Assessment Task 1
1) The two aspects of the Australian Direct Marketing Association (ADMS) Direct
Marketing Code of Practise that should be considered while determining an adjusting the
marketing mix for service or product are as follows:
a) Fabricating the gathering trust and the client trust in the examination, advancing,
media and the publicizing the industry generally and taking into consideration the
promotion of items.
b) Developing models of best practice for treatment and aggregation of the Personal
information transversely over the showcasing and the multichannel media blend.
2) The two aspects of the Australian Marketing Institute Code of Professional Conduct that
should be considered while determining and adjusting the marketing mix for service or
product include:
a) For seeking marketing opportunities, the members require to execute their
professional duties competently, honestly, ethically as well as in good faith without
any personal bias (Wedel and Kannan 2015).
b) Complying with all the rules and making changes whenever required. Member needs
to operate within the limitations of experience.
3) It is to note that it is often required to understand the customers and their cultural and
regional influences. The possibility of a Chinese or an Indian customer bargaining at
retail store is higher than that of any American customer. This further affects the
promotion and the pricing set for the product.
4) Product positioning is an important component of marketing mix as it helps the marketers
in determining how to communicate best about the products and their attributes to their

2ESTABLISH AND ADJUST MARKETING MIX
target market. It is not only the goods, services and materials but also indicates the
quality, packaging, brand, colour, price, goodwill and the seller’ service.
5) Product life cycle refers to the set of different stages that a product goes through during
its lifetime. There are four main stages of product life cycle and they are:
1. Introduction stage- In this stage, product or service is developed considering the
needs of the customers and are introduced in the market through commercial
production.
2. Growth stage- In this stage, sales start to grow rapidly
3. Maturity stage- Sales in this stage increase slowly and there is intense competition in
the market.
4. Decline stage- In this stage, sales get fail and the product loses its appeal.
6) The three different pricing strategies that a business could make use of are- customer
values based pricing, competition based pricing and the cost-based pricing.
a) Cost based pricing- It is when the price is determined by adding profit element on the
top of cost of making the product. It is widely used when the retailers wants to know
with some certainty what the gross profit margin of every sale will be.
b) Competition based pricing- It is where the competitors’ prices are the major influence
on the price set. It is to note that majority of the companies in a competitive market
do not have ample of power to become able to set the prices above their competitors.
They ten tend towards using “going rate” pricing.
c) Customer-based pricing- It is determined by what a company believes that the
customers would be prepared to pay. It is mostly linked with marketing objective of
increasing the share or market or the volume of sales.

3ESTABLISH AND ADJUST MARKETING MIX
7) It is beneficial to consider the price component of the market mix as of the fact that it is
simple, less risky and is highly accurate. In the saturated industries such as retailing, it is
fairly accurate as for majority of the consumer products, there are thousands of customers
and enough data for moving the pricing closer towards market based methodology.
8) The three promotional strategies that a business could use are-
a) Product giveaways and samples- It is usually used by the cosmetics industry. They
offer a gift with purchase to the customers.
b) Personal marketing- Oriflame makes use of this promotional strategy to promote its
products.
c) Social media promotion- Coca-Cola has a significant presence in social media where
it shares thousands of campaigns and promotional related strategy.
9) The three different distribution channels are:
a) Wholesaler- They are the companies that buys in bulk from the companies and then
resells the products through one of the channels.
b) Retailer- They acts as a linkage in between the end customer and the wholesaler and
they work in a one-level distribution channel
c) Manufacturers- They manufactures the products and they distribute them to different
places.
The three examples of products that make use of more than one distribution channels are
Unilever, P&G and Coca-Cola (Challagalla, Murtha and Jaworski 2014).
10) The three extra Ps of the extended marketing mix are-
a) People- People are the workforce that is responsible for designing and implementing
every policy and strategy for achieving organizational goals.

4ESTABLISH AND ADJUST MARKETING MIX
b) Physical evidence- The final evident of the three additions to the basic marketing mix.
It is the environment where the service is delivered and where the company and the
customer interact as well as any other tangible components that facilitate the
communication and performance of service. The bank branches, restaurants and retail
premises are examples of physical evidence.
c) Process- It is the combination of different consecutive things and objects that might
enable a manager for achieving certain goal in well-structured manner. Marketer
needs to develop some of the processes in terms of marketing decisions like
promotional campaign, segmentation process etc.
11) Descriptive statistics, regression analysis and cross tabulation.
12) Trend analysis is very helpful for business improvement. One could develop a strategy
for responding to these trends in line with the business related (Turker and Altuntas 2014)
. It further helps in understanding how the business has predicted and performed where
the current business practices and operations.
13) The sales data analysis helps in delivering a return on the investment of about 15% to
20% for the company. It further narrows down the offering and increase the sales on the
low volume accounts while enhancing the pipeline management.
14) Leading indicator is the economic factor that changes prior the rest of the company starts
for going in a particular direction. They help the market observers and the policymakers
that predict notable changes in economy.

5ESTABLISH AND ADJUST MARKETING MIX
Assessment Task 2:
Introduction
This report shall elaborate on presenting a report on Coffeeville, highlighting its
marketing objectives, the desired position that it like to see itself in the upcoming days along
with its target market characteristics. A brief analysis of the different components of marketing
mix for Coffeeville shall also be described below.
Discussion
Part 1
Marketing objectives
a) Increasing the foot traffic to 300 from 250 customers everyday
b) Increasing the level of brand recognition to ensure about 8 in every 10 person within the
area is recognising the brands in the survey that the company will conduct.
c) Establishing good will to ensure 7 out of 10 people within the area rate the company as
environmentally and socially responsible.
Desired position
a) To become number one provider of superior coffee experience and the supplier of
gourmet food in the CBD and surroundings
Target market characteristics
The target market of the business shall be divided into three segments- individual
takeaway (people between the age group of 20 to 60 years and holds an income of more