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Establishing and Adjusting Marketing Mix

   

Added on  2020-12-29

14 Pages4324 Words202 Views
Data Science and Big Data
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Establish and AdjustMarketing Mix
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1: Evaluation and understanding of marketing mix.............................................................3TASK 2: Monitor and Adjust the Marketing mix............................................................................8CONCLUSION..............................................................................................................................12.......................................................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONMarketing mix is a quite broad term which was incorporated or coined by Neil Bordan inthe year 1949. It basically involves a number of factors as well as actions that lend a controllinghand over a business concern which further helps consumers so that they can further purchasetheir products and services. These tools and techniques help a company in promoting its nameand brand in competitive market thereby providing it a strategic edge. This report has beenframed based on an Australian business entity Temple and Webster which had been incorporatedin the year 2011. It has its headquarters in Sydney and deals in furniture as well as other homeware products. This report focusses on various marketing components and tools which help inbuilding a marketing mix. Also the vision mission of a company has been stated in this report(Jindal and et.al., 2018).TASK 1: Evaluation and understanding of marketing mix.Executive summaryThis report focusses on marketing mix of a company whichhelps in increasing sales and profitability of a business. Variouspromotional tools and techniques can also be used in this reportso as to achieve better results (Dost and et.al., 2019). Strategic Management planTemple and Webster is an Australian business concern whichoperates in retail sector and specialises in home wares andfurniture as well. Mission: Mission of the company is to provide excellent qualitygoods and services to its customers at a quite nominal andaffordable prices. Vision: Vision of Temple and Webster is to enhance its salesratio and customer base by adopting nominal pricing strategies.Values: Values are basically guiding tools for employees. Incontext of Temple and Webster they follow customer orientedapproach and consider certain values such as punctuality, costeffectiveness etc.Introductory informationI have been appointed as a marketing manager in Temple and
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Webster. My managers have further asked me to criticallyevaluate and examine various marketing strategies and developa marketing mix which is useful in context home ware products.Business objectives andstrategiesFor developing or setting objectives managers of Temple andWebster have adopted SMART tool and hence objectives ofTemple and Webster have been found to be:Enhancement in number of loyalty customers from10000 to 15000 in 3 months.Establish or set a well developed brand image in southeast Queensland and make it so popular that every 1 outof 3 people are aware about the company within a year. Financial objectives:Other than this managers have also set up certain financialobjectives which have been stated as under: Increasing their overall profit percentage by 10 % incoming 3 months.Enhancement in the liquidity ratio by 15% in 2 months.Marketing strategies of Temple and Webster: In context ofTemple and Webster marketing managers have adopted variousmarketing policies as per their set budget such as advertisementsover local news channels, social media advertisements, free visitcoupons attached inside local journals and magazines. Alsomanagers of Temple and Webster have decided that they willkeep a furniture and handicrafts export show for 2-3 days. Allthese will greatly improve their sales margin and increase theiroverall customer base as well ((Bowie and et.al., 2016). Key characteristic featuresof products and servicesTemple and Webster is an Australian business venture whichdeals in furniture and home ware accessories such as bed linens,curtains, laundry baskets, antique show pieces etc. All these arespecially designed and manufactured under expert guidance.
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