Concepts and Approaches of Marketing: Assignment

GLOBAL
MARKETING

TABLE OF CONTENT
EXECUTIVE SUMMARY ............................................................................................................3
1. Summary of assignment 2...........................................................................................................4
2. MARKETING MIX ...................................................................................................................5
3.2.1 Product strategy ............................................................................................................5
3.2.2 Pricing strategy .............................................................................................................8
3.2.3 Marketing Mix: Place..................................................................................................11
3.2.4 Promotional Mix..........................................................................................................12
3.2.5 People .........................................................................................................................16
4.0 Economic evaluation ..............................................................................................................18
Buyer's Decision Process for New Product..........................................................................18
Diffusion of Innovation Theory............................................................................................21
4.0 Implementation and control ....................................................................................................27
4.1 Communication plan ...............................................................................................................28
4.2 Monitoring of action plan .......................................................................................................31
4.3 Contingency plans ..................................................................................................................36
REFERENCES..............................................................................................................................41

EXECUTIVE SUMMARY
All the three assessments have provided a market evaluation and planning strategy for
implementing a new product launch for the chosen organization. The assignments have
integrated various concepts and approaches of marketing for successfully achieving the business
objectives. Assignment first discussed market analysis and scope through market research
process so that its suitability for the new product can be determined. Also, it has been described
on market statistics, data and information of Sri Lanka market. The market barriers and drivers
are discussed and 4P’s as well. Moreover, competitor analysis is been done in it. Alongside, in
macro environment pestle analysis and in micro porter five force model, value chain and BCG
matrix is explained. At last SWOT analysis is been described to evaluate internal environmental
factors. In the second assignment positioning and targeting strategies are discussed so that
effective strategies can be formulated. Furthermore, it is been explained on alternative marketing
strategies and market selection process. Beside this, recommendations are given related to
market entry strategy in other country. The third assignment has provided an in-depth description
of elements of marketing mix and monitoring and evaluation process. Here, it has been explained
about marketing mix, PLC, pricing strategies, etc. In addition, place, promotional method,
people, etc. of marketing plan is discussed. In this report it is been described about economic
evaluation and implementation and control techniques. At last communication and contingency
plan is been explained of marketing plan. It has been derived from all the three assignments that
targeted market of Sri Lanka has huge success opportunities for Baker's Delight for its new
product.

1. Summary of assignment 2
Assignment two discussed the positioning and target strategies which are used by Baker's
Delight for their products. Various models were employed to determine the suitability of target
market and positioning strategies for the project. It has been analysed from the findings of
assignment 2 that despite political disturbances, due to effective infrastructure and suitable
position Sri Lanka is suitable market for Baker's Delight. In Sri Lanka organisation will address
three targets with different positioning strategy. For target market of age group 15-25 years
social media will be used as positioning strategy. The second target market will be of 25-35
years for which broadcast media is used as positioning approach while for target market of 35
and above age extensive market campaign is used. Outcomes of assignment two have helped in
framing suitable marketing mix approaches for Baker's Delight. This report has described about
marketing plan of Baker’s Delight. In that various elements of plan are been discussed as well. It
includes marketing mix, PLC, pricing strategies, etc. furthermore, it is explained about place,
people and promotional method used by company to enter in Sri Lanka.

2. MARKETING MIX
Marketing mix strategies will help Baker's Delight to assess all controllable and tactical
marketing tools which plays significant role in gaining desired response from the target market.
These elements consist of all aspects which can influence the product demand so that marketing
planning and execution can be accomplished successfully. Effective marketing strategies consist
of marketing mix elements. These elements are designed in alignment with the marketing
objectives of the organisation so that customers can be provided with the optimum value (Abril
and Rodriguez-Cánovas, 2016). The marketing mix strategy is developed once the organisation
has identified competition level and target audience so that it can successfully appeal customers.
The marketing-mix element analysis of Baker's delight is as follows:
3.2.1 Product strategy
Product strategy of Baker's Delight will help organisation to have complete analysis of all
the tangible or intangible product for which customers willingly pay price to the organisation.
The products can be be categories in various categories such as convenience products or
speciality products. The products which are purchased by instant decision making are known as
convenience products. Baker's delight is planning to sell the fresh baked goods in Sri Lanka for
which customers make habitual purchases (Fan, Lau and Zhao, 2015). The customers are forced
to buy products only when it satisfy certain benefit or advantage along with good quality. The
product management process requires various elements such as development of new products
through innovation, planning, product range, labelling, branding, product line and services. The
products are developed in a way such that they can meet the demands of various customers, their
value, taste, trade practices, legal and safety consideration and competitive conditions.
Product life cycle (PLC):
The pricing regimes and success of product is influenced by product life cycle having 4
stages. The first stage is introduction stage in which company launch its product. In this stage
distribution mechanism is enacted and attractive pricing and product strategies are used to assure
the success of product (Stead and Hastings, 2018). The second stage of PLC is growth stage in
which preferences are developed. In this stage product is well known by the customers and faces
competition from other service providers. Thus in growth phase Baker's delight will require to
adjust its prices and product quality so that strong brand and customer engagement can be
maintained.

(Source: Masarakufa, 2019)
In the maturity or third stage sales are constant and very few new customers are
created. In this phase the the product tends to develop customer loyalty so that on the basis of
value proposition customers can be retained for long term. In the last phase called declining
phase the products of Baker's delight may witness customer migration to other attractive
products or choices (Datta, Ailawadi and Van Heerde, 2017). To overcome this situation Baker's
delight can use value added services or partnerships and mergers with other popular brands.
Illustration 1: Product life cycle stages
Our product

(Source: Olsen, 2019 )
In the introduction phase Baker's Delight is using penetration pricing strategy with a
basic and wide product range. The organisation is using selective distribution for minimising risk
factors. For the promotional objectives it is using informative advertisements so that people in
Sri Lanka can know about the brand (Išoraitė, 2016) . However after some time when products
will be in growth stage organisation can increase its prices and new innovations in products can
be accomplished for intensive distribution. In growth phase persuasive advertisement strategy is
used so that customers can be build. With the next stages the promotional strategies of
organisation shifts from persuasive to extensive and aggressive so that customers can be retained
and brand can achieve success.
Brand, labelling and other product attributes:
Baker's delight must emphasis on quality of its products and all necessary food safety and
quality regulations must be followed. It will help organisation to make its brand strong in Sri
Lanka as well. There will be huge range of varieties in the product so that in long term also
company can retain the interest of its customers (Mohammad, 2015). To achieve competitive
advantage from the local organisations Baker's delight must also emphasis on its logo, symbol
and brand name so that its product can be distinguished from others and brand can be used for
Illustration 2: Planning for PLC

dependability and quality proxy. Apart from the legal aspects the labelling of products is also
helpful for promotional objectives. The details such as expiry dates, ingredients, preservation
methods and attractive design enhances product sales. The organisation will also ensure that its
packaging is effective so that product quality is not deteriorated by packaging.
Product mix:
Product mix elements describes variety and range of products organisation plans to sell in
the market. It has four elements called length, consistency, depth and breadth (Sinha and Sheth,
2018). The product depth depth refers to choices of particular products in product line. For
instance Baker's delight will offer products in various sizes so that people have choice to select.
Organisation will also use breadth strategy so that wide range of product lines can be offered.
Like for breads organisation will provide several options such as diet bread, garlic bread, wheat
bread and several other options. Company will not use length strategy in which number of
products are kept sufficient to increase product line (Harrington, Ottenbacher and Fauser, 2017).
For making product strategy successful organisation will also ensure that there is consistency
between product line and the approach through which they reach customers.
Quality and augmented services:
Among the eight quality levels, aesthetic is the most desirable and suitable quality level
for the Baker's delight. It will be chosen as the desired quality level for the organisation. The
reason for choosing this level of quality is that it is linked with perceived quality of product and
describe standards for product appearance, taste, smell (Kotler and et.al., 2018). Hence it is
highly suitable for the food service industry such as Baker's Delight so that it can match the
needs and preference of customers. This quality dimension also depends upon personal
judgement of customers. In order to achieve success goals Baker's delight will also use
product segmentation technique in which a single product will be produce with minor changes or
variations so that different target customers can be served. For instance white bread will be
produced with different ingredients so that variety of people can use. However quality remains a
major factor for affecting success in Sri Lanka. The augmented services such as delivery
mechanism, discounts, loyalty gifts and vouches are also helpful in adding value to product and
to make it more successful (Mukherjee and Shivani, 2016)..