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Group marketing Management Report and Presentation - Assignment

   

Added on  2020-10-23

14 Pages3736 Words222 Views
GROUP MARKETINGMANAGEMENTREPORT ANDPRESENTATION

TABLE OF CONTENTSEXECUTIVE SUMMARY.............................................................................................................1INTRODUCTION...........................................................................................................................2ADAPTATION AND STANDARDIZATION OF MARKETING MIX.......................................2CBBE MODEL................................................................................................................................4INTEGRATED COMMUNICATION MIX AND METHODS......................................................6MEASUREMENT OF SUCCESS...................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11

EXECUTIVE SUMMARYMarketing plays a crucial role in not only the formation of a new business organisationbut sometimes, it even assists in promoting an age-old business with the use of several effectivemeasures. The current report has also presented a similar scenario of a selected businessorganisation named Nando’s which is in the view of entering into a new market with their newlylaunched product, Koffee. For this purpose, the present report has assessed certain alternativemeasures through which, one can successfully launch its product into another marketplace. Theoptions discussed over here involved the procedures of adaptation and standardization withdistinct elements of marketing mix for a progressive launch of the product in Romania, as thechosen product. Out of the 2 aforesaid measures, adaptation as an overall strategy has been foundto help Nando’s in operating towards an efficacious direction.Also, the evaluation of CBBE model is apparent to support the cited firm in building astrong image of their brand and maintain the same throughout their operational period. It is witha special context of increasing the sense of loyalty in customers and combating the state ofcompetition. Next involved the discussion of IMC with its various well-known measures thatmainly included the application of distinct communication methods. Herein, the tactic of salespromotion has been found to be the most efficient strategy to attract a large set of new customers.This mainly referred to the targeted set of young age consumers who tends to look for discountsand offers in the food outlet. Lastly, it has defined different ways of measuring success, fromwhich, considering the fulfilment of intended sales target has been found to be the most requisiteapproach for a successful launch of product in new market. 1

INTRODUCTION This study is based on assessing the actualities of a strategic marketing approach, asundertaken by Nando’s in order to expand into the Bucharest market of Romania with a newproduct named Koffee. For which, they are considering to refer several effective actions,involving the use of either adaptative or standardised elements of marketing mix. Followed bywhich, it has together discussed the use of CBBE model as a way of building strong brand imagein Romanian market by focussing upon its 4 distinct components, discoursed below. It is thenfollowed by the depiction of IMC, with its importance for a successful launch of new productand continuous growth of Nando’s in Bucharest. Lastly, it has defined certain effective ways formeasuring success, followed by various suggestive approaches to choose from one particulartechnique, relevant to the application of either adaptation or standardization. ADAPTATION AND STANDARDIZATION OF MARKETING MIXAdaptation strategy involves changes in packaging, price or promotion techniques of aproduct or services. This process occurs when a firm wants to modify its marketing strategy inorder to achieve a competitive advantage when entering into a foreign market. For example;McDonald has undertaken the approach of product adaptation where they are modifying theirexisting products according to the identified needs and preferences of local consumers of newmarket. This has not only assisted the company to meet out the newly identified needs anddemands of its consumers, but has also assisted them in enlarging their product portfolio. Standardisation strategy on another hand is applied by multinational companies toattempt marketing a solution with uniform consistency throughout the marketing mix (Aggarwal,2018). Benefits of standardised marketing strategy provides consistency and brings down thecost of production of company. Example; Coca Cola uses global standardisation in marketing bykeeping appearance of product relatively unchanged between different markets. Nando's is an international casual dining restaurant chain which was firstly established inSouth Africa, in the year 1987. It specialises in Mozambican style peri-peri chicken which is soldin more than 30 countries across the globe. Nando's is now referring to enter into a specificlocation of Romanian market called Bucharest through Product Adaptation. where the listedcompany can change its newly launched product Koffee according to the flavours and taste oflocal people of Romania.2

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