Introduction to Marketing: Extended Marketing Mix, SWOT Analysis, Ansoff Growth Vector Matrix, and Global Marketing

This report covers the extended marketing mix and the 7Ps, how marketing helps businesses address challenges in a competitive market through SWOT analysis, how to enter a new market using the Ansoff growth vector matrix, and how to grow on a global scale through global marketing.

Introduction to
Marketing

Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
Define the extended marketing mix and discuss the considerations an organisation should give
for each of the 7Ps........................................................................................................................1
Explain how marketing helps the businesses and address challenges in a competitive market
by applying the SWOT analysis..................................................................................................2
Explain how marketing provides solutions to a company that wants to enter a new market by
using the Ansoff growth vector matrix approach........................................................................3
Explain how a company can use marketing to grow on a global scale........................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Marketing refers to the set of activities that are generally performed by the organisation in order
to consider profit (Ryan, 2020). As it is one of the most essential form of activity. Most of the
organisation uses this activity so as to aware the peoples about the products and services that
they are selling. To conduct this activity, the firm needs to perform the market analysis and
research. Because of this activity, the firm can build a reputative image and can increase their
sales in the market. In this report, we will discuss about the extended marketing mix and the 7Ps
of them. The report also explains about the SWOT analysis in marketing and the detailed
description of the strategies that the firm may consider when they enter into new market. At last,
the report covers the topic of global marketing and how can a company use this.
MAIN BODY
Define the extended marketing mix and discuss the considerations an organisation should give
for each of the 7Ps.
The marketing mix refers to the combination of the four components that is, place, price,
promotion and product. In general terms, it refers to the set of actions which are mainly used by
the companies so as to promote their product in the market. Through this, the firm can provide a
detailed description to the customers about the product and services which they are selling. The
another term is the extended marketing mix which states the combination of seven elements so
that the goals can be achieved in a better way. The seven elements of the extended marketing
mix are detailed below-
 Product- It refers to the commodity or the physical product which can be touched by
everyone. It represents the type of commodity which the company is dealing. As in
simple terms, it is the needs or the requirements of the consumer. As to increase the
sales, the company has to focus on the style and the features of their product (Nabieva,
2021).
 Place- It is a location or an area where the goods and services are to be sold. It can be
new areas or geographical location where the firm may target new audiences so in order
to increase the revenue.
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 Price- It refers to the amount charged from the customers in exchange of goods and
services. If the firm wants to achieve a great reputation in the market and increase the
customers, they has to keep their prices low and provide discounts to the regular
customers.
 Promotion- It is a procedure where the goods and services are introduced to the public.
It can be performed in various forms like advertising, sales promotions, etc. Through
this, the goods and services are introduced to the public in a very quick way.
 Process- It is a series of actions which has to passed with different types of stages. As
according to the business, they has to follow various steps as to produce a product. But
before performing the steps, the firm has to make a blueprint in order to manufacture the
product in an efficient way (Praesri and et.al., 2022).
 Physical evidence- It represents the surroundings or the environment where the services
takes place. As in simple terms, it is a proof for the customers. It can be anything which
the customer saws when they purchase any commodity from the organisation. The
examples of physical evidence are signature, furniture, equipment, etc.
 People- It refers to the human resources that contributes in the achievement of the
organisational goals. It can be staff, workers and the owners. As to achieve the tasks in
an effective way, the firm has to recruit the workers with the high skilled and an
advanced knowledge.
Explain how marketing helps the businesses and address challenges in a competitive market by
applying the SWOT analysis.
To address the challenges in a competitive market, the firm has to consider the SWOT analysis
as it is one of the best model which defines the strengths, weakness, opportunities and threats. In
today's world, most of the organisations consider SWOT analysis as because it can be very
useful model to improve their performance.
Strengths
 Because of marketing, the firm can
produce high-quality goods and
services and provides a best sales
system to the customers.
Weakness
 It is a time consuming and costly
method which requires number of
workers. And in today's world, there are
a few companies who consider this
activity because of the existence of
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 The marketing introduce the research
and development sessions in the
organisation which directly improves
the productivity of the workers and
leads to achieve the best results.
online marketing.
 It may not be mainly used by the small
and medium enterprises as because of
high manufacturing method and are
slow to respond to the new changes.
Opportunities
 To consider this method, the firm has to
take research and development
activities for attracting the potential
customers. This method introduces the
advanced technology in to the
organisation which may be treated as
an opportunity for them.
 The marketing provides a rough view
to the firm about their growth and
expansion as it can be prove as an
opportunity for them.
Threats
 It is a very slow procedure as compared
to the other activities as it responds in a
slow way to the latest trends.
 It makes the competition tough which
cannot be easily for any firm to deal
with and makes the product as old-
fashioned which may surely increase
the rate of competition in the market.
Explain how marketing provides solutions to a company that wants to enter a new market by
using the Ansoff growth vector matrix approach.
To enter into the new market, the organisation has to consider some of the basic strategies which
provides a solution to them. The strategies are explained in the model of Ansoff growth vector
matrix which is a mostly used model by the companies and one of the best frameworks as
compared to the others (Madsen and Stenheim, 2022). This framework is introduced by H. Igor
Ansoff in 1957 and focuses on some different strategies which may help the firm to cope with
the challenges associated when they enter into new market. The strategies are detailed below-
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 Market penetration- This type of strategy is focused on the selling of existing
products into the existing markets. As to adopt this strategy, the firm has to keep their
prices low which may prove to be a better action to increase the sales.
 Market development- This strategy is concentrating on the selling of existing products
into the new markets. The new market refers to the places or the locations which are not
targeted before by the company. If the firm target new places or locations, it can brings
an opportunity for them which leads to attract more audiences (MacKay and et.al.,
2020).
 Product development- It is a strategy where the firm is concentrating on selling the
new products into the existing markets. But to implement this strategy, the company
requires high investment and has to perform research and development activities
regularly on the products. It brings more variety of innovative products in the
organisation.
 Diversification- It is strategy which focuses on selling new products into the new
markets. This strategy may require a very huge investment as compared to the product
development strategy. It is mostly preferred by the start-up companies as it brings a
huge opportunity for them to position in the market. It is one of the highest risk strategy
as compared to the others.
Explain how a company can use marketing to grow on a global scale.
To expand on the global level, the firm use the global marketing which promotes their brand on
the international level. In today's world, most of the organisations are using global marketing as
to advertise their products and to increase the revenues for them. The firm can perform global
marketing through various forms like online tools, social media platform, etc. According to the
latest trends, the global marketing is necessary for the companies as it brings a reputative image
in the market and because of this, the firm can know about the latest technologies which are
running in the market. Through global marketing, the firm can improve their quality as because
most of the customers demands a high quality goods and services. The global marketing is a way
for the firm so that they can reach to a wider audience (Morales, 2018). The global marketing
may provide a benefit to the firms as they can gain a large area of relationships across the
boundaries and a power given to the companies that they can modify the size of their dealings.
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CONCLUSION
In this report, we will discuss about the concept of marketing. As we all know that marketing is a
must needed activity for a business as because of this, the firm can increase their revenue in an
effective way. After discussing the concept of marketing, we discuss about the extended
marketing mix and its 7Ps. The report also conduct the SWOT analysis in marketing and
provided a different types of strategies by applying the Ansoff growth vector matrix. At last, the
report covers the global marketing which is currently introduced and provides a huge area of
audiences to the firm. Hence, the firm has to undertake global marketing as because it is the
widely used activity by most of the organisations.
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REFERENCES
Books and Journals:
MacKay and et.al., 2020. Strategy: Theory, Practice, Implementation. Oxford University Press,
USA.
Madsen, D.Ø. and Stenheim, T., 2022. SWOT analysis. In Encyclopedia of Tourism
Management and Marketing (pp. 323-325). Edward Elgar Publishing.
Morales, G., 2018. Global Marketing Management. Scientific e-Resources.
Nabieva, N.M., 2021. DIGITAL MARKETING: CURRENT TRENDS IN DEVELOPMENT.
Theoretical & Applied Science, (2), pp.333-340.
Praesri and et.al., 2022. Marketing mix factors and a business development model for street food
tourism. Journal of Hospitality and Tourism Management, 52, pp.123-127.
Ryan, D., 2020. Understanding Digital Marketing: A complete guide to engaging customers and
implementing successful digital campaigns. Kogan Page Publishers.
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