Marketing Mix for Service Firms

This assignment explores effective marketing strategies for service-based businesses. It delves into the seven Ps of marketing, emphasizing their application in a service context. The analysis includes a detailed breakdown of the six stages involved in a customer's journey when interacting with a service firm. Furthermore, it highlights the importance of data collection and feedback mechanisms to assess performance and drive improvement in competitive markets.

Marketing Communication

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
PART 2............................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Proper communication should be necessary to attain the success which helps in marketing
of the products and services. This process of communication is the fundamental and complex
part with the efforts of company marketing. The present report is based on BHS (British Heart
foundation) which provides to the consumers diagnosed with a rare heart condition. The
company doing the proper research with the new operation (Carroll, 2015). The present report
contains the PESTEL analysis, SWOT analysis and Porter's five force model so that they can
find opportunities or strength so that they can improve the performance in the market.
PART 1
Executive Summary :-
Conversation between the employees and consumers should be proper which helps the
entity in influencing the maximum consumers so that they can attain the services easily which
help the firm in attaining the success. BHS (British Heart foundation) have to adopt the different
strategies so that they can not face any difficulties in attaining the success and target. They have
to make the effective budget so that they can control the cost of providing the services. Along
with this they have to monitor to reduce the gap in actual and standard results for the business.
Company overview :-
BHS (British Heart foundation) is the organisation which provides the charity in the UK
that provide the funds in improving the treatment, diagnosis and prevention of disease. In
increasing the income and have to maximise the impact of its work. Along with this company
has to do the voluntary donations so that they can meet the aims and objectives (Luxton, Reid
and Mavondo, 2015).
Current Marketing Situation Analysis :-
The company have to analysis the marketing plan so that they can improve the
performance in the competitive market. This analysis includes the examination of the factors
which is external and internal. They have to analyse the marketing of the BHS (British Heart
foundation) so that they can achieve the target and also enhance or improve the performance in
the competitive market.
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PESTEL Analysis :- It is the tool or the instrument by which company can analyse the
performance. Along with this the business are also influenced by the environment so that they
have to determine the day to day activities.
Political factors – These factors affect the political situation of the country and BHS
(British Heart foundation) has to follow the rules and regulations so that they can provide the
better services. Along with this BHS has to monitor the political stability within the country.
These factors includes tax policy and employment law (Keegan and Green, 2015).
Economic factors – These factors affect the BHS (British Heart foundation) so that they
can attain the maximum profit. The company have to deal with the rising labour and also the cost
of operations. This factor includes the local currency exchange rates, economic environment in
the economic market and the taxation level.
Social factors – These factors affect the performance of the entity in the market. There
are different factors on which BHS (British Heart foundation) have to focus which includes
changing work pattern, consumer preferences, changes in the lifestyle of population and the
changing values among population (Petersen, Kushwaha and Kumar, 2015).
Technological factors – These factors based on the change in the technology. Entity have
to provide the new technologies to their consumers so that they can attain the entity. The
company have to add the value to the brand and also enhance the overall consumer experience.
Environmental factors – BHS (British Heart foundation) have to provide proper working
environment to their employees and also they provide the clean environment to their consumers
so that they can achieve the success. These factors includes the environmental rules and
regulations. Along with this global warming and other environmental issues in the global level.
Legal factors – BHS (British Heart foundation) have to follow the rules and regulations
so that they can provide the better services to their consumers and along with this they can not
face any problem. The other factors which affect the company which include the customs and
trade regulations and the licensing regulations which is related to the industry (McKay-Nesbitt
and Yoon, 2015).
Porter's five force model :- This analysis having a simple and the powerful tool for that the
power lies in the situation of business. There are having the five important forces that determine
the competitive power in the business situation. They are :-
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Supplier Power – The company having the different suppliers to increase the price of
product. The company provide the unique services so that the strength and control so that cost
can switch from one to another.
Buyer Power – In this company having the different buyers so that they have to take the
price down. This is driven by the number of the buyers and the importance of each buyer of the
individual so that they have to cost them of switching from the products and services (Hugo-
Burrows, 2015).
Competitive Rivalry – They are having the number and capability of the competitors.
BHS (British Heart foundation) have to provide the attractive products and services so that they
are having the little power in the situation.
Threat of Substitution – This is affected by the ability of the consumers so that they can
find the different way in providing the different services and for that they have to use the
different process. Along with this if the substitution of the services is easy and substitution of the
products or services of BHS (British Heart foundation) is viable then the power of entity is weak.
Threat of new entry – In this power is affected by the ability of the people so that they
can enter the new market. In this the cost of the services they are using the less time and also do
the competition effectively. They are having the little protection for using the new technologies
in providing the services (Schivinski and Dabrowski, 2016).
SWOT Analysis :- It is the tool by which BHS (British Heart foundation) can find the strength
and weakness of the entity. Along with this opportunities and threats also so that they can no find
any difficulties in providing the different services to their consumers. Along with this critical
success factors can be identified.
Strength – BHS (British Heart foundation) having the strong and trusted brand and also
having the market leader. The employees of BHS is highly motivated which is dedicated by
cause. The company have to increased the awareness and they are having the strong demand and
needs of the consumers to attain the services. They are having the large number of corporate
sponsors so that they can give the access to the large audiences.
Weakness – In this many products which are generic that are not consumer friendly. BHS
(British Heart foundation) have to target the audience so that they have hard for them top engage
with British Heart foundation. The company having the low staff turnover so in the organisation
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employees having lack of ideas so they not provide the services with the new technologies and
very effectively (Karjaluoto, Mustonen and Ulkuniemi, 2015).
Opportunities – They are having the potential so that they have engage with the audience
directly and have to build the long term relationships. They have to provide the more opportunity
so that they can increase the revenue and market share. They are having the direct little
competition with the competitors. Along with this have to provide the opportunities for business
to business.
Threats – Direct marketing of the entity is not much effective as it is used for the
charities. BHS (British Heart foundation) have to obtain the details of the new people. In the
market they are having the lot of competition so that they can tackle more issues such as
smoking, obesity. They have to decrease the disposable income, corporate donations and legacies
(Ashley and Tuten, 2015).
Objectives :-
BHS (British Heart foundation) having the main objective that they have to provide the
best quality services to their consumers so that they can attain the goals and objectives and
targets. BHS (British Heart foundation) is the leading organisation which provides the services to
the person who are suffering from heart disease. The main aim of the entity is to provide the
better services so that health of the consumer can improved and can attain the maximum profit.
The company have to do the proper research and analysis so that they can identify the new
techniques and the process that will help the entity in developing the services and have to
provide them in unique way so that they can attain the success in the competitive market
(Gambettiand Schultz, 2015). Company have to provide the training and the guidance to their
employees so that they can face any problem and also provide the better services and put the
maximum efforts in the actual direction in the correct manner and do the proper work by using
the new technology. Along with this, BHS (British Heart foundation) can use the SMART
approach in improving the objectives which has been set out by the entity. This approach helps
the firm for betterment in setting specific, measurable, attainable, realistic and time bound goals.
The company have to expand the market share by that consumer can reduce the complaints when
they get the more awareness about the services by using the different channels of marketing.
Segmentation, Targeting and Positioning (STP) :- STP analysis is the process of marketing
which involves three steps that is market segmentation, targeting and product positioning.
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Market segmentation is that process in which they can divide the consumers or the business
market which consist potential and existing consumers. Targeting is that process which defines
the target groups of the BHS (British Heart foundation) in the systematic process and all the
target group is selected among the entire population. Strategies which are used in targeting they
are very effective and clear. Positioning involves the implementing that they have target.
Company have to make the position in the market itself as they provide the services in the
economy. This helps BHS (British Heart foundation) in the market so that they can attract the
more consumers so that they can attain the competitive advantage in the other markets which is
operating in the country (Wijaya, 2015).
Strategy :-
Ansoff matrix is the tool which are used by the entity for the proper planning and this
instrument its product and the strategy of market growth. Strategy is that term which can be
defined as the method that can be adopted by the entity to attain the objectives. BHS (British
Heart foundation) require to attain the different objectives which are decided by the management
or administration the company members have to adopt the strategy so that they can attain the
targets. All the considerations which are given by the entity they are used in the strategy for
growth which is used or proposed in the matrix which is given by Ansoff. In the Ansoff matrix
there are four strategies which are included in it such as market development, product
development, diversification and market penetration. These strategies is used by BHS (British
Heart foundation) so that they can improve or expand the performance in the competitive market.
Along with this they can use the new product in expanding the business in the new market ( Su
and et.al., 2015).
Tactics and Action :-
Company have to increase the sales of the products and services and BHS (British Heart
foundation) have to take the actions in the favour of the entity so that they can attain the success
in the competitive market. The company have to provide the best services to their consumers so
that they can not face any problem (Kotler and et.al., 2015).
Budget :-
Marketing budget
Particulars 1st 2nd 3rd 4th year 5th year
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year year year
Initial money 10000 1200 2000 1300 1000
Investment 8800 8000 8700 9000
Total 10000 10000 10000 10000 10000
Marketing
expenditures
Advertisement 2000 1000 1500 2000 500
sales promotion 1000 1500 1000 1000 1200
Direct marketing 500 1000 2000 1500 1300
digital marketing 800 1200 1500 1200 1500
Social media 1000 1200 700 1100 2000
printing 2000 1100 1000 1000 1400
Events 1500 1000 1000 1200 1000
Total 8800 8000 8700 9000 8900
Available balance 1200 2000 1300 1000 1100
Control :-
The company have to attain the objectives and goals and this is significant for that they
can assure the proper control of its functions. The company have to provide the good quality
services so that the consumers can not face any problems (Štefko, Fedorko and Bačík, 2015).
They have the different supervision in the different activities of employees which can identify
the mistakes for that they have to take proper actions.
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CONCLUSION
From the above report it has been inferred that marketing activities play a important role
in attaining the success in the business. They have to make the different strategies for attaining
the long term success and growth.
REFERENCES
Books and journals
Ashley, C and Tuten, T., 2015. Creative strategies in social media marketing: An exploratory
study of branded social content and consumer engagement. Psychology & Marketing.
32(1). pp.15-27.
Carroll, C.E., 2015. The handbook of communication and corporate reputation (Vol. 49). John
Wiley & Sons.
Gambetti, R.C and Schultz, D.E., 2015. Reshaping the boundaries of marketing communication
to bond with consumers. Journal of Marketing Communications. 21(1). pp.1-4.
Hugo-Burrows, R., 2015. Trends and issues in multicultural business communications in South
Africa-an exploratory perspective. In Proceedings of the 1998 Multicultural Marketing
Conference (pp. 467-468). Springer International Publishing.
Karjaluoto, H., Mustonen, N and Ulkuniemi, P., 2015. The role of digital channels in industrial
marketing communications. Journal of Business & Industrial Marketing. 30(6). pp.703-
710.
Keegan, W.J and Green, M.C., 2015. Global Marketing. Boston: Pearson.
Kotler, P and et.al., 2015. Marketing management (Vol. 14). Englewood Cliffs, NJ: Prentice
Hall.
Luxton, S., Reid, M and Mavondo, F., 2015. Integrated marketing communication capability and
brand performance. Journal of Advertising. 44(1). pp.37-46.
McKay-Nesbitt, J and Yoon, S., 2015. Social marketing communication messages: how
congruence between source and content influences physical activity attitudes. Journal of
Social Marketing. 5(1). pp.40-55.
Petersen, J.A., Kushwaha, T and Kumar, V., 2015. Marketing communication strategies and
consumer financial decision making: The role of national culture. Journal of Marketing.
79(1). pp.44-63.
Schivinski, B and Dabrowski, D., 2016. The effect of social media communication on consumer
perceptions of brands. Journal of Marketing Communications. 22(2). pp.189-214.
Štefko, R., Fedorko, R and Bačík, R., 2015. The Role of E-marketing Tools in Constructing the
Image of a Higher Education Institution. Procedia-Social and Behavioral Sciences. 175.
pp.431-438.
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Su, S and et.al., 2015. Effects of Ethical Management of Retail Enterprises in Korea on
Corporate Image and Purchase Intention. The East Asian Journal of Business
Management. 5(1). pp.27-35.
Wijaya, B.S., 2015. The development of hierarchy of effects model in advertising. International
Research Journal of Business Studies. 5(1).
Online
Beginner's Guide to Integrated Marketing Communication. 2016. [Online]. Available through:
<https://www.thebalance.com/integrated-marketing-communication-imc-2295501>.
[Accessed on 24th November 2016].
MANG6242 Digital Marketing Communications. 2016. [Online]. Available through:
<http://www.southampton.ac.uk/wsa/postgraduate/taught_modules/mang6242_digital_mar
keting_communications.page>. [Accessed on 24th November 2016].
PART 2
Marketing Plan :-
Marketing Plan is the important and comprehensive document or the blueprint that
defines the advertising of the entity and also doing the marketing efforts. This plan describes the
business activities which involved in accomplishing the specific objectives of marketing within a
set time period (Chowdhury, Chowdhury and Imran, 2015). There are different steps which are
included in it that is executive summary, target the consumers, unique selling proposition,
pricing and positioning strategy and distribution plan. The main benefits of marketing plan is that
it is that part which is followed by the entity to get the success. Along with this it is the
instructions of operations of BHS (British heart foundation) and it is the top level reflection.
Story board :-
The company has to make the marketing plan so that they can attain the success. Story
board give the different steps which includes different parts. In part 1 they have to do story work.
First that they have to establish a timeline. Second is they have to identify the key scenes in the
plan. Third, BHS (British heart foundation) that they have to decide the details so that they have
to get. Fourth, they have to write the description of what each cell will show. In Part 2 they have
to design. First they have to choose the medium. Second, they have to sketch the thumbnails.
Third, they have to add other information which are related to the work. And after this the last
step is to finalise the story board (Ewing and Ramaseshan, 2015). In Part 3 they have to make the
fine tuning with the members. First, they have to think in the perspective of three point then they
have to provide the motivation and finally story board give the permission for the plan.
Tactics and actions :-
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The company have to increase the sales by providing the best services and for that BHS
(British heart foundation) have to take the actions for the betterment and also attain the success
and growth. The staff members have to make the survey so that they can identify the needs of
consumers so that can provide the services according to the needs of consumers (Rowley, 2016).
Justification :-
BHS (British heart foundation) has to use a AIDA tool to grab the attention and also
attain the interest in providing the products and services which can help the company members.
A is attention, I is interest, D is desire and A is action. Attention is to be used that they have to
do the needs to be quick and grab the attention from the different people. Interest is the deep
process than grab the attention. Desire is the appealing to their personal needs and wants. Action
is that they have to take the feedback (Pavlou and Stewart, 2015).
Plan :-
This plan is based on marketing mix which includes 7P's. Company provide the different
products to the consumers which are of reasonable price at the right place and for that company
has to do the promotions so that the consumers can easily attain the services. People are those
who attain the services of entity and should be in correct process. Along with this consumers
have the physical evidence (Schielke, 2015).
Six stage process :-
First step in this that they have to identify then problem then they have to search the
information. After that company have to do the evaluation of alternatives. Then they have to
make the decision on purchase. And after that they have to make the evaluation on the post
purchase.
Data collection and feedback Survey :-
Company have to collect the data for the betterment and also attain the success and
growth in the competitive market (Lilleker, 2015). After providing the services to the consumers
they have to do the survey or taking the feedback from the consumers to know the performance
in the market.
CONCLUSION
From the above report it has been observed that proper plan needs to be made by the
entity so that they can attain the success in the competitive market.
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REFERENCES
Books and journals
Chowdhury, A.H., Chowdhury, M.S.A and Imran, M., 2015. Branding strategies for service
firms-a study on the selected Internet Service Providers (ISPs) in Bangladesh. Asian
Business Review. 2(1). pp.47-53.
Ewing, M.T and Ramaseshan, B., 2015. Integrated marketing communications: Conflicts of
interest, politics and performance. In Proceedings of the 1998 Academy of Marketing
Science (AMS) Annual Conference (pp. 265-272). Springer International Publishing.
Rowley, J., 2016. Information marketing. Routledge.
Pavlou, P.A and Stewart, D.W., 2015. Interactive Advertising: A New Conceptual Framework
Towards Integrating Elements of the Marketing Mix. In New Meanings for Marketing in a
New Millennium (pp. 218-222). Springer International Publishing.
Schielke, T., 2015. Influence of lighting design on marketing communication. LEUKOS. 11(3).
pp.109-124.
Lilleker, D.G., 2015. Interactivity and branding: Public political communication as a marketing
tool. Journal of Political Marketing. 14(1-2). pp.111-128.
Online
Marketing and Communications. 2016. [Online]. Available through:
<https://web.iit.edu/marketing-communications>. [Accessed on 24th November 2016].
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