Marketing Essentials: Nu Skin Enterprise

Marketing Essentials

Contents
INTRODUCTION...........................................................................................................................1
TASK 2............................................................................................................................................1
P2. Compare the ways in which companies utilise elements of the marketing mix....................1
TASK 3............................................................................................................................................6
P4. Produce a marketing plan......................................................................................................6
CONLCUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Marketing is the important techniques and tool in the modern business firms; it considers
acknowledgement of marketplace needs of customers, making profitable relationships, consumer
driven market strategy and offer quality between the consumers. The business firms have
understood the essentialness of customer relations and they are trying to get a creative tool
regarding marketing plan of action in business. The awareness about marketing essentials is too
high in the present market scenario around the globe. For the completion of this assessment, the
chosen company is Nu Skin Enterprise which is a an American multilevel marketing
organisation which operate its business by developing and trading personal care goods and
dietary supplements within its Nu Skin and Pharmanex brands (Akbar, Omar and Wadood,
2017). The establishment was incorporated in 1984 in Provo, Utah, US. The respective firm also
sells cosmetics, hair care items and mouthwash. The venture operates its business in approx 50
nations considering China. The written document will consider information regarding
comparison about two ventures with the use of marketing mix. Furthermore, it will explain about
the marketing plan by considering different aspects of its.
TASK 2
P2. Compare the ways in which companies utilise elements of the marketing mix
The marketing mix is that business conceptions that assists the business enterprise in
accomplishing its expected outcomes in an effective form. This tool is applied in the marketing
planning process to accomplish organisational aims and goals. The business venture like Nu Skin
can consider and implement different tools for the application of marketing mix between their
organisation. Basically, it is supported over the market demographics, commodities and facilities
of the venture, market size and venture’s size. The marketing mix is the strategy that enables
marketers to acknowledge the product (Bünte, 2018). The ordinary utilisation of marketing mix
considers 4 P’s of marketing that consider product, price, place and promotion. The tool was
later extended to 7 P’s of marketing by adding extra aspects like people, process and physical
evidence. In Nu Skin, by using this marketing mix concept, the management can briefly describe
about its diverse factors and compare them with other same sector venture which will
demonstrate the USP of the venture regarding different factors.
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