Marketing Essentials

This presentation covers the essentials of marketing, including the application of marketing mix, strategies adopted by VISA and Master Card, and Visa's marketing plan for their new product, VisaWear. It discusses the elements of the marketing mix and provides insights into product, price, place, promotion, people, process, and physical evidence. The presentation also includes market analysis, segmentation, targeting, and positioning, as well as a marketing budget and references.

Marketing Essentials

 Introduction
 Comparison of Application of Marketing Mix of Different Organisations
 Evaluation of Different Strategies Adopted by VISA and Master Card
 Visa's Marketing Plan
 References
Table of content

Marketing Mix can be defined as the set of actions, or tactics which are used by the organisations in order
to promote their brand or product in the marketIn other words, it can also be defined as the process by
which the companies provide their customers with the right product, in right time and at right place. The
adoption of this strategy is important for the companies in order to get success and capture market share
so that they may earn sufficient profit for their survival and growth.
Introduction

Marketing Mix contains 7Ps named as Product, Price,
Place, Promotion, People, Physical Evidence and Process.
These are the 7Ps of Marketing Mix which hare being
discussed below. The comparison in the marketing mix
will be made in between two companies named as VISA
and MasterCard. The explanation of the comparison in
between these two companies are mentioned below:
Comparison of Application of Marketing Mix of Different
Organisations

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Factors Visa Mastercard
Product The company is having its presence globally and is
providing credit, debit and prepaid card facility to their
customers. In addition to this, the company is also
providing their customers with facilities such as
electronic fund transfer throughout the world. The
strategy adopted by the Product Expansion.
MasterCard is a Financial Service provider
which is based in the United States of
America with a global outreach. As
marketing oriented company, it is focused on
adding more value for customers in order to
give them a priceless experience with the
hope of retaining them.

Basis Visa Mastercard
Price In order to set a price for the products
and services offered by the company it
has made contracts with the banks and
along with this it charges fees as per the
transactions done by the customers
MasterCard provides their customers with both the
economical and premium level services and the
prices of the services of the company are directly
proportionate to the features the customers wants
and having in their cards. In addition to this, the
pricing strategy has also been adopted by also
considering the competitors prices
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Basis Visa Mastercard
Place The Place or distribution strategy of the
company depends completely upon the
banks. As the company is having
associations with financial institutions. It
has increased the access of customers to the
services of the company across the world
The distribution strategy adopted by the company is
more focused on the online services. It had made use
of online services as a distribution strategy in order to
connect their customers with the services provided by
the company.
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Basis Visa Mastercard
Promotion The business of VISA is also serving
to a lot of people across the world.
So it also becomes important for the
company to not to depend upon only
one type of promotional strategy, but
to adopt more as per the analysis
done on target customers.
Due to enlarged existing operations of the business, it has
also become difficult for the company to make choice of
the promotional strategies to be used in order to enhance
the knowledge and sales of the products and services of
the company.

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Basis Visa Mastercard
People People can be defined as the personnel required in
order to complete the day to day activities of the
company. It includes the focus created by the
company on different groups of people such as
employees, management, culture and customer
service.
MasterCard has created its focus and adopted
the core strategy to sustain in the competitive
world is by making continuous improvement
and increased commitment of employees
towards the work.

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Basis Visa Mastercard
Process It is important in case of service industries
that they should provide evidence to their
customers about the delivery of the
service. For example, the company is
having its headquarters at California, in
USA. In addition to this, the company has
also its presence in San Francisco and
Texas. The company is having its clients
and customers all over the world.
The company is providing the best in house
facilities and up to date infrastructure in all its
offices. Like VISA, the company has also set up
their offices across the world in order to facilitate
their customers with their issues and also to
provide the employees with the best workplace
so that they could deliver the best service for the
company.

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Basis Visa Mastercard
Physical Evidence The main concern in this part is about
the delivery of services and how they
are delivered. These are mainly
concerned with the service industries.
In case of VISA, the company has
made its associations with other
financial institutions with the help of
which VISA makes the delivery of the
services possible in the best way.
MasterCard is also having some processes in
the place which helps the company in
maintaining good relationship with the
employees, customers and investors. It helps
the company in maintaining long term
sustainability and growth of the company and
also helps in keeping their employees
motivated for a long period of time.

 As the MasterCard is making use of Product Development as product strategy in the marketing mix.
So it is recommended to the company to make use of diversification strategy as well. This will help
the company in increasing their customer base and also the source of income. The already established
brand image of the company will help in the diversification of the company.
Evaluation of Different Strategies Adopted by VISA and Master Card

 Another recommendation is about the use of promotional strategy in wh9ich the company is
already performing better but as MasterCard is doing promotional activities on the basis of the
target customers so this will also help the company in turning the potential customers into the
real customers.
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Marketing Plan could effectively referred to a
detailed plan which is developed by companies to
ensure that their products are effectively marketed to
its target customers. It is a very crucial practice
which would be allowing Visa to develop a detailed
plan in relation to launching their new product “Visa-
Wear”, which is a wearable for its customers to
acquire and manage their financial service.
Visa's Marketing plan

The marketing plan for the company is discussed below:
 Organisational Overview:
Visa is an American organisation which effectively operates worldwide, providing customers with
different financial service to ensure facilitation of funds globally. In addition to this, the firm has its
own brand as well as computer networks which helps the firm to handle its global operations with
utmost ease as well as security. Currently, the firm has produced a new wearable, which would allow
the customers of the company to conduct their financial operations using that device. Visa is planning
to market this product in the best way possible attracting customers within UK.
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 Vision and Mission Statement:
The vision of Visa is to be the best manner to pay and get paid for everyone, everywhere.. The mission
statement of Visa is that its technology as well as innovation makes digital payments a reality for its
customers, several banks, businesses as well as governments.
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 Strategic Objectives:
These are those objectives which are formed in relation to measure the performance of a company or its
products in terms of marketing and their product launching. In context to Visa, there are certain objectives
for short, medium and long term which are discussed below:
 With Visa-Wear, the firm is planning to enhance their customer base by 12.5% in the next 3 months of
the launch of their new product.
 The company is aiming at least 15% increase in profitability within 6 months of establishment of Visa-
Wear within the market.
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CONTINUE.......
Company's Offering:
The agenda of the company is to ensure a smooth and consistent facilitation of electronic funds globally.
To further enhance the operations and assure better results, the firm has developed a new product which
would allow customers to perform acquisition and providence of funds by the new device which is Visa-
Wear. The new product would be a watch for the sole purpose of conducting financial operations of
customers.

CONTINUE.......
Market Analysis and Research:
Another crucial feature of marketing plan is market research which allows the firm to analyse the
overall market place using different research methods. For its new product, the firm has used two
techniques for market research which are described below:
Primary Research: This research is performed by the company in relation to determine the preference
of their potential customers through questionnaires and surveys.
Secondary Research: This technique was used in relation to research and analyse new technologies,
techniques and aspects which are very crucial in relation to effectively develop their new product.

CONTINUE.......
Segmentation, Targeting and Positioning (STP):
Segmentation: It can be defined as the process by which the complete market is divided into smaller parts. This
process of dividing the market is done in order to bring out the people who are having the same requirements,
interests and needs which the other people are having.
Targeting: The following term is more narrower concept under which the sub groups of segmentation which are
geographical, demographical and behavioural aspects are covered.
Positioning: It can be defined as the process under which the company makes the perception for the product in the
minds of the people.

CONTINUE.......
Marketing Mix Elements:
It can be defined as the combination of different factors controlled by the company in order to influence the purchasing
decisions of the consumers.
Product
Price
Place
Promotion
People
Process
Physical Evidence

CONTINUE.......
MARKETING
BUDGET (£)
PARTICULARS Ist Year IInd Year IIIrd Year IVth Year
Initial money 5000 8400 14100 16260
Investment 10400 11600 24840 32640
TOTAL 15400 20000 38940 48900

CONTINUE.......
MARKETING
OUTLAY
Promotion 6646 2659 4693 3975 3111
Sales publicity 2365 900 3452 2492 1250
Direct selling 3145 2000 5761 2100 5444
TOTAL 12156 5559 13906 8567 9805

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References

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