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

This report discusses the extended marketing mix and 7Ps, how marketing helps businesses address challenges in a competitive market using SWOT analysis, using Ansoff growth matrix to enter new markets, and growing on a global level through marketing strategies.

Introduction to
marketing

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

INTRODUCTION
Marketing is the process of management which involves identifying, anticipating and
satisfying customer wants. It is not just selling, it is about unknowing and understanding one's
customer. Marketing starts with determination of customer's wants and then satisfying those
wants through products and services (Rust, 2020). Concept of marketing is based on customer-
orientation and earning is done through their satisfaction. In this report we are going about
marketing mix and 7p's of marketing that help the firms to creating and maintaining demands,
reputation, competition etc. the report will also address about the challenges that firms have to
face in the new competition market and solutions with the help of using marketing and SWOT
analyses and Ans off growth matrix. At last, the report will also cover how the firm can take use
of marketing strategies to enter and grow into a global market.
MAIN BODY
Discuss the extended marketing mix and also the considerations that the firm should give for
each of the 7Ps.
Marketing mix is a set of marketing tool which is used by the company's to promote and
sell their products and services in the market. These tools helps the company in deciding what
type of products to be produced and how to sell them in the right place at the right price and right
time. The components of the marketing mix consist of 4Ps Product, Price, Place, promotion,
people, process and physical evidence.. In the business sector, the marketing managers plan a
marketing strategy taking into consideration all the 7Ps. The 7p's of marketing mix are discussed
below:
 Product: product refers to anything that is going to be sold in the market. It can be
physical product, services, or experience. While producing any product the firm should
always consider various factors such as its quality, features, characteristics, packaging
and knowing about wants and needs of the customers.
 Price: Price is a very important component of marketing mix. As it refers to that amount
which a consumer is willing to pay to buy certain products. Pricing consist of discount,
fees, terms and so on. And while preparing pricing strategy the firm should consider
about their current position among other competitors in the competition market.
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 Place: Place refers to the point of sale. It consist of deciding the channels for the
distribution of products to make it easily available and reachable to the potential buyers
and consumes. It helps in deciding whether to place a product in physical store , online or
both.
 Promotion: Promotion refers to the activities which are undertaken by the firms to make
the products and services known to the potential buyers and traders. These can be done
through advertising, sponsorship, sales promotion, public relations, direct marketing ,
incentives (Kim and Kim, 2018)
 People: people not only mean buyers or customers to whom the firm is selling and
advertising their products. But it include all the people who are involved in marketing
and sales process such as staff members, sales person, customer support team etc.
 Process: The process refers to the set of activities which are designed to deliver the
company's products and services to the potential buyers. The company should always
make sure that the business processes they are following are very well structured and is
verified regularly. This is done to avoid mistakes in the organisation.
 Physical evidence: The physical evidence elements of marketing mix refers to the
physical environment of the stores experienced by the costumers. This could mean the
layout and design of the shop. It incorporates aspects that proves that company's brand
exists and purchase can be done.
Explain that how marketing helps the businesses and address challenges in a competitive market
by using the SWOT analysis.
SWOT analysis is conducted to address the strengths, weaknesses, opportunities and
threats of the businesses in the marketing. SWOT analysis is a strategic framework which is used
by company's to evaluate their competitive positions and to develop a strategic planning. By
conducting SWOT a firm can improve their productivity which may lead to increase in
company's sale. The detailed SWOT analysis of marketing is given below:
Strengths
 Marketing help businesses to build a
strong image of their products in the
competition market and also makes the
customer's aware of the firms products
Weaknesses
 To conduct market research , the firm
has to do lot of investment which will
lead to increase in the manufacturing
cost of the company. So small and
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and services.
 Marketing also help businesses to
remain relevant to the buyers and also
maintain good relationship among
them. By using marketing strategies the
company can do research to produce
new and innovative products for their
customers (Woehler and Ernst, 2022)
medium businesses cannot afford to
perform these activities.
 Those firms who do not have assess to
do online marketing has to face high
competition in the marketplace.
Because in today's world, online
marketing is one of the most considered
form of marketing which provides a
variety of opportunities to the
customers.
Opportunities
 As today's market is growing rapidly
from offline to online stores the
company can conduct market research
to find out new potential customers and
their needs and expectations to grow
their businesses.
 As use of marketing strategies are
increasing rapidly the firm can take
advantage of using advanced
technology which builds a new
production and selling method for them
to attract more customer segments and
can customized products needed by
market.
Threats
 The process of marketing is very slow
to adopt new ideas and technologies
which makes the product of the
company a old-fashioned and obsolete.
 The marketing creates a situation of
fierce competition in the market
because new competitors will come up
with new fresh ideas and this will
create problem for old firms and they
have to low their prices to remain in the
market.
Explain how marketing provides solutions to the organisation as to enter into new market by
using the Ansoff growth vector matrix.
To enter into a new market the firm has to Ansoff growth matrix because this matrix help
the company's to identify their business growth opportunities to grow revenue through
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developing new products and services. The Ansoff matrix was developed by Igor Ansoff in
1957. The Ansoff matrix is a most widely used marketing model which includes:
 Market penetration: The market penetration strategy is considered to be less risky
strategy because here the company looks for selling their products into the existing
markets to their old customer segments where they have good relationship. The company
can use elements of marketing mix such as promotional activity and price discounting
(Dawes, 2018).
1. Market development: The market development strategy is considered to be more risky
than market penetration strategy because here the firm concentrates on selling their
existing products into new market. Now the firm has to conduct market research to
identify new customer segments. The new market can be in same or different city or in
different geographic area. The firm has too make key changes in place and promotion
element of marketing mix.
 Product development: Under this strategy the firm mainly focuses on launching their
new products into the existing markets with old customer's base. The success of the
strategy is dependent on the ability of the firm to conduct research regarding their market
and customer needs. Here changes are needed in product and promotion elements of
marketing mix.
 Diversification: This strategy is considered to be the riskiest strategy of all four because
the firm is deciding to selling their new products into an unfamiliar market with
completely new customers base. Here the firm has to conduct proper market research by
using all the elements of marketing mix.
Explain that how the company can take use of marketing as to grow on a global level.
To grow and expand the business on global level, the firm can use global marketing
which is basically a concept of marketing. Global marketing refers to the process that allow firms
to sell more products and services to the customers in the international market. By using this
concept the company can build a strong brand image and reputation of their products at the
global level (Kasemsap, 2018). It is considered to be essential strategy as it give businesses the
opportunity to gain new knowledge about their products in order to adjust in the global market.
Small and medium businesses can enter into the global market by directly selling their products
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to customers in export territories through local suppliers, through joint venture with local
distributor or by creating their online website to dell their products in the international markets.
The company can also do innovations in their transportation that will allow them to distribute
their products across the global work effortlessly. Global marketing is going to be the future for
businesses who are looking forward to increase and grow their value global level.
CONCLUSION
In the above report, it is concluded that marketing plays a essential role in every type of
businesses. The report discuss in detailed about marketing , marketing mix and its elements
which includes 7p's of marketing. Further we discuss about SWOT analysis in marketing that
provides various ways to businesses to increase their productivity in the competition market. The
report also discuss about marketing and Ansoff growth matrix that provides solutions to those
organisations who are going to enter into new marketplace. Those firms who want to grow can
take advantage of using marketing strategies as it is going to provide them bigger opportunities
to expand their business. At last the it is discuss about various ways through which firms a
expand their businesses at global level.
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REFERENCES
Books and Journals:
Backaler, J., 2019. Digital influence: The rise of modern-day influencer marketing and key
implications for global business leaders. Journal of Digital & Social Media
Marketing, 7(1), pp.44-52.
Dawes, J., 2018. The Ansoff matrix: A legendary tool, but with two logical problems. But with
Two Logical Problems (February 27, 2018).
Kasemsap, K., 2018. The roles of social media marketing and brand management in global
marketing. In Social media marketing: Breakthroughs in research and practice (pp. 425-
453). IGI Global.
Kim, M.S. and Kim, J., 2018. Linking marketing mix elements to passion-driven behavior
toward a brand: Evidence from the foodservice industry. International Journal of
Contemporary Hospitality Management, 30(10), pp.3040-3058.
Rust, R.T., 2020. Outside-in marketing: Why, when and how?. Industrial Marketing
Management, 89, pp.102-104.
Woehler, J. and Ernst, C., 2022. The importance of marketing mix planning and customer
orientation for venture capital–financed startups: impacts on valuation, performance,
and survival. Journal of Research in Marketing and Entrepreneurship, (ahead-of-print).
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