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Assignment on Marketing Mix - Paragon

   

Added on  2020-11-12

15 Pages4263 Words209 Views
Marketing
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MarketingMix
Assignment on Marketing Mix - Paragon_1

Table of ContentsINTRODUCTION...........................................................................................................................4MAIN BODY...................................................................................................................................51. Background of Paragon polymer products pvt. Ltd................................................................52. Marketing audit including both internal and external factors.................................................73. Critically analysis of marketing mix actions to achieve gaps between company's presentmarketing strategy and external environment...........................................................................12CONCLUSION..............................................................................................................................14REFERENCES .............................................................................................................................14Online........................................................................................................................................16
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INTRODUCTIONMarketing mix is the set of actions and tools that is used for promoting the brand or aproduct in market (Agarwal and Bansal, 2018). The term marketing management refers to theprocess of strategy development, promoting the brand and sales to make the product reachdesired agent (Andreasen, 2018).In the following assignment, the Paragon polymer products pvt. Ltd.is taken intoconsideration. It is a leading company and is a multi-channel retailer. The company has manystores and has a website where millions of people visit every week. The cited company isspecialised in the high quality footwear that attracts millions customers towards the company. Itis a business that aims to do things in responsible manner. The firm has discovered variousadvertisements and communications that inspires the customers to be loyal.Thus, following report is based on the detailed information about Paragon polymerproducts pvt. Ltd., with the help of marketing audit that includes both internal and externalfactors analysis. Thus, the report will outline marketing mix that bridges the gaps between themarketing strategy and external environment.MAIN BODY1. Background of Paragon polymer products pvt. Ltd.Paragon polymer products pvt. Ltd. is a leading company and one of the foremost retailerhaving different distribution channels. This company runs its operations all over the world. Thefirm . has particular values of selling qualitative and innovative products which assist the entityin building trust among the customers. The vision and mission of the cited company is to bestandard among all the competitors and provide quality products. It is a private company havingannual revenue of $120.59. Market positioning refers to consumer’s attention towards a particular brand as comparedto other competitor brands (Ang and Rusli, 2018). Thus, to attract the customers towards the
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product it becomes significant for the company to design the product as per the need and demandof the customer. The term positioning means marketing of a particular product that creates animage in the minds of the customer (Becker and et.al., 2018).The market positioning strategy of Paragon polymer products pvt. Ltd. is that itdifferentiates themselves from their competitors through the name of brand.Market positioningIllustration 1: Market Positioning(Source: The Dynamics of Market Positioning 2, 2018)Cost Leadership & focus- this makes competitive advantage by having the lowest cost ofproduction in industry. The company focus on the customers needs and provides highquality products at low cost under this theory.Differentiation & focus- This business strategy helps in providing high quality productsthan the competitors for which the customers pay premium price. The cited companyfocus on the customers needs and the research on the competitor's product and price hasbeen done.Unique selling Proposition of Paragon polymer products pvt. Ltd.Unique selling proposition refers to the selling ogf the product at low cost and uniquredesign than the competitors (Datta, Ailawadi and van Heerde 2017).
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