Marketing Strategies And Economics
Added on 2020-10-22
8 Pages1581 Words232 Views
Marketing
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MARKETING STRATEGYAND ECONOMICS
Table of ContentsINTRODUCTION...........................................................................................................................11. Marketing Mix....................................................................................................................12. Budget planning..................................................................................................................23. Digital marketing communication tools and concepts.......................................................44. Social entrepreneurship idea...............................................................................................45. 4'A of marketing.................................................................................................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
INTRODUCTIONMarketing is an essential tool for any company as it fulfils two aspects of company i.e., tosatisfy the needs of customer and increase profitability of company (Baker and Saren, 2016). Forthis report, Ready meal is taken for consideration which is based on South Korea.1. Marketing MixSales of the product would only increase if the organisation has place it at the right time,right place, to right customers etc. It is made up of different factors which are given below withfunctional examples, Product: There are two types of products which are available in the market i.e., tangibleand intangible (Holloway, 2017). Ready meal products comes under the tangible as itcould be touched or feel by the customers. It should be positioned as healthy foods whichcould remove the hunger of people because South Korea people are health conscious innature and they don't prefer to eat those products which would have a negative impact onthem after eating it. Moreover, design should be according to the norms of the country asrules and regulations are strictly followed by them and breach of code would only attractpenalty or legal issues. There will be vast scope of Ready meal as South Korea isexpanding in terms of population which will leads to fruitful future for the industry. Price: It refers to monetary value which customers is ready to exchange with products orservices. South Korea people are less price sensitive in nature because they give morefocus on quality rather than quantity or price. For instance, ready meal should assignedprice according to the locality they are serving to or quality of products which have beenused to make the product. Place: Place is way through potential customers buys their product to satisfy their needsand preference. Stores is the only way through which ready meal would be sell to thecustomers as it would be convenient for them and buy the meal according to theirpreferences. For instance, if an individual wants to remove their hunger by eating Cheesefondue then they will visit their near by stores who has this product. Promotion: It is a way of enhancing the brand awareness of product in the market so thatmore customers would be attracted to it. There are various means through which it couldbe attain like advertising, sales promotions, advertisement on hoardings or poster etc. For1
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