Marketing Strategies and Customer Needs

This assignment discusses the importance of marketing strategies in identifying customer needs and wants. The framework of acceptance, affordability, accessibility, and awareness is crucial for companies like Ready Meal to make their products appealing to customers. By understanding these factors, companies can create effective marketing plans that increase sales and profitability.

MARKETING STRATEGY
AND ECONOMICS

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Marketing Mix....................................................................................................................1
2. Budget planning..................................................................................................................2
3. Digital marketing communication tools and concepts.......................................................4
4. Social entrepreneurship idea...............................................................................................4
5. 4'A of marketing.................................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Marketing is an essential tool for any company as it fulfils two aspects of company i.e., to
satisfy the needs of customer and increase profitability of company (Baker and Saren, 2016). For
this report, Ready meal is taken for consideration which is based on South Korea.
1. Marketing Mix
Sales 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 with
functional examples,
 Product: There are two types of products which are available in the market i.e., tangible
and intangible (Holloway, 2017). Ready meal products comes under the tangible as it
could be touched or feel by the customers. It should be positioned as healthy foods which
could remove the hunger of people because South Korea people are health conscious in
nature and they don't prefer to eat those products which would have a negative impact on
them after eating it. Moreover, design should be according to the norms of the country as
rules and regulations are strictly followed by them and breach of code would only attract
penalty or legal issues. There will be vast scope of Ready meal as South Korea is
expanding 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 or
services. South Korea people are less price sensitive in nature because they give more
focus on quality rather than quantity or price. For instance, ready meal should assigned
price according to the locality they are serving to or quality of products which have been
used to make the product.
 Place: Place is way through potential customers buys their product to satisfy their needs
and preference. Stores is the only way through which ready meal would be sell to the
customers as it would be convenient for them and buy the meal according to their
preferences. For instance, if an individual wants to remove their hunger by eating Cheese
fondue 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 that
more customers would be attracted to it. There are various means through which it could
be attain like advertising, sales promotions, advertisement on hoardings or poster etc. For
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instance, advertising of ready meal would be more effective if they use advertisement on
TV, hoardings as it will enhance the brand awareness of product which leads to better
marketing of product. Fluctuation of prices won't be favourable in nature as Koreans
prefers quality over price of product.
2. Budget planning
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From the above mentioned information, it can be concluded that ready meal will achieve success
in the coming future in South Korea as they have the right amount of potential customers which
could increase their sales in future. Apart from this, Return on investment is higher for ready
meal which depicts that ready meal is profitable in nature. Besides this, revenue of ready meal in
coming future is increasing gradually which shows that it will be profitable in future also.
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3. Digital marketing communication tools and concepts
Global marketing refers to adjusting the strategies and plan according to the conditions in
which company is operating (Kienzler and Kowalkowski, 2017. To assist the companies to make
their product awareness higher, technology plays an important role in that. For instance, with the
help of internet, ready meal product would increase their awareness in the South Korea market so
that more customer would be aware about it. Beside this, with the help of technological
convergence, prices of the product could decrease to a certain level resulting in better customer
experience. For instance, all the physical marketing activities would be transfer to social media
marketing as it is cheap in nature and has better impact then the physical marketing. Apart from
this, plan or strategies in digital marketing could be change according to the customer
expectation as it is flexible in nature.
Technology helps global marketer to launch their product in two market places i.e.,
physical includes shops, hoardings etc and online includes social media marketing, email
marketing etc. So it also increases the sales and profitability of company as ready meal is selling
at more than one market place. Moreover, marketer could tie up with vendor of logistics so that
everything would be done online like order of food. This would reduce the time incur while
purchasing food which leads to increase in customer experience.
4. Social entrepreneurship idea
As world is moving with fast pace and so does the problem faced by the people living
there (McIntyre and Srinivasan, 2017). One of the main problem which world is suffering from
is education. There are two different types of customers who are suffering from this problem,
first is those people who does not have money to get admission in schools or colleges and other
are those who does not want to study. Basic needs which is essential for customer is proper
guidance on education and how it assist to enhance standard of living. People without educations
wants ways through which they would be get proper knowledge according to their specialisation.
Education would make their life better because then they would be able to earn some money by
doing job which will leads to increase in dignity and confidence within them.
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5. 4'A of marketing
This framework will assist company to identify what customer wants and needs and how
it could be satisfied. Motto of using this approach is to make the people aware about the product
so that they will buy it according to their demand. Different A of communication is explained
below with functional example,
Acceptability: This is one of the approach which is hard to attain by company. It means that
customer should feel that they are ready for the product and the value of product is greater than
the money spend on it.
Affordability: It refers to price of the product i.e., is it cheaper according to the market
disposable income or not. For instance, if price of the ready meal in South Korea is higher as
compare to customer ability to pay then they will switch their product resulting in less sales of
ready meal. That's why price of the product should be set according to the customers ability and
price of the competitors.
Accessibility: It refers to how easily product is available in the market. For instance, if the store
of ready meal is away from the cumbersome then they would usually avoid it resulting in loss for
company. So while setting the place of distribution, ready meal first assess and monitor the
places where there are chances of high sales and then make the arrangement accordingly.
Awareness: It means that how many potential customers are aware about the product and its
brand name. For instance, if customers are not aware about the product name then they wont buy
it. That's why proper marketing plan should be made before launching the product and at the
time of product. Ready meal can use penetration pricing to launch their business so that other
companies customers would be attracted resulting in higher profitability.
CONCLUSION
It can be concluded from the above report that marketing is essential for every company
and product as it increase sales and profitability of it accordingly. Besides this, digital marketing
has made their place in the recent era as it is a most profitable way of marketing the product.
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REFERENCES
Books and Journals
Baker, M.J. and Saren, M. eds., 2016. Marketing theory: a student text. Sage.
Holloway, S., 2017. Straight and Level: Practical Airline Economics: Practical Airline
Economics. Routledge.
Kienzler, M. and Kowalkowski, C., 2017. Pricing strategy: A review of 22 years of marketing
research. Journal of Business Research.78. pp.101-110.
McIntyre, D.P. and Srinivasan, A., 2017. Networks, platforms, and strategy: Emerging views and
next steps. Strategic Management Journal.38(1). pp.141-160.
Rugman, A. and Verbeke, A., 2017. Global corporate strategy and trade policy. Routledge.
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