Strategic Marketing: Adaptation or Standardization of Marketing Mix

This presentation explores the concept of strategic marketing and focuses on whether to adapt or standardize the marketing mix. It discusses the CBBE model, integrated marketing communication, and measurement of marketing success.

Strategic Marketing

Table Of Contents
• Introduction
• Adaptation or standardization of marketing mix
• CBBE Model
• Integrated Marketing Communication
• Measurement of Marketing Success
• Conclusion
• References

Introduction
Strategic marketing is a concept which focuses on the identifying needs and
expectation of consumers and fulfilling the same with the products and
services of the company. This presentation attempts to identify approaches
through which successful market entry could be achieved by the undertaken
business i.e. Nando's. It will be identified whether elements of marketing mix
to be adapted or standardised.

Adaptation or standardisation of marketing
mix
Standardisation: It is an approach in which an organisation offers same range
of products and services irrespective of the market.
Adaptation: The concept of adaptation attempts to cater needs and
expectation of people around the globe in an customised manner. In this
approach, various aspects of the products and services are modified to a
greater extent so to meet the expectation and needs of people.

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The elements of marketing mix are as follows:
 Product: This element refers to the products and services which are being
offered to the consumers along with consideration of the benefits which are
being offered by them.
 Price: Pricing focuses on the price which will be charged to the consumers
who wishes to avail the product or service. A business considers numerous
elements such as price of rival businesses, profit margin and cost of
production before finalising price.
 Place: This element of the marketing mix focuses on the place where
distribution of the product is to be carried out.

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• Promotion: This elements focuses on the methods which will be
undertaken by the business to effectively communicate relating to its
products and services in the market.
• Process: This section undertakes various mechanisms and procedures which
are being employed in order to produce the product.
• Physical Evidence: This elements of the marketing mix focuses on the
identifying how the products and services of the company are being
perceived in the market.
• People: Employees can be considered as one of the most crucial people in
the organisation. It is essential to make sure that capable people are being
part of the organisation.

CBBE Model
It is Customer-Based Brand Equality model used to increase the brand equity of
an organisation and to effectively enter into market with new product. This will
includes pyramid which aid in building brand equity by understanding
customer needs and implementation of appropriate strategies.

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The major components of CBBE model are as follows:
Brand Salience: This is first stage to provide information about brand and
new product to spread awareness among customers and competitors
Performance and Imagery: This is second stage where information is
provided regarding the efficiency of products that how these are beneficial for
customers and fulfil their social and psychological needs.

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Brand Response: This is the third stage which includes judgement of feelings
of consumers associated with products and services which are delivered by
company.
Brand Resonance: This is last and most crucial stage which includes building
of stronger image of their brand and products through creating loyalty among
customers.

Integrated Marketing Communication
It is simple concept which ensures that all form of communications and
messages are linked to each other. This will includes integration of different
promotional tools, so they work together with proper coordination. This
method is helpful in launching a new product or service by promoting them in
between the market.

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This method is used by Nando's restaurant to effectively enter into Romanian
market are as follows:
• Advertising: One of the common method used to communicate and
promote their products and services in between customers.
• Sales promotion: It is a process which is used by companies to influence
the buying behaviour of customers towards products.

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Direct Marketing: This is a form of advertising which is used by the
companies to communicate directly to customers through using variety of
media including e-mail, websites and brochures.

Measurement of Marketing Success
It is essential for a business to measurement its marketing endeavours as it assists in
optimisation of process and approaches. The establishment of key performance
indicators help a business in effectively measures is marketing campaigns and identify
whether they have been successful or not.

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The key approaches which are undertaken by the business to measure is
marketing success are as follows:
• Market share: It is referred to the portion of the market which has been
controlled by a product or service of the company.
• Profitability: it can be referred to an ability of a business to earn profit in
the operating market. The profitability of the company can justify its
position in the target market.

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• Sales target: These are the goals which are set up by the management to
be fulfilled within a specified period of time.
• Return on Investment: it is known to be a performance management tool
in which efficiency of a marketing campaign is measured.

Conclusion
It can be concluded from the above presentation that, it is essential for a
business to adapt to elements of marketing mix so that successful entry in the
market could be achieved. The CBBE model is being helpful in understanding
perspective of consumer and strengthening brand in the upcoming Romanian
market.

References
Ande, R. A., and et.al., 2017. Brand resonance score for CBBE model: an application
in financial services. Benchmarking: An International Journal. 24(6). pp.1490-
1507.
Bahl, S. and Chandra, T., 2018. Impact of Marketing Mix on Consumer Attitude and
Purchase intention towards' Green'Products. A Journal of research articles in
management science and allied areas (refereed). 11(1). pp.1-11.
Belch, G.E. and et. al., 2014. Advertising: An integrated marketing communication
perspective. McGraw-Hill Education.
Beverland, M., 2018. Brand Management: Co-creating Meaningful Brands. SAGE.

Thank-you!!