Tapping into New and International Markets: Contemporary Issues in Marketing
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This report discusses the various aspects of marketing, including market niches, individual marketing, positioning, marketing mix planning, product development, packaging and branding, pricing strategy, place strategy, promotion strategy, and distribution. It also highlights the importance of social media in marketing.
Contemporary Issues in Marketing
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Introduction Marketing's purpose in profit-driven businesses is to profitably address needs. As a result, companies must first assess which expectations — and which desires — they can satisfy. The personal transportation market, for example, is made up of people who value the cost, speed, safety, status, and styling of a car. There is no single vehicle that can precisely meet all of these requirements; compromises must be made. Furthermore, some people may opt to use a motorcycle, a bicycle, or a bus or other form of public transportation rather than a car to suit their personal mobility needs. A car manufacturer must identify the numerous client preference groups, or segments, and determine which group(s) they can profitably target as a result of these criteria. Market niches By breaking segments into smaller groups, niches or sub-segments can be created. A niche is a small target group with specialised requirements. A bank, for example, might specialise in serving the financial needs of senior citizens, particularly those with high incomes and possibly even specialised investing preferences. Larger companies are more likely to cater to broader market groups (mass marketing) while ignoring specialisations. As a result, smaller enterprises that are intimately familiar with a particular industry and specialise in meeting its needs tend to emerge. Marketing to individual A growing number of companies are attempting to cater to "one-person industries." They make an effort to customise their offer and communication to each customer's individual demands. In the case of huge industrial enterprises with a small number of major consumers, this is understandable. For example, the Boeing Company (United States) customises its 747 planes for each of its major customers, including United Airlines, Inc. and American Airlines, Inc. Individual customer service is becoming more practicable with the introduction of database marketing, which preserves individual consumer traits and purchase histories in company information systems. Even mass-marketing companies, such as big box stores and catalogue houses, collect a lot of information on their clients and can tailor their products and communications to them. Positioning Positioning is a vital phase in marketing strategy that involves the formulation and transmission of a message that clearly establishes the company or brand in relation to competitors. As a result, Volvo Aktiebolaget (Sweden) positioned its vehicle as the
"safety leader," while Daimler AG (Germany), the maker of Mercedes-Benz vehicles, positioned its vehicle as the "best engineered." In some cases, a product can be described as "great" in multiple ways. Claiming supremacy across several dimensions, on the other hand, may jeopardise a company's credibility because consumers would not believe that a single solution can work across all dimensions. Furthermore, as a result of their actual experiences with the company's product or through word of mouth, clients may have a different perception of the organisation. Marketing mix planning Following the creation of a strategy, a company must determine which approaches will be the most effective in achieving the plan's goals. Tactical marketing comprises assembling a marketing mix of four elements—product, pricing, location, and promotion—that meets the strategy for a specific set of customer needs. Products development The first marketing-mix element is the product, which refers to the offering or collection of items that will be made available to customers. In the case of a tangible product, such as a vehicle, a company will gather information about the features and benefits required by a target market. Before the product or service is assembled, the marketer's role is to express client wishes to the engineers who are developing it. Engineers used to build a product based on their own preferences, interests, or expertise, and then expect marketers to sell it to as many people as possible. In today's society, customers' input, rather than engineers' ideas, should be used to develop products. Food, clothing, and housing are frequently produced and used in the same way from generation to generation in traditional economies. The variety of commodities accessible and the products themselves vary as economies evolve. In modern industrialised cultures, products, like people, have life cycles: birth, growth, maturity, and decline. As a result of the constant replacement of old products by new or redesigned ones, professional marketers face serious consequences.All aspects of a company's operations are involved in new product development, including production, financing, research and development, and even personnel management and public relations. Packaging and branding The packaging and branding of a product are both significant parts of its marketing. Simple packaging can be seen in consumers carrying long loaves of untied bread in France or small food vendors in Italy wrapping vegetables in newspapers or placing
them in customers' string bags. Merchandise packaging, on the other hand, has become a significant part of the selling effort in most industrialised countries, with marketers now specifying the forms of packaging that will appeal to the most potential customers.Packaging has grown increasingly significant in product distribution as self-service transactions have become more common in both wholesale and retail. Packaging is occasionally designed to make a product easier to use, such as aerosol containers for room deodorants. In Europe, condiments such as mustard, mayonnaise, and ketchup are typically packaged in tubes. Reusable packaging appeals to purchasers in less developed countries, where metal containers, for example, are highly prized. Customers in more affluent countries have the option of asking for recyclable packaging. Marketing a service product The same marketing principles that apply to product development also apply to the development of service offerings. For example, a health maintenance organisation (HMO) must write a contract for its members that details which medical procedures will be covered, how much physician choice will be available, how out-of-town medical costs will be handled, and so on. While establishing a good service mix, the HMO must choose features that are desired and expected by target customers; otherwise, the service will not be appreciated in the marketplace. Pricing strategy The demand for the product and the cost of manufacturing dictate the price strategy. Price, on the other hand, can have a substantial impact on a product's success if it is out of proportion to the other 5Ps. Too low a price for some products (particularly service products) may actually hurt sales. A greater price is typically equated with more value in the service industry. Certain types of specialty products, such as designer apparel or luxury automobiles, are expected to command a premium price. Even costume jewellery is routinely marked up more than 1000 percent over the cost of production due to the image effect of a higher price. Certain factors can also have an impact on the price. Place strategy The location (distribution) strategy determines the means (the channel) by which a product goes from the producer to the consumer. A lot of the marketing effort is focused on the location. It includes information about the company's physical location and characteristics, as well as inventory and control systems, transportation, supply
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comes in many different shapes and sizes, and it must follow a set of laws and regulations. For example, some contests and prizes are illegal in all 50 states. Social media is an integral aspect of the promotion mix in today's society. Most businesses have a corporate website as well as a presence on social networking platforms such as Facebook, Pinterest, and Twitter. Traditional advertising is a less effective way of getting a company's message out to the target market (or general public) than social media, especially for some target demographics. Businesses (and even individuals) can use social media to quickly brand themselves. E-commerce is the use of a company's website to support and grow the 5Ps' marketing tactics.It could include actual "buy online" features, as well as the capacity to create online communities and collect data from present and potential customers. Companies aren't the only ones who research the marketing environment, seek a competitive advantage, and design a marketing mix. Marketing principles and practises are also required for not-for-profit organisations. Non-profit organisations can use marketing to help them discover target clients and establish effective marketing strategies. Marketing has previously benefitted symphony orchestras, museums, and other cultural institutions. Managers in diverse organisations, such as the American Heart Association, have benefited from marketing concepts and practises.In the commercial sector, the profit motive serves as both a motivator for action and a criterion for evaluating outcomes. Profit is not pursued by not-for-profit organisations for the aim of redistribution to shareholders or owners.
Conclusion In this respective report it has been concluded that the marketing is the bit difficult task to be followed and it has some of the major aspects that are the part of the marketing process and the marketing mix. Also the P’s has the major part to play in the process of marketing. Use of social media is still the most important part of the marketing process and it has played the most important role in the market so using this type of strategy is the most and the best source that can be used to do the best marketing.
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