Task 1QUESTION 1Discuss the concept of alliance marketing and give two examples of businesses that may form marketing alliances.The term “alliance marketing” refers to an agreement between two or moreorganizations or company in order to enter into a shared marketing strategy. It alsohelps the organizations to promote concepts, services and the products on a sharedbasis. This concept of alliance marketing can be applied to any kind of business,whether big or small as long as the organizations find that they have a mutual goal. Itis similar to “joint venture marketing”, except that in case of alliance marketing theorganization does not require to create new brands in order to sell their products andservices. Alliance marketing is also used when the new companies in thetechnologically advanced areas sell the concept of technologically on a joint basis.The stakeholder can avail the most benefits as there is a common theme in thepractice of this type of marketing. There are different types companies who arepracticing or following this concept of marketing. Mostly the advertising companies,the organizations who are involved in supporting the environmental and social causeswith joint initiatives practice alliance marketing. Some examples of alliancemarketing are Ford and Eddie Bauer, Spotify and Uber, Hewlett-Packard and Disney. QUESTION 2Describe each of the following terms in relation to marketing opportunities: market penetration, market development, product development and diversification.Market Penetration: The term “market penetration” refers to the selling of a productor service in a specific market successfully. It is usually measured by the amount ofsales of the specific and existing goods and services in relation to the target market forthe same product and services. Market Development: Market development is a strategy that helps in the identificationof the growth of a company or firm. This helps in the development of the new marketsfor the products and services of the company. This strategy mostly targets on thepeople or the group who are not the target for a specific product.
Product Development: Product development refers to the creating the same productswith some alterations such as addition of new and improved features andcharacteristics to the product. It involves modification of the product or developmentof a completely new product. Diversification: It is a technique of risk management, which can be mixed with widevarieties of investments within a group of financial assets such as stocks,commodities, cash equivalents and the like. It helps in managing the risks elementsthat are unsystematic. QUESTION 3Discuss a marketing strategy commonly used in new businesses, franchises and take-overs. Give three examples of the tools a business might use with this strategy?The relationship marketing strategy is commonly used in all types of businesses. It is a form of marketing that is developed from direct responses of the marketing campaigns that helps in the emphasis of retention of more customers as well as providing satisfaction to them, rather than focusing on the sales and transactions. The tools and strategies of the relationship marketing involves networking, satisfying the customers and listening to the customers actively. QUESTION 4Give an example of how a small business could combine a concentrated marketing strategy, an undifferentiated marketing strategy and a differentiated marketing strategy all at the same time.A small business can easily adapt these marketing strategies as these involves massmarketing. A company who is making a specific product for the people belonging tothe lower, upper and middle class group, would be able to adopt differentiated marketstrategy as they are addressing people from both the classes. The same companyfollows concentrated strategy when they are campaigning for the products for aparticular class; the undifferentiated marketing strategy while they are campaigningfor the products that can be purchased by all the segments of society. QUESTION 5
Outline the concept of differentiation marketing strategy and provide four examples of how an organisation can make use of this type of strategy to stand out.The differentiated marketing strategy is used when a company in operation are eligible for creating or creates campaigns that have the capacity to appeal people in at least two segments of the market or target groups. QUESTION 6Other than the strategies already mentioned, identify and describe a minimum of six common business to consumer marketing strategies. Give an example of a stand out brand/product or service that use each of the strategies well.1.Brand Consistency: The same brand name and logo are to be used and the company will be known for it. For instance the Coca-Cola Company uses that same logo after so many years of foundations.2.Creating Trust: A company needs to create trust among its customers. For instance, Colgate is still operating in the market as it had created trust among its trust.3.Social Strategy: Most of the companies that have gained success are active on the social media such as Starbucks.4.Creating a movement: This involves the development of the products and services of a company. For instance the most famous company Apple did not succeed in a year. It had to develop its products and services. 5.Focusing on a single product: Most of the companies do focus on a single product. It helps the company to stay focused in the market and help in the improvement of the product if required. For instance, Whole Food Market in America.6.Products based on Story: The famous company, Nike offers the customers the information that re beneficial for them and with a different kind of a twist. They frame up stories and link them with the information they want to provide to theircustomers.Task 2Vision of the firm
The vision of the firm is to be the leader of the market in which it is operating.Mission of the firmThe mission Statement of Nature Care Products is to provide eco-friendly skin care products for the people. They will provide a high quality and sustainable products that are dermatological tested. Target Markets The target markets of the firm are the people belonging to age group of 25 to 55 years and the people who are involved in some kind of profession. These people need to get out of their home regularly. The people of Australia are the main targets for the products produced by the firm.Services provided by the firm The firm in discussion, Nature Care Products, helps the people of Australia by providing skin care products that are made purely from plant extracts.Nature Care Products is a cosmetic company, started by Mr. and Mrs. Smith, in thecapital city of Queensland, Brisbane in Australia. The company first commenced itsbusiness in the year 1996 and has built a retail market for the beauty products,especially the skin care products. They do produce eco-friendly and high qualityproducts that will be used for taking care of the skin and prevent it from furtherdamage. They have a wide range of products ranging from cleansing creams toregenerating face washes. The target markets for the company are the working womenbelonging to the age group of 25-55 years old. The main ingredients of the productsmanufactured by the firm includes Shea butter which helps in the nourishment of the
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