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Assignment on The Marketing Mix
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Added on 2020-11-30
Assignment on The Marketing Mix
Added on 2020-11-30
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The Marketing Mix1
Table of ContentsTask 1...............................................................................................................................................3Use of product features and benefits in a marketing mix............................................................3Use of marketing mix in the product life cycle............................................................................3Role of direct and indirect channels of distribution.....................................................................7Use of intensive distribution, selective distribution, and exclusive distribution.........................8Creating lifetime value of the customer using customer life cycle............................................10Advantages of using a direct marketing channel.......................................................................11Role of product in the marketing mix........................................................................................12Role of place in the marketing mix............................................................................................13Task 2.............................................................................................................................................15Use of pricing to reflect the perceived value of the benefits of a product to the buyer.............15Use of pricing to offset the costs of product manufacturing......................................................15Aims of promotion in the marketing mix...................................................................................17Measurement of the success of a promotional campaign..........................................................18Task 3.............................................................................................................................................21Importance of recruiting the right people to become customer-facing staff in businesses........21Importance to businesses of training customer-facing and non-customer-facing staff.............22The use of Customer Relationship Management in businesses.................................................23The role of people in the Hard Graft Tool marketing mix.........................................................25Task 4.............................................................................................................................................27Role of marketing processes which take place with the customer present................................27Role of marketing processes which take place before, during, and after the customer interface....................................................................................................................................................27Role of the process in the marketing mix leads to customer focus............................................292
Role of the process in the Hard Graft Tool marketing mix.......................................................30Role of physical evidence in the Hard Graft Tool marketing mix.............................................31Reference...................................................................................................................................323
Task 1Use of product features and benefits in a marketing mixThe product plays a critical role in developing a strategy to support the world marketing blendlocation, prices, and by determining commodity qualities and benefits, the plurality of marketingmix components was identified and calculated. A new product contains advertisements thatconvince us that the goods are the correct ones. They have to face the burden of an unlimitedstream of commercials that push product overload. These campaigns are intrusive every day, bymail systems, online browsing, digital templates, and more. Announcements are almostimpossible to delay.Better rapport criteria have to apply to a good product. It needs to be able to perform aspromised. There must also be good coordination between the user and future users of its benefitsand capabilities. Labeling is another essential feature of a product. Developing a product into aname celebrates, reminds, and separates itself from the consumers on the market. Eachcommodity should be differentiated by its rivals by such characteristics. These qualities can bethe major inputs for the product marketing mix. If a commodity is envisaged, it will respond toan existing market need. This is a commodity with special characteristics. These features help toidentify all subsequent measures, including price, communication policies, and further featuresor additions. It is also necessary for a particular set of elements to be designed for and product.Use of marketing mix in the product life cycleThe life cycle of the product refers to the time a product is introduced to the consumer marketbefore it is pulled from the racks. The life cycle of goods is divided into four stages as theyintroduce, develop, mature, and decrease. Managers and marketers use this concept to decidewhether advertisements need to be improved, prices minimized, new markets expanded, andpackaging changed. Management of the commodity life cycle is called the process forstrategizing how a commodity is continually managed.Here is the use of marketing mix in the product life cycle provided below:Introduction4
After being created in the product design process, the first process in which a new product is firstdistributed and made available for purchase. So, as the product is first launched, the initial stagebegins. But it can take a long time to introduce, and the increase in revenue appears to besluggish. Good goods today reflect this stage of faster growth. Moreover, the profit at the initiallevel is poor or low due, on the one hand, too low revenue and, on the other, too high productionand advertising costs. A lot of money is needed to recruit and store distributors. Additionally,advertising costs are very high to educate and test the user about the new offering. In the initialpoint, the focus is on sale to the readiest customers.Concerning product life cycle strategies, a correct launch approach may be established where theorganization would select to launch by the expected product positioning. The first stage of abroader Campaign Strategy for the full product life cycle may be considered. The launch The keygoal is to increase awareness and testing of the substance. To be more specific, because at thispoint the consumer is not typically able to develop or refine the product, the business isproducing basic copies of the product. To recover the accrued costs, cost-plus pricing can beused. Initially, targeted distribution helps concentrate on the main distributors. Advertising canstrive to sensitize innovators and early adopters on their items. Heavy sales marketing isexpected to stimulate the trial. The business and the latest product are ready for the next steps,implementing these product lifecycle plans for the first PLC stage.GrowthThe period of development is the period in which the profits of the commodity start to climbhigh. The explanation is that early adopters carry on buying and later buyers start to follow theirlead, particularly if they hear a good term. This revenue growth also draws more industrymembers. As these new product features are added, competition is high and the industry isexpanding. As a result of the rise of rivals, the number of distribution outlets is increasing andprofits are being expanded as resellers are building inventories. As the cost of advertising hasnow spread over a greater amount and as production prices have fallen, income will risethroughout the time of expansion. The key goal is to increase market share in the developmentprocess.5
Several product life cycle success cycle techniques should be used as long as possible to supportfast demand growth. Product consistency and new product characteristics and versions can beimproved. With the commodity, the business will also reach new markets and new distributionplatforms. Prices remain or fall to enter the market. The organization should keep its advertisingbudget at or above the same amount. Business education is still important, but it is still importantto compete. Some ads must at the same time be changed from product perception to productconviction and procurement. The development process is a clear example of how methodscontribute to the product life cycle. The companies must pick between a high share of the marketand a high-profit rate in the development stage. But, in the expectation of making it up in thenext stage, they have to give up full existing income.MaturityThe period of maturity is when the market growth of the commodity decreases or falls after ahigh. This can also happen when the competition gets saturated. The maturity period usually lastslonger than the two prior periods. As a result, marketing strategy is questioned and a carefulselection of product life cycle strategies is required. Indeed, the bulk of goods on the market aremature. Many suppliers with many goods to market have triggered a decline in revenue growth.Similarly, this overcapacity leads to more competition. Since rivals start to decline costs,increase promotional advertisement and revenues, and boost product creation expenses to pursuenew models, there is a decrease in profit. Often, certain of the poorest rivals fell out, only well-recognized contests in the industry finally leaving.The key goal of the company should be to increase profit while maintaining market share.Several product life cycle methods are available to accomplish this goal. Although certain goodsappear stagnant for long stretches of their infancy, the majority of popular products of fact areconsistently updated to satisfy the changing demands of the customer. The explanation is that thecompany can not only ride with the mature commodity or defend it – a successful mistake is thegreatest defense. The organization should then consider adjusting the balance of business,services, and marketing. Market modification means that consumption is improved bydiscovering new commodity consumers and markets. Usage can also be improved by newcustomers. Modifying the product is a shift in content, functionality, design, or packaging for6
potential consumers and inspiration. Finally, to change the marketing mix, one or more aspectsof the marketing mix need to be changed.DeclineFinally, methods must be selected for the inventory cycle for the decline process. The period ofdecline is the stage when sales drop in the commodity. This occurs at a certain time of mostproduct shapes and labels. There can be different explanations for the decrease in revenue. Forexample, technical innovations, improvements in the preferences of consumers and intensifiedcompetition can play a key role. Any rivals disappear from the industry as revenue and earningsdecrease.Careful selection of product life cycle strategies is often important for the decline stage. Theexplanation is that it can be very expensive for the business to sell a bad commodity, not just forprofit. Many hidden costs are also available. It calls for efforts to encourage and market other,more lucrative goods in other stadiums. The most critical thing might be to pause the hunt forsubstitutes for the bad commodity and to generate a lopsided combination of goods. It also harmsthe earnings of the company and weakens its potential footing. Proper techniques for the lifecycle of goods are also important. To detect products early in the declining stage, the businessmust rely more on its aging products. Then the corporation must opt to retain the diminishingstock, extract or drop it. Figure 1: Product life cycle and marketing mix7
Role of direct and indirect channels of distributionDirect channel of distribution: The way a corporation distributes the goods to the consumer isa direct-distribution mechanism without intermediaries. Any business can use intermediarysystems to handle its products' distribution. This is the role of direct distribution channels:In direct networks, specialists establish relationships with customers. The client is thentrue to the service or organization's employee.Service providers including hospitals, dry cleaners, consultants, home decorators, etc.,whose distribution cover is thin, are welcome indirect outlets.Companies should provide customers with immediate updates about their current needs.This allows us to understand how the opinions of customers on offer change.More details about consumers should protect secrecy. The banking firms benefit fromtheir consumers' trust and confidence on direct platforms.The corporation itself has direct channels. The greatest value of corporate distributionnetworks is the complete ownership of their vendors. Direct control of the businessincludes the efficiency of service suppliers. Incorporate networks, regulation ofattraction, education, and empowerment of employees also have an advantage.The location of intermediaries and therefore the costs of start-up and brokerage etc.remove direct grids. This leads to lower distribution costs, which improve theperformance of the group.The customer goes to the service supplier or the seller goes directly to the customer.Direct purchases can support numerous personal and business programs.The indirect channel of distribution: The intermediary used in much of the supply operationsis used by a distribution system otherwise known as wholesale distribution. The mostchallenging part of indirect distribution networks is that retailer products and customer purchasesmust be passed to another organization. This is the function of the indirect distribution channels:The inclusion of a new field to the commodities diagram requires a lot of time, money,and many human resources. The business position would likely expand faster than if itwere to exploit an existing network.8
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