Marketing Mix and Evaluation of Marketing Plan for VISA

This report covers the marketing mix and evaluation of the marketing plan for VISA, a multinational financial service corporation. It discusses the ways different organizations apply the marketing mix, different tactics applied by VISA, and the production and evaluation of a basic marketing plan for VISA. The report also includes a situational analysis, marketing objectives, STP analysis, marketing tactics, budget, and control measures.

Unit 2: Marketing
Essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1 (Covered in PPT)..................................................................................................................1
Task 2...............................................................................................................................................1
P3 Comparability the ways where different organisations apply the marketing mix..................1
M3 Different tactics applied by organisation ..............................................................................3
Task 3 ..............................................................................................................................................3
P4 Produce and evaluate a basic marketing plan for an organisation..........................................3
M4 Detail coherent evidence based marketing plan ...................................................................6
CONCLUSION................................................................................................................................6
REFERENCE ..................................................................................................................................8

INTRODUCTION
For selling the products and services there is need to focus on wants and desire of
customers that can help to provide right products and increases the brand image. If management
have build good relations with their customers then it become easy to let understand them and
engages in organisational activities. In all activities marketing manager is a person who plays an
important role and responsibilities in business activities and attaining the sales targets (Akbar,
Omar and Wadood, 2017). To know about marketing and how it uses VISA has been selected
that is multinational financial service corporation, providing different financial services to
customers that can helps to increase the sales and profitability. Herein, role of marketing
managers are different that can help to operate the business. This report covers marketing mix
and evaluation of marketing plan that increases sales and performance.
Task 1 (Covered in PPT)
Task 2
P3 Comparability the ways where different organisations apply the marketing mix
Marketing mix is the wider concept that is related to business entity and concept which
can help to operate and manage the activities and increases the financial information. The
business concern who wants to operate and manage their business activities in competitive
environment should be uses marketing mix that helps to complete task by comparing with others.
If all elements of marketing is not properly maintained then it will be difficult organise and
survive in competitive market and affected the business negatively. In other wo9rds, marketing
mix is the combination of various element which uses by management to increase the sales and
performance (Baker and Magnini, 2016).
Comparison between VISA and HSBC
Basis VISA HSBC
Product This is multinational financial
company that is operating business
by offering different types of
products and services. The products
HSBC has wider diversity of
products that ensures, customers are
happy with its products and services.
This provides products as credit cars,
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are credit cards, charge cards,
traveller's cheque and corporate
banking. The services of such
organisation is finance, travel and
insurance that influence customers
and increases sales.
debit cards, gift cheques, travellers
cheque and other financial services
which helps to attracts the number of
customers (Brychkov and Domegan,
2017).
Price The amounts and fees charged by
VISA depends on the region bank
and other banks. This adopts
competitive pricing strategy which
helps to compare the prices with
other organisation and increases the
performance (Marketing Mix of
VISA, 2020).
This is charging bit high than its
competitors and also maintain quality
of financial products in changing
environment. In other words, on debit
and credit cards the chosen
organisation charges high prices
which can help to regulate business
effectively.
Place VISA is defined as global payment
system that is operating business at
various place such as Asia, South
America, Europe and others which
can help to increase the number of
customers and maintain good
performance (Eletxigerra, Barrutia
and Echebarria, 2018).
It has made a presence all over the
world which is beneficial for people
and make their life easier. This is
operating business by managing all
financial activities in relation to
institution which increases
performance.
Promotion This is B2B enterprise where it no
direct relation with merchants and
users. The management of
organisation provides information
by social media and online
marketing that can help to increase
sales and profitability.
HSBC mainly uses T.V. Adverts and
street hoardings for promoting its
products and services. This can help
to influence number of customers. By
using different sources of promotion
management ensure customers that
their services are trustworthy and
secure. This also provides travelling
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tickets by informing customers
through online marketing and
websites updation.
Physical evidence The headquarter of VISA at
California, in USA. This has
number of clients all over the world
and its presence on credit and debits
cards which are using by people and
helps to recognises effectively.
Pass book, check book, credit cards ,
debits cards, paperwork, brochures
and diaries that are considered in
physical evidence and helps to
increase the organisational sales
effectively (Hisrich and Ramadani,
2017).
Process This is large financial institution
that offers unparalleled transactions
to their customers by using online
method. The transaction of
customers are linked to accounts
and provides financial services.
Standard formats are following by
organisation that involves rules and
regulations in relation to financial
services. This also adopts e-outlet
that gives many options to customers
and perform online services.
People This is multinational brand that
employs more than 11000 people.
Joseph Saunders is the Executive
chairman who operated their
business. Moreover, sales manager,
relation officer, operation, back
office etc. are involved in activities.
This directly related to customers and
employees who understand needs and
responsibilities and perform it well.
Therefore, management, workers,
employees, and customers that are
contributing to the prosperity of
organisation.
Therefore, marketing mix is an important framework that uses by organisation to increase
the organisational performance and profitability by focusing on products, price, place,
promotion, physical evidence, process and people. This can help to complete task and goals by
comparison with competitor then make plans and perform the activities accurately . For attaining
the business goals and higher profits comparison is important that states where organisational
activities are weak and how it can be improved. Therefore,VISA is operating business in
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competitive business environment and manage the activities properly by accepting challenges
and delivering better quality of products and services by using different promotional channel.
M3 Different tactics applied by organisation
The important tactics of marketing mix is 7P's which are uses by organisation in order to
manage all activities and attaining the competitive advantages. Such as VISA is using marketing
mix to analyse the products and its situation in market by comparing with others that help to
understand how to perform business activities and increase organisational performance in
changing environment (Ivanov, 2019).
Task 3
P4 Produce and evaluate a basic marketing plan for an organisation
Plan is long term process and strategies which uses by management and business owners
to continue their activities and performance. For running and managing the business formulation
of plans and strategies is required that helps to operate and control each activities. This can be
defined as road map and direction that can help to operate business overcome the problems. In
context to VISA, marketing manager analysis the market and make a successful business plan
that can help to influence customers and increase the performance (Pappas, 2017). The
marketing plan for increasing number of customers and brand image are as defined:
Executive Summary : Marketing plan is referred blueprint of all strategies that can help
to increase performance. The management of organisation make plan and blueprint for providing
overview of organisation and right direction. The current marketing plan would be focus on
market expansion as entering in UK Market which will help to increase brand image and number
of customers (Pike, 2016).
Company Overview : VISA is a multinational financial service institution, founded in
September 1958 for the purpose of providing payment products and increases the performance.
The chosen organisation is providing financial services and making the happy to customers. For
surviving in competitive marketplace and brand image management wants to expand their
business sin UK and Europe so marketing plan is designed (Piñeiro-Otero and Martínez-Rolán,
2016).
Vision and mission : The vision and mission of VISA is to be largest organisation in
financial sector and make higher profits by charging fees.
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Marketing objectives:
 To expand business business activities at different location and increase the
customers.
 To increase market share by 40% which can help to bring improvement in brand
image.
 To provides better financial services and make happy to customers.
 To increase business profitability by selling their products all over world and new
location.
STP Analysis – This is a framework which is uses to identify needs and set the business
activities by focusing.
Segmentation Targeting Positioning
For expanding the business
and financial services at new
location such as UK and
Europe VISA will focuses on
demographic and geographic
factors that can help to select
best place for operation and
managing all activities. This
segmentation helps to attracts
customers and sale them
services.
For growth and prosperity of
business VISA will target to
those people who needs loan
and credit services such as
small business concern,
employees etc. they are
demand online financial
services and increase the
business sales (Purvis, 2016).
To attracts the targeting
customers the selected
organisation will use the
different promotional channel
such as social media,
Facebook, TV ads and radio
that will inform customers and
provide the services.
Marketing tactics:
Products VISA is providing products such as debit card, credit card,
ATM, and many more that attracts customers.
Price This charges competitive prices from their customers. The
rates will be according to banks.
Place For expanding the business UK and Europe is selected
organisation that will fill customer's demand and increases the
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sales.
Promotion For promoting the products it will uses twitter, Face book, and
official websites that are cost saving and influencing
techniques.
Situational Analysis: This tool is providing information about internal environment of VISA
such as:
Strength Weakness
 Strong distribution network.
 Good track records of developing
products in financial transaction
(Uncles, 2018).
 High level of customers satisfaction
level.
 The organisation is having different
culture.
 Lack of financial planning and
efficiency.
 Gaps in product range which are
providing by organisation.
Opportunities Threats
 Uses of new technology that give many
options.
 Reduction in transportation cost.
 Low inflation rates.
 New customers by expanding business
and adopting online channel.
 Increasing pay level.
 Changes in environmental regulations
and financial planning.
 Increasing trend towards isolation
 Changes in foreign currency
Budget : For executing the making plan in relation to expanding business and increasing
customers there is need to set budget firstly. Without financial budget and services it become
difficult for organisation to operate and manage the business in new environment and maintain
the profitability. For this marketing budget has explained:
Particulars Amount
Operation £10000
Promotion and advertisement £ 8000
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Online services £ 2000
Total £ 20000
Control – For controlling the marketing plan KPI tool and managing budget cost benefits
will be analysed that will help to identify the gaps and get proper solution (Rancati, Gordini and
Capatina, 2016). In upcoming period this plan will be successful and increase the business
profitability effectively. It has defined that controlling is the ending activity that should be
properly analysed and monitor by management in order to operate and regulate the business so
profitability can be maintain effectively. The management of VISA will use the cost benefits
analysis that is effective technique to identify performance and proper monitor on income and
expenses by completing task. This will help to provide that which activities is beneficial and how
it would help to improve the profitability by completing plan and attaining goals.
M4 Detail coherent evidence based marketing plan
From the discussion it has evaluated that marketing plan is very important for
organisation which can be uses to bring new products and services in market then operate the
functions regularly. This gives a overview of organisation and their strategies which mainly uses
to increase the performance and profitability. VISA's management is preparing marketing plan
for expanding business and attaining the goals which are decided by top authorities.
CONCLUSION
From the above report it can be concluded that marketing mix is concerned with different
elements that needs to be consider while operation and managing the activities. The function of
organisation is research, promotion, advertisement, setting price, distribution and brand
development which are related to marketing and helps to complete the task. Finance, IT and
production functions are related to marketing in organisational context that support to operate
and organise the business activities and maintain high performance. The management should
formulated plan that can help to implement the strategies and improve the performance.
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REFERENCE
Books and Journal
Akbar, F., Omar, A. and Wadood, F., 2017. The Niche Marketing Strategy Constructs
(Elements) and its Characteristics-A Review of the Relevant Literature. Galore
international journal of applied sciences & humanities. 1(1). pp.73-80.
Brychkov, D. and Domegan, C., 2017. Social marketing and systems science: past, present and
future. Journal of Social Marketing.
Baker, M. A. and Magnini, V. P., 2016. The evolution of services marketing, hospitality
marketing and building the constituency model for hospitality marketing. International
Journal of Contemporary Hospitality Management.
Eletxigerra, A., Barrutia, J. M. and Echebarria, C., 2018. Place marketing examined through a
service-dominant logic lens: A review. Journal of Destination Marketing &
Management. 9. pp.72-84.
Ivanov, M. M., 2019. Modern marketing with the application of Big Data. Bulletin of
Zaporizhzhia National University. Economic Sciences, (3 (43)), pp.116-120.
Hisrich, R. D. and Ramadani, V., 2017. Entrepreneurial marketing mix. In Effective
Entrepreneurial Management (pp. 75-99). Springer, Cham.
Pappas, N., 2017. Effect of marketing activities, benefits, risks, confusion due to over-choice,
price, quality and consumer trust on online tourism purchasing. Journal of Marketing
Communications. 23(2). pp.195-218.
Piñeiro-Otero, T. and Martínez-Rolán, X., 2016. Understanding digital marketing—basics and
actions. In MBA (pp. 37-74). Springer, Cham.
Pike, S. D., 2016. Destination Marketing Organizations–Research opportunities in an era of
uncertainty. In Book of Abstracts-6th international conference on tourism. International
Association for Tourism Policy (IATOUR).
Purvis, J., 2016. Human resources marketing and recruiting: Essentials of digital recruiting.
Uncles, M. D., 2018. Directions in higher education: A marketing perspective. Australasian
Marketing Journal (AMJ). 26(2). pp.187-193.
Rancati, E., Gordini, N. and Capatina, A., 2016. Conceptualizing and measuring content
marketing in luxury firms: an exploratory analysis. In Global Marketing Strategies for
the Promotion of Luxury Goods (pp. 109-132). IGI Global.
Online
Marketing Mix of VISA. 2020. [Online]. Available through:
<https://www.mbaskool.com/marketing-mix/services/16719-visa.html>
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