Critical Evaluation & Reflection on Marketing Mix - 6GN502 CW2

This report provides a critical evaluation of the Marketing Mix model, focusing on its application in international entrepreneurship. The analysis examines the four key elements of the marketing mix: Product, Price, Place, and Promotion, highlighting their importance in developing successful marketing strategies. The report delves into the strengths and weaknesses of the model, discussing its relevance in today's dynamic global market. It emphasizes the need for businesses to adapt their marketing strategies to meet the changing needs and wants of customers. The report includes a reflection on the formative exercise and feedback received, detailing how this process improved the final submission and enhanced the student's understanding of international entrepreneurship concepts. The student reflects on the importance of research, critical thinking, and the effective use of theoretical frameworks to achieve academic success. The importance of feedback and its role in refining the student's approach to learning and assessment is also covered. The overall goal is to provide a comprehensive understanding of the Marketing Mix and its impact on international business ventures, and to showcase the student's ability to apply theoretical knowledge to practical scenarios.

International
Entrepreneurship 6GN502
CW2 – Critical Evaluation &
Reflection Template
AY 2021-22
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Part 1 - Critical Evaluation
Name of Model, Framework or Theory to be critically evaluated:
Marketing Mix
Diagram of Model, Framework or Theory (if appropriate):
Critical Evaluation of Model, Framework or Theory:
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Marketing mix helps to identify the key elements of marketing strategy and make the best
strategy for the company. The model was proposed by Philip Kotler & E. Jerome
McCarthy in 1960. It is necessary to provide best to the customers and the 4P’s of
marketing help to provide the customers with best choice (Thabit and Raewf, 2018). It is
important to provide best product price, place and promotion strategy that helps to attract
the customers. It is a systematic tool that helps the business to gain competitive strategy. It
is necessary for the company to analyses the opportunities that may take place at the time
of working and attain better position in market. Each and every company must be aware
about the needs and wants of the customers and then design their marketing strategy
accordingly. It is necessary to make the changes in the products of the company as per the
needs and wants of the customers. The first P of marketing mix is product. The products of
company denote its identity and the customers make purchases of products only. It is
important to provide quality products to the customers and at the same time differentiate
the same from the competitors (Wichmann and Et. Al., 2022). There is key role of carrying
the work in such a manner that the company is able to gain lead over the competitors. It is
necessary to note that the best product strategy is beneficial for the company as it helps to
keep the customers satisfied. The product of the company must be unique and must satisfy
the requirements of the customers. There is key role of working as per the needs and wants
of the customers. If the products of company will not maintain quality, then the customers
will choose another brand. The customers have various choices available in the market and
they can choose among them.
The next P of marketing mix is price. There is key role of choosing best pricing
strategy. The price is the monetary benefit that the company gets in return of money
that they have paid. It is important to provide best price to the customers that is
neither low nor high. It is necessary to provide the value to the customers for the
good sold to them (Hanaysha, Al Shaikh and Alzoubi, 2021). Providing best quality
products is necessary for the business and providing them on right price is equally
important for them. There is key role of choosing right pricing strategy as per the
situation of business. The various pricing strategies are Value-based pricing,
Competitive pricing, Price skimming, Cost-plus pricing, Penetration pricing etc. It
is necessary to provide best and suitable price to the customers for the products that
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they purchase.
The next is place where the company sells its products and services. It is seen that
the traditional companies have offline stores and they use best channel of
distribution to reach the customers. It is also important to provide the products near
to the location. The use of right place to sell the products enhances the chances of
attaining success (Lim and Ok, 2022). There is key role of managing the work so
that better results are attained. The trend of digitalization is there and now the
business organizations also have their operations on online mode. It is necessary to
provide them good and services delivered at their door step so that the customers do
not face any problem. This helps to keep the customers satisfied and makes them
loyal for the company. The use of such tools is important for the company and their
success. The company that do not provide delivery system is left out in
competition.
The last P here is promotion that is one of the important technique to attract the
customers. It is important to promote the products and services in the market so that
the company is able to engage the customers towards them. The marketing of
company is based on the promotional techniques that are being used by them. It is
necessary for the company to use best techniques to promote the products. There is
need of using best and updated ways to promote the brand (Reis, 2021). The use of
advertisements in television, print media etc., hoardings and boards, are done.
Digital marketing is also used to promote the products and services of the company.
It becomes important to use best combination of communication and promotional
techniques that will help company to achieve good position in market.
This is necessary for company to use all the elements of marketing mix in effective
manner so that best is provided to the customers. This model helps the business to
carry on the work in effective manner and gain lead over the competitors. There are
regular changes in the market and the company must assure that they are able to
meet the changes in best possible manner. There is need of carrying the work in
such a manner that all the strategies are being used in favor of customers.
It is evaluated that the use of this model in right manner will help the company to
attain best position in market. This is necessary to achieve a better position in
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market through the combination of marketing strategies. There is key role of
choosing the right options and managing the work in right manner. The systematic
use of framework is beneficial for the overall business and their growth. The
company that is not able to manage the elements of marketing mix has to face a lot
of competition and problem while competing with others. There is need of carrying
all the activities in suitable manner and in accordance with the goals and objective
of the firm.
References:
Hanaysha, J.R., Al Shaikh, M.E. and Alzoubi, H.M., 2021. Importance of marketing mix
elements in determining consumer purchase decision in the retail
market. International Journal of Service Science, Management, Engineering,
and Technology (IJSSMET), 12(6), pp.56-72.
Lim, S. and Ok, C., 2022. Meta-analytically linking the marketing mix to hospitality
organizations’ performance. Journal of Hospitality & Tourism Research,
p.10963480221112052.
Reis, P.B.P.P., 2021. Competitiveness and internationalization of a Portuguese SME in the
cheese market-marketing mix and budget (Doctoral dissertation).
Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case
study. International Journal of Social Sciences & Educational Studies, 4(4).
Wichmann and Et. Al., 2022. A global perspective on the marketing mix across time and
space. International Journal of Research in Marketing, 39(2), pp.502-521.
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Part 2 - Reflection
Reflect on the following question:
How has your learning from the formative exercise you have undertaken and the
subsequent feedback you received helped you to improve your final CW1 submission,
and in the future?
What?
It is seen that feedback helps to improvise the work. There is need of enhancing the
work as per the feedback comments in order to get a good grade. There is key role
of providing knowing understanding own mistake so that the same is not being
repeated in future (Lim and Et. Al., 2021). At the time of formative exercise, I was
not able to make right choice of country in which the business will be expanded.
This caused me problems and I was not able to carry on the work further. Then my
teacher told me some of the criteria’s that must be examined before entering new
country. Then while doing the final report, I assured to use these frameworks and
used them un effective manner. This helps me to make the selection of right
country. I was only checking the market attractiveness but it is necessary to carry
on overall PESTLE analysis and identifying the impact of all the factors. This
helped me to improve my work and I am thankful that I was given formative
feedback. The feedback from tutor plays a major role in improvising the
performance. Now, I will always remember the concept of carrying PESTLE at the
time of identifying the country for international marketing. I have also learnt to use
academic writing effectively by the feedback. The feedbacks help to develop the
skills and capabilities and use them in best suitable manner. There is need of
managing the work as per the comments in feedback. I was also not having good
knowledge of STP and was unable to select the target audience. I am able to learn a
lot with the help of feedback. The feedback motivates me to improvise my mistakes
and is good part of learning. It becomes important to read the model 2-3 times and
watch videos so that the concepts are clear.
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So What?
I am able to understand that there is need of hard work and dedication to achieve
good grades in assessment. In the starting of this module, I faced problems due to
the topic of internationalization. I find this topic to be hard and I am unable to learn
properly. I understood that feedback also reduces morale and causes demotivation.
By getting negative feedback on regular basis I was facing problems. Then I took
help of seniors as they help to make me understand. My senior gave me advice to
watch online videos that will make the concept clear (Huang, Huang and Zhu,
2022). The entrepreneurship models were hard for me but after watching the videos
I was able to understand them. I started reading about the companies that go
international and the strategies and models being used by them. The practice of
models helps me to understand the concept effectively and learn from the same
(Winstone and Boud, 2019). It is important to learn effectively from the module as
well as feedback. The mistakes are known properly by the formative feedback
being given. There is need of practicing on daily basis and covering the topics
taught in classroom on daily basis. By revising the concepts taught one is able to
remember them for long time period. It is seen that to get good marks proper
understanding of the theory and its practical application is necessary. The use of
right way of application by considering all the perspectives is necessary to get good
marks. So, there is need of daily studies and taking actions for the feedback as and
when it is given. All the models and theories are important to make the process of
learning effective and learn from the same in appropriate manner. The models such
as marketing mix, PESTLE Analysis and STP helps to expand the operations of
business is effective manner. There is need of practicing and taking care of all the
perspectives that are required to carry on the work and get good grades. This
project of entrepreneurship enhanced my learnings and knowledge.
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Now What?
The formative feedback has changes my approach to learning. It is necessary to
first of all read the brief of assessment effectively and carry on research. Without
carrying research no, one is able to make right choice. There is need of being
focused in the classroom and taking care of all the important topics that are taught.
It helps me to enhance the knowledge and skills and use the same effectively in
future. The major insights that I gained from feedback is to use the right theory at
right place. This practices helps to get better marks in assessment and manage the
work effectively. This is necessary to get good marks and carry on overall work in
best suitable manner (Huh, Sun and Zhang, 2019). The models help to manage the
assessment effectively and carry on the work in most suitable manner. There is
need of carrying all the steps effectively so that the assessment is carried in proper
manner. It is seen that having knowledge of models is important and their practical
application with relevant company is also important (Mao, Cui and Chen, 2021).
There is key role of managing the assessment as per the feedback comments so that
it is done in proper manner. I will always concentrate in class from now onwards. I
will also identify my weak areas and continue to work on them and improvise them.
It helps to learn properly and perform effectively as well. In future, I will analyses
the models and read them so that I am able to apply them in best suitable manner.
This will help in carrying the assessment without any problem. I will avoid
discussing the problems with friend’s despite of that I will ask the issue from the
teacher so that I am able to get best answer. There is key role of carrying the work
in such a manner that no mistake takes place. The habit of daily studies and
forming a time table will always be followed by me. It helps to carry on the
assessment on right time and achieve success and good marks.
References:
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Huang, Y., Huang, L. and Zhu, Q., 2022. Reinforcement learning for feedback-enabled
cyber resilience. Annual Reviews in Control.
Huh, M., Sun, S.H. and Zhang, N., 2019. Feedback adversarial learning: Spatial feedback
for improving generative adversarial networks. In Proceedings of the
IEEE/CVF Conference on Computer Vision and Pattern Recognition (pp.
1476-1485).
Lim and Et. Al., 2021, April. Impact of learning analytics feedback on self-regulated
learning: Triangulating behavioural logs with students’ recall. In LAK21: 11th
international learning analytics and knowledge conference (pp. 364-374).
Mao, R., Cui, R. and Chen, C.P., 2021. Broad learning with reinforcement learning signal
feedback: Theory and applications. IEEE Transactions on Neural Networks
and Learning Systems.
Winstone, N. and Boud, D., 2019. Exploring cultures of feedback practice: the adoption of
learning-focused feedback practices in the UK and Australia. Higher
Education Research & Development, 38(2), pp.411-425.
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