Introduction to Marketing: Competitive Advantage and Digital Impact

This report provides a comprehensive overview of key marketing concepts and strategies. It begins by defining marketing and explaining the extended marketing mix (7Ps), using Deloitte as an example to illustrate each element. The report then discusses how businesses can leverage marketing...Read More

Introduction to Marketing

Table of Contents
Introduction......................................................................................................................................1
Main Body ......................................................................................................................................1
Discuss what is meant by the marketing and also explain the extended marketing mix........1
Discuss how the business can use marketing to remain competitive ....................................2
Explain Ansoff's growth matrix.............................................................................................3
Discuss how business can use digital marketing to enhance their performance and growth. 4
Conclusion ......................................................................................................................................5
References ......................................................................................................................................6

Introduction
Marketing is an activity which consists of set of situations and processes in order to
provide its offering to the target customer. It includes a major concept of marketing mix and it is
a significant tool which helps in creating a perfect marketing strategy in order to achieve the
organizational goal (Adomah-Afari and Maloreh-Nyamekye, 2018). An effective marketing
approach helps a business organization to build a healthy relation between the customers and the
company. Therefore, this report will be focussing on all the important aspects of marketing,
marketing mix, Ansoff growth matrix in order to develop profitable strategies. In addition to this,
use of digital marketing to enhance performance of business is also highlighted.
Main Body
Discuss what is meant by the marketing and also explain the extended marketing mix
(i) Marketing can be defined as the action or business process which is used for the purpose
of promoting and selling goods or services to the target customers. It includes research
and advertising as its two major components which helps in achieving the marketing
goals of a business or a firm in an effective and efficient manner (Alsem, 2019).(ii)The extended marketing mix is tool which includes the combination of seven components
focussing on marketing goals which are mentioned below:
 Product: It can be tangible and intangible. Before designing the marketing strategy
to analyse the demand and wants of the customers in necessary. For example: Deloitte
is offering products and services like consulting, financial advisory and many more.
 Price: Pricing is an essential component of marketing mix on the basis of which
product will be perceived. It is directly linked with profit earning objective of
company. For example: Deloitte use premium pricing for its services.
 Place: It is an important element in terms of marketing. It basically indicates that
product should exist where its customers want it to be. For example: Deloitte is
providing its service worldwide (Dementieva and Sokolova, 2018).
 Promotion: It consists a wide range of tasks used for the purpose of promotion
through tactics like advertising, offers etc. For example: Deloitte is promoting its
offering by being a part of several events and sponsorship programmes.
1

 People: This is the most important element because it related with people who are
involved in major activities of business. For example: Delloite is working with highly
qualified professionals to render its services
 Process: It is basically like a system or a strategy which helps in delivering product or
service to the final customer. For example: Deloitte is using sevice delivery
transformation system to deliver its services
 Physical evidence: It is a part of business that communicates the materiality part of
business or service. It is all about customer experience. For example: Deloitte is using
website as a part of its physical evidence (Falkheimer and Heide, 2018).
Discuss how the business can use marketing to remain competitive
Marketing is basically a concept which can be used an organization to be competitive in
the marketplace among the competitors. Here, SWOT analysis of Deloitte has been done below:
Strengths Weaknesses
 Extensive presence in global markets.
 Highly skilled and professional
workforce.
 Huge are of expertise with variety of
services.
 Gaps in product range.
 Lack of focus in research and
development.
 Intense competition exist in the market
with limited market share.
Opportunities Threats
 Market development can lead to
dilution of competition.
 Reduction in the cost of transportation
in order to save costs.
 Expansion can be done with acquisition
of small firms.
 Volatile political situation can act as a
hurdle for its smooth functioning.
 Shortage of skilled workforce in the
global markets.
 Many legal issues are harming the
brand image negatively (French and
Gordon, 2019).
With the help of SWOT analysis, it becomes easy for an organization to design its
marketing strategies. Also, with the help of this analysis Deloitte can formulate its marketing
strategies focusing on stronger investment in technological advancements by way of research and
2

development. Marketing helps in building competitive advantage by offering over all a better
experience experience to its target segment. Marketing is an efficient tool which can help a
company in achieving long term success that can directly bring competitive advantage over the
existing market players. Effective marketing can grow a business organization and also it can
expand the life span of a business positively. In case of Deloitte, as it is having some
controversial legal issues in the market affecting its brand image so, it should have an efficient
communication channel focussing on public relations strategies to ensure a good reputation
amongst its competitors (Hofacker, 2018).
Explain Ansoff's growth matrix
The Ansoff's growth matrix is one of the essential strategic tool and frameworks used by
the business organisation to effectively analyse and plan their business strategy for the growth
and development. This frameworks was given by the H. Igor Ansoff and was published in the
Harved business review in the year 1957. Ansoff matrix allows the business to analyse the
essential strategy that can be used by them to improve themselves and grow in the market
(Kalverkamp and Raabe, 2018).
Assess how the Ansoff's matrix can be used by the business to determine their growth strategies
The Ansoff's matrix mainly includes four strategies that can be taken into consideration
by the company like Deloitte in order to grow and analyse the risk associated with each strategy
as mentioned below:
Market Penetration: One of the essential strategy that can be used by the company like
Deloitte to grow in the market can be market penetration strategy. This strategy focus on
enhancing their sale through offering exiting product into the already existing market. Company
can grow through increasing their promotional activity and also through reducing the price.
Product development: Another strategy that can be used by the organisation can be the
product development strategy. This involves offering innovative and creative products in the
existing market in order to increase the customers base and enhance their profitability. This can
be done through offering innovative products as per the needs of the customers and also
satisfying their needs also (Kennedy and Santos, 2019).
Market development: This strategy allows the business organisation to enhance their
growth and performance through expanding their business into the international market and
enhancing their market size and offering existing product. This can be done through entering into
3

the international market and also into the new domestic market. Use of this strategy will allow
the company like Deloitte to expand their market size effectively.
Diversification: The last strategy that can be used by the company to enhance their
overall growth and performance can be the diversification. This includes introducing new and
innovative products into the new market. Use of this strategy can be risk for the company like
Deloitte but introduction of new and innovative product can help them in enhancing overall
performance (Palmatieand Steinhoff, 2019).
Discuss how business can use digital marketing to enhance their performance and growth
Digital marketing plays an essential role in the growth and enhancement of the business
organisation. It allows the business organisation to effectively reach a global marketplace and
directly interact and communicate with the customers and satisfy their needs. There are number
of digital platforms available that can be used by the business organisation such as Facebook,
Twitter, Instagram and so on. Availability of large number of users on such platforms enables the
business organisation to directly interact with them and make them aware of the product and
services. Online marketing helps the company like Deloitte to enhance their company's website
and online sale also, the use of various digital marketing also allow the business to directly
interact with the customers and make them aware of the product and services. The use of digital
marketing help the company to gain opportunities to create and develop effective brand image
among the target customers which will automatically lead to enhancing the market share of the
company and attracting large number of customers. Another benefit of using the digital
marketing for the business organisation is that it help the business to enhance their customer base
and customers outreach which help in retaining them for long period of time. Retaining
employees for long period of time is one of the essential factor behind the success and growth of
the business. The growing use of technology and digital tools among the users allows the
company to easily analyse the changing taste and preference of the target customers and
accordingly satisfy their needs and wants accordingly. Offering quality goods to the customers
will help the company to increase their sale and enhance their overall profitability and
productivity (Wilson, 2018).
4

Conclusion
From the above report it has been concluded that effective use of the marketing allows
the business organisation to satisfy the needs and wants of the customers and enhance overall
performance of the business. This report helps in analysing the detailed description of marking
along with the extended marketing mix also business can use effective marketing to gain
competitive advantage in the marketplace. Also the use of digital marketing and ansoff
marketing for the growth of the business is also analysed in this report.
5

References
Books and Journals
Adomah-Afari, A. and Maloreh-Nyamekye, T., 2018. Relationship marketing strategy: Policy
formulation and curricula development to enhance quality of care in the health sector of
Ghana. International Journal of Health Care Quality Assurance.
Alsem, K.J., 2019. Applied strategic marketing: a step by step approach. Routledge.
Dementieva, A.G. and Sokolova, M.I., 2018. Sustainable Development and Social-Ethical
Marketing. Journal of New Economy, 19(5), pp.5-15.
Falkheimer, J. and Heide, M., 2018. Strategic Communication: an introduction. Routledge.
French, J. and Gordon, R., 2019. Strategic social marketing: for behaviour and social change.
Sage.
Hofacker, C.F., 2018. Digital marketing: Communicating, selling and connecting. Edward Elgar
Publishing.
Kalverkamp, M. and Raabe, T., 2018. Automotive remanufacturing in the circular economy in
Europe: marketing system challenges. Journal of Macromarketing, 38(1), pp.112-130.
Kennedy, A.M. and Santos, N., 2019. Social fairness and social marketing: An integrative justice
approach to creating an ethical framework for social marketers. Journal of Social
Marketing.
Palmatier, R.W. and Steinhoff, L., 2019. Relationship marketing in the digital age. Routledge.
Wilson, A., 2018. Marketing research. Macmillan International Higher Education.
6