...Broadly speaking, in order to maximise profits, different firms use distinct tools to perform strategy and decisions, such as SWOT analysis, PESTEL analysis and marketing mix analysis. In terms of the marketing mix, as an important concept in the subject of business studies, it refers to “a balance between the four main elements of marketing [is] needed to carry out the marketing strategy. It consists of the ‘4ps’: product, price, promotion and place” (Marcousé and Surridge et al., 2011:141). Firms can build an effective marketing strategy by using the marketing mix as a tool, and it is possible that business will fail if the marketing mix is not correct. The aim of the essay is to analyse elements of the marketing mix. Initially, it will discuss four elements, which are the product, price, place and promotion respectively. Then, it will evaluate the most vital component in the marketing mix, which is the product. The first component of the marketing mix is the product. “A product is a good or service produced by a business or organization, and made available to the public for consumption” (Ashwin and Merrills et al., 2008). Each product has a different feature, which could be the unique selling points of them. Roams and Cota (2008:152) attempt to define this term is, “A unique selling point (USP) is a short statement that explains why a customer should buy from you instead of your competitorsin". For example, Apple Corporation has a unique and independent operation...
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...Marketing for Kudler Fine Foods Barbara Norftill University of Phoenix Marketing for Kudler Fine Foods What is the one thing that raises a profitable company above the rest? This can be described in one word, “marketing”. Marketing is a major business component in today’s world. Kudler Fine Foods is a retailer of high-end foods who is focusing on expanding their services. This paper will cover the positives and the needed deltas on marketing for Kudler Fine Foods. According to an article by zimbio.com, there are several positive points in internet marketing. The first positive point is that the advantage of the internet is its convenience. Zimbio.com states that if you have a computer and internet access, you can conduct business anytime and anywhere you please 24 hours a day. Along with its unique product line with goods imported from overseas, Kudler Fine Foods is on the internet. Another positive point is that Kudler has a strategic plan. Ezinearticles.com writes that a good marketing plan is essential and does not have to be complex. A good marketing plan should understand the situation, size the market, strategy, and objectives. Kudler Fine Foods is definitely going in the right direction with the positives that they already have in place. Along with what is already there, Kudler Fine Foods still have a lot to go with their marketing. There are several variables that can be controlled in marketing. These variables are known as the marketing mix and consist of...
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...Marketing Strategy Template Research Tempess Barnett, Jennifer Bautch, Laura Bentem, Shana Estabrooks, Kenisha Sulker HCS/490- Health Care Consumer Trends & Marketing April 18, 2016 Dan Crawley Marketing Strategy Template Research Introduction (Tempess) Marketing & Communication Strategy Templates SWOT analysis is a situational assessment that can be used for marketing strategies for a business. SWOT analysis is the breakdown of the Strengths, Weaknesses, Opportunities and Threats for the business; they are able to utilize this breakdown to their benefit for marketing purposes. Another marketing strategy is Differential Advantage. Differential Advantage is a marketing strategy where an organization focuses on and promotes the benefits or expertise of their organization that other organizations do not have and consumers seek (Berkowitz, 2011). Communication strategies must be used in marketing as well. Integrated Marketing Communications (IMC) is a communication strategy that helps shift marketing solely from advertising to multi-media advertisement and consumer promotion for a strategic implementation of their brand or organization while aligning communication and marketing goals (Holm, 2006). Another communication strategy is in Public Relations (PR). Public Relations are the beneficial relationship between an organization and the community it is in. PR can promote the business to the public while also doing analysis of public opinion...
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...and its net income declined from $1.977 billion to $1.637 billion... "Plan to Win Strategy" 'Plan To Win' was the company's recovery strategy so that it could again start showing improved profit margins from its operations. The purpose of the strategy was also to recapture the essence of its mission statement to make the customer happy each time he visits a McDonald's store.... The main purpose of the strategy was to bring about improvement in the company's performance by building it around five key drivers of customer experience - People, Product, Price, Place and Promotion; and by identifying opportunities on the basis of the four basic aspects of its mission statement - Quality, Service, Cleanliness and Value. The strategy was also based on what McDonald's considered as three essential components of success - Operational Excellence, Leadership Marketing and Innovation. Abstract: McDonald's had been recording declining profits since 2001. Although turnover was increasing, there was a continuous decrease in its operating profit and net profit margins. To turnaround its fortune, the company adopted the "Plan To Win" strategy in 2003. The main purpose of the strategy was to bring about improvement in the company's performance by building it around five key drivers of customer experience - People, Product, Price, Place and Promotion; and by identifying opportunities on the basis of the four basic aspects of its mission statement - Quality, Service, Cleanliness and...
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...about the action plan that it will employ to get the goods or services to the customers it is targeting. The action plan is called the marketing mix. The marketing mix is one of the biggest and most critical decisions that a company will make. A bad marketing mix can result in poor performance and the potential for financial losses. The marketing mix was defined by McCarthy forty years ago as the set of marketing tools that a firm uses to pursue its marketing objectives or goals (Kotler and Keller, 2006). The marketing mix is then broken down into four distinct categories. These categories are called the four P’s or product, price, place, and promotion. The goal of the four P’s will hopefully be the aim of attracting and retaining the customers or target market that a company has identified. All four P’s of the marketing mix are essential and are interrelated (Perreault and McCarthy, 2005). In order for a company to successfully implement a marketing mix, a careful and well researched market plan needs to be generated. The market plan should include a SWOT analysis. The SWOT analysis is an evaluation of a company’s strengths, weaknesses, opportunities, and threats. The SWOT analysis can help to identify the areas that a company can use to take advantage of and to stay clean of any roadblocks that might hinder a successful marketing mix. After an organization studies the elements of the SWOT analysis, the business will be seen more clearly, and the marketing mix will be more...
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...Market Mix The Four P’s Price, Product, Promotion, and Place My company has decided that we want to sell a particular product or offer a service? This product will be based on Coffee. Not just hot coffee’s – but Iced Coffee’s with different flavors. As the company grows we will introduce 2 simple baked goods, English Scones and muffins. Deciding to sell these certain products will keep it simple in the beginning. As my company action plan will employ the market mix, and the essentials of the four P’s that will enable me access to get the goods and services to the customers that I am targeting in my local area. The action plan is called the “Marketing Mix”. The marketing mix is one of the biggest and most critical decisions that a company can make. A bad marketing mix can result in poor performance and the potential for financial losses. One has no wish to be alone with a great cup of coffee and a Blueberry Scone watching the Casey Anthony Trial in an empty Coffee Shop. Now that’s a bloody nightmare there.(Fulton et al, 2006) The Origins of the Market Mix Plan It is well known the marketing mix plan created and well defined by McCarthy some forty years ago. It is commonly used to date as the standard outline and set of marketing tools that a firm uses to pursue its marketing objectives or goals (Kotler and Keller, 2006). The marketing mix is then broken down into four distinct categories. These categories are called the four P’s or Product...
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...Four Functions of Management Strategic management is the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives. Strategic management involves the planning, directing, organizing, and controlling of a company’s strategy-related decisions and actions. Strategic Management is comprised of nine critical tasks: 1. Formulate the company’s mission, including broad statements about its purpose, philosophy, and goals; 2. Conduct an analysis that reflects the company’s internal conditions and capabilities; 3. Assess the company’s external environment, including both the competitive and the general contextual factors; 4. Analyze the company’s options by matching its resources with the external environment; 5. Identify the most desirable options by evaluating each option in light of the company’s mission; 6. Select a set of long-term objectives and grand strategies that will achieve the most desirable options; 7. Develop annual objectives and short-term strategies that are compatible with the selected set of long-term objectives and grand strategies; 8. Implement the strategic choices by means of budgeted resource allocations in which the matching of tasks, people, structures, technologies, and reward systems is emphasized; 9. Evaluate the success of the strategic process as an input for future decision making (Pearce & Robinson, 2009). Strategic planning determines where an organization is going...
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...Marketing Paper Lolita M. Ndidi MKT/421 March 03, 2014 Dr. Geraldine Goodstone Defining Marketing Marketing is what organizations use to reach our customers, interact with the customers and sell their products for business growth. Organizations performance and how well they do can be determined on how good their marketing team is. Marketing is not as simple as this description suggest on its own. The term "market," as a noun, refers to all the current and potential consumers or businesses that would use a company's products. Markets can be very diverse and consist of many characteristics. The business owner must locate viable markets for the company's products, apprise consumers of its wares and services and make products available to them. A market typically consists of a number of sub-groups that a company must identify as its key buyers. [ (Suttle, 1999-2014) ] Marketing is the management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing: (1) Identification, selection and development of a product, (2) Determination of its price, (3) Selection of a distribution channel to reach the customer's place, and (4) Development and implementation of a promotional strategy. [ (WebFinance Inc, 2014) ] Marketing is a very important aspect in business since it contributes greatly to the success of the organization. Production and distribution depend largely on marketing...
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...Faculty of Journalism and Media Communications Assignment Cover Sheet |Student name: |Adebayo Olaniyi | |Student number: |2910750 | | |Course: |Digital Communications |Stage/year: |1 | |Subject: |Marketing, Branding & Audiences | |Study Mode: |Full time | | |Part-time |x | | |Lecturer Name: | Robbie smith & Stephen o leary | |Assignment Title: |Select two firms: (a) a small Irish business and (b) A large transnational firm. | |No. of pages: | | | |Disk included? |Yes | | |No |x | ...
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...CHAPTER EIGHTEEN Lecture Notes for Essentials of Marketing 14e For use only with Perreault/Cannon/McCarthy or Perreault/McCarthy texts. © 2014 McGraw-Hill Companies, Inc. McGraw-Hill/Irwin Multimedia Lecture Support Package to Accompany Essentials of Marketing Lecture Script 20-1 This slide refers to material on p. 499. Summary Overview This chapter concludes Essentials of Marketing by covering three broad concepts: 1) Evaluating marketing As indicated in Chapter 1, there are two levels of marketing: • the micro (managerial) level—concerns the marketing activities of an individual firm; and • the macro level—concerns how the whole marketing system works. 2) The key components of an innovative marketing plan. 3) Challenges facing marketers. Multimedia Lecture Support Package to Accompany Essentials of Marketing Lecture Script 20-2 This slide relates to material on p. 498. Summary Overview This chapter suggests that satisfaction and costs serve as criteria for evaluating the impact of marketing. Key Issues • A nation’s objectives affect the evaluation of marketing. • The social and economic objectives of a nation may differ depending on that nation’s socio-political structure. • Consumer satisfaction is the objective in the United States. • This objective is derived from a market-based economic system, and it implies that political freedom and economic freedom go hand in hand. • In the U. S., people have the right to live as they choose and to satisfy...
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...billboards, and social media posts that market the services and products of for profit companies. These strategies, however, are also vital for the success of a nonprofit organization as well. An area of marketing that I found to be the most interesting and arguably the most important were the four P's; product, place, prize, and promotion (Tschirhart & Bielefeld, 2012). I had not thought about these elements in regards to a nonprofit before this class, but now I understand their importance. For a nonprofit, it is vital to have a clear product or service in order to understand what the nonprofit has to provide (Tschirhart & Bielefeld, 2012). If a nonprofit did not have a product, then their purpose would also be unclear. Highly associated with product in place. Place refers to the number of locations, how the services can be delivered, and other aspects that are related to the atmosphere of the services (Tschirhart & Bielefeld, 2012). Though the product and place are arguably the most important of the four P's, having proper promotion can also be vital to...
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...Running head: MARKETING MIX * Marketing Mix Your Name MKT421 August 28, 2011 Instructor * Marketing Mix * Organizations have become very creative with manipulate the four Ps (product, place, promotion, and price) to attract the customer's curiosity and develop a long-range plan to keep them coming back. The organization must know what the customer wants and deliver that product or service to the at the right price with good customer service. To gain the customer’s loyalty the organization must create a bond and develop a culture so he or she will feel welcome and part of the organization’s family. * The four P's recipe mix cooperatively blends to form a balancing set of decisions, actions, and inventiveness meant to enhance the four elements individually. When designed properly, this positive effect is directed to the customers within the target market and these customers respond positively in return * Marketing Mix: Product * The first P in the four P’s of the marketing mix is product. Historically the thought was that the product would sell by itself, this might have worked when there was only one option in the marketplace. With the competition, the global marketplace and the laws established giving the consumers the ability to return products if unsatisfied that philosophy has changed. * Product refers to design, functionality, style, quality, packaging, warranty, and service. For example, a good product will give...
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...INTRODUCTION In the competitive market organisations operate in today, at the forefront of organisation goals is to remain profitable and maintain or gain market share. To achieve this organisations must find ways to engage customers and present goods or services that will ultimately deliver customer satisfaction. In order to successfully position their offer in today’s dynamic environment, organisations employ the use of the marketing mix. This report discusses the four components that form the composition of the marketing mix, commonly referred to as the four P’s. These four components include, product, price, place, and promotion. They are considered the very building blocks of marketing. Each component is explained and applied to the functions of Australian retail petrol outlets, which will provide a solid understanding of the significance of the marketing mix in the market. THE MARKETING MIX PRODUCT The product is a combination of many different components, all of which attribute to its success within the market. A good, service idea or place a product is anything that can be offered in an exchange, that meets the customers needs or wants. Products can be tangible (physical item that can be touched) or intangible such as a service. Products are usually referred to as having three layers, a core, actual and augmented. In the core are all the products benefits to the consumer. The actual describes the product itself. The augmented are the features or additional...
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...the analysis and the recommendation. Marketing Communications Plan Model Use the following model for completing a marketing communications plan. These points should be addressed in your presentation (20 minutes). Marketing Background SWOT analysis: External Influences • Economic Trends • Social and Demographic Trends • Technology Trends • Regulatory Trends Market Analysis • Market Size and Growth • Market Segments (Product Classifications) • Seasonal Analysis Competitor Analysis • Market Share Trends • Marketing / Marketing Communications Strategy Assessment Product (Brand) Analysis • Sales Volume Trends • Market Share Trends • Image and Reputation (questionnaire/ quantitative research) Marketing Communications Plan Target Market Profile • Demographic • Psychographic • Geographic etc Target Market Analysis • Consumer Behaviour (Loyalty) • Consumption patterns Positioning Strategy • Positioning Strategy Statement • Positioning Grid Budget • Budget Available for Plan Advertising Objectives (whatever is relevant to plan) • Awareness • Preference • Trial • Image Creative Plan • Creative Objectives • Key Benefit Statement • Support Claims Statement • Creative Strategy • Creative Execution Media Plan • Media Objectives • Media Strategy ...
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...Classic Airlines Marketing Solution Introduction Classic Airlines is the fifth largest airline in the world. Despite achieving high profitability, there are a number of organizational issues facing the company. Both internal and external marketing programs have failed to meet stakeholder expectations. Target customers shifted to other airlines in an attempt to get their needs and wants satisfied. The outcome of this shift is low sales and profits for Classic Airlines. The fundamental role of a marketing plan is to enable a firm to establish a strong connection with its customer. In this scenario, Classic Airlines needs to come up with an effective action plan that will help in attracting and retaining customers as well as boosting profits and sales. A marketing solution to Classic Airlines case scenario will be presented using the nine-step model. Description of the Situation Identification of Issue and Opportunity Classic Airlines is one of the major airlines in the world, and has been operating for more than 25 years. The company directs a fleet comprising of jets exceeding 375 and serving 240 towns with daily flights exceeding 2,300. There are several challenges that the company is facing, owed to lack of innovation and escalating costs. In addition to customers not being content with the service received, the management has not identified effective solutions to the issues faced. According to a Classic Airlines’ manager, “rising above our competition without discounting...
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