The marketing is a process of fabricating, communicating, delivering products from manufacture to consumer. Quite simply, it is an operation where individuals and groups meet their needs and wants through creating, and exchanging valued products with others (Kotler, 2010). The marketers or marketing managers must coordinate all the actions and processes, to gratify their target customers and gain the share in market. The strategies discussed in this assignment will be used by the marketing managers for identification, satisfaction, and retention of their customers. The main goals attained by the marketers through the under mentioned processes are strategic planning and customer satisfaction. These processes will be discussed in this assignment.
The marketing mix comprises of four key elements i. e. , product, place, price, promotion. These elements are used to satisfy the prospective market and potential clients. These principles help the business enterprise to attain its predefined goals. These principles are handled and manipulated to meet up with the demands of person or target customer. These principles are essential components of the organizational planning and evaluate and analyze the strategies regarding product, pricing, placement and promotion. The marketing mix also plays its role with management accountants to be able to formulate the inner policies and activities in a manner that helps the organization in attaining corporate goals. Despite of how perfect is the merchandise, it is critical to have a profitable and successful marketing mix accompanied by a marketing plan (Gilligan, 1999).
It is about the product company manufactures or provides in tangible form and in form of intangibles as services. The approaches for both product and service must vary. It is vital to develop a technique based on the product or service you are dealing. These strategies are also influenced by demands of the clients. The quality and quantity of the product or service is formulated on its demand basis. Every business differs from other in designing strategies of its product or service. For instance, the strategy opted by star bucks will be different from that of next, and they both contrast from the strategies of Qatar airways.
It describes about the spot that the product or service will be accessible to the finish user. This can be online, inform of vending machines, Atm, or any other location where product has been placed in the market. The placement should be achieved by focusing on an individual of particular product or service. The place identifies the distribution channels for the merchandise, such as stores, catalogs, websites or any other means. The placement strategies are also varied for every business category. For example, the placing of FMCG brands such as body shop, Johnson & Johnson will be different from that of clothing brands like Newport etc.
The price refers to the money a consumer is willing to cover the product or seller will charge from customers. The cost should be wide enough to hide the operating costs, but it will also maintain the affordability of the customer. In its initial stages, the business sets a bit low price for its product, and then increases it gradually when the marketplace share is increased. For example, a television set satellite company initially sets a minimal price to obtain subscribers and then amplifies the price as their customer share increases. In some cases, companies set extraordinary charges for their products to show the exclusiveness with their customers and products as well. The very best exemplory case of this is Harrods. That is why companies should work on flexible pricing technique for its product or service.
This identifies the concept that how organization is going to promote its product or service. It is the way you communicate with customers. The best product can be failed if not communicated properly, so it is vital to successfully promote the merchandise to reach your visitors. The promotional strategies should also be designed according to the target market. For instance, the mark market for dew will be else than that of Nescafe coffee. The promotion involves advertising in electronic and print media, public relations, event sponsor, personal selling etc.
Companies adopt different marketing mixes for his or her products from a word of mouth advertisement to an exclusive television ad. This is actually the task of marketing managers to formulate an efficient mix of the merchandise, price, place, and promotion to because of their company's goods and services.
The division of general market in to the homogenous groups sharing similar needs is recognized as market segmentation, also referred as micro-marketing. The segmentation is performed to be able to indentify the key groups in one large market which share particular preferences towards products and services. Instead of making an individual advertising strategy, companies develop different advertisements to cater each segment of the marketplace. The segmentation is done on several basis such as preferences, demographics, age, gender, occupations, lifecycle etc. some key benefits which marketers achieve from market segmentation are as follows:
Simplifies the marketing procedures by allowing marketers to focus on specific advertising strategy.
More effective and efficient than traditional marketing.
Helps the marketers to assess the response of each segment, and customize the advertising program on it.
Helps in finding market segments which are more profitable than others.
Helps businesses in efficient utilization of resources.
These are some key benefits achieved by marketers from proper market segmentation. With this era of corporate competition, companies must focus on segmentation strategies to acquire competitive edge over others (Kotler, 2010).
The most effective way to target and retain your visitors is to provide them more and charge less (Kotler, 2010). The brand is described a design, sign, symbol, words, or a combination of the, intended to distinguish the merchandise and services of one company from that of other. The branding is a process of empowering the products with power of brand. The branding provides value to the merchandise and services in a kind of customer attitude, feelings, how they think about particular brand (Aaker, 2009). The branding gives multiple advantages to the business.
The main benefit is the fact that customers are more likely to remember your business. For example whenever the word Coca Cola comes, a person can certainly tell that it's a beverage company. This is the remembrance which coke people built in the minds of their customers.
The trust of a person for particular brand helps the business to build trust because of their new products. For example, the trust of customers in coca cola helps the business to launch kenley, a mineral water brand.
The branding will help the company to develop much larger image of business in customer's mind than it is in reality.
The strong brand will establish the image of excellent quality, reliability of its product. For instance, the coca cola has generated an image of brand with highest quality and reliability in view of customers.
The swot analysis of the business is process of analyzing the strengths, weaknesses, opportunities and threats. The swot analysis of the coca cola is really as under:
The Coca-Cola Company (Coca-Cola) is a leading manufacturing company of Non-alcoholic beverages on the globe. The business owns more than 400 brands under its cover, which includes diet and light beverages, waters, juice and juice drinks, teas, coffees, and energy and sports drinks. The business operates in more than 200 countries.
The strengths of coca cola are:
World's leading brand
Large scale of operations
Robust earnings growth in three segment
Brand awareness on the planet.
Huge brand loyalty globally
Strong marketing strategies.
The things which coca cola lacks are:
Sluggish performance in North America
Decline in cash from operating activities
Lack of understanding in new brands i. e. Coca Cola diet and zero.
Few market opportunities that Coca Cola can avail are:
Intense Acquisitions with beverage companies.
Increase in bottled water market.
Incremental growth of Hispanics in US
Innovation in strategies
Launch sub brands in every untouched regions
Improvements in monetary conditions.
The threats which Coca-Cola have or will experience are:
Extreme competition with Pepsi.
New entrants in beverage industry.
Economic stress especially in under-developed.
Political unrest in Arab countries.
By developing strategies upon this SWOT basis, Coca-Cola can increase its market share and maximize its profits to the higher extent.
The promotion of a product means how the company is communicating using its marketplace. Promotion includes electronic and print advertising, personal selling, events, endorsers, and via internet. The main aspect of promotion mix includes advertising, sales promotion, direct marketing, personal selling and public relations. These promotional strategies are influenced by both internal and external factors. The inner factors includes online marketing strategy of any company, finances designed for promotion, product placement, coordination of marketers to make product successful in market (Kotler, 2010).
In addition, several external factors also influence the promotion of a particular product. This means that they can impact the type of promotional activity utilized by marketers. These external factors can be product image on the market, product positioning, and competitor's marketing strategies, consumer preferences, economic conditions etc. Many others are market size, price of competitor's product; distribution channels likewise have profound effects on promotion of something. For example while launching a luxury car as BMW; we need to focus on the market, competitor such as Mercedes, image of BMW in minds of consumer etc. These exact things will decide which kind of promotion needs to be achieved. If target market is small, then personal selling will be appropriate in this case.
Before formulating a promotional strategy, marketer must keep in mind the objectives or outcomes of the marketing activity. These marketing campaigns and promotional activities are conducted to attain some goals and targets. These targets can be which range from upsurge in sales, good will of brand to get in market share. These objectives also include attaining competitive edge, enhanced product positioning as well. The marketers should analyze the objectives with their promotional activity, which will lead them towards developing successful and profitable online marketing strategy. For example, the objectives set by the McDonald's for UK were to be the UK's best junk food restaurant, sustaining and developing the best products in the UK's quick service restaurant market, providing nutritious and safe food. On basis of the set objectives, marketers at McDonalds devised a promotion mix, to cater the target market of UK. (Gilligan, 1999).
The marketing research is a systematic design collection, analysis, and reporting of any data for an issue company happens to be facing. The main reason for conducting research is finding solutions for an issue. The study will assist in the decision making process of an organization. Companies around the world has started the department for research, to carry out business in a more efficient way. The study process start off with the situation identification and finish up at a choice making step (David A. Aaker 2009). Some main benefits associated with research are as under.
It provides marketer with relevant, valid, accurate and reliable information for decision making.
Allows the marketer to link different marketing variables such as technology, financial policies, and pricing and keeping product with consumer needs.
Helps in analyzing consumer needs and devising strategies on it.
The data collected for the study is either primary or secondary data. The primary data is one collected for a difficulty at hand. It could be collected via interviews, questionnaires, surveys etc. the principal data is collected and analyzed on different levels such as demographics, lifestyle, age, occupation, attitudes and etc. the principal data can be qualitative and quantitative in nature. While secondary data is a data collected for some previous similar problem. It can be collected from books, internet, published reports company's databases etc. The authenticity and credibility of primary data is far more than that of secondary data. But the draw-back is the fact it utilizes more resources and is a lot expensive and time consuming than secondary data. So that is why it is vital for businesses to incorporate research in order to get competitive advantage and maximum sales (Kotler, 2010).
The organizations require accurate information to conduct research on specific problem. Marketing information system can be an automated system made to provide an organized flow of accurate and timely information to enable and support organizational function. The MIS includes people, procedures, and equipments to assemble, sort, analyze, evaluate and distribute accurate and timely information to management (Kotler, 2010). This information will help the management in two main perspectives i. e. strategic planning and decision making. The info can be collected from both outside and inside of the business (Gilligan, 1999).
Internally, the info can be collected from sheets or report of orders, sales, prices, expenses, inventories, debts, receivables etc. these reports provides the info of company's internal records, that assist the managers in identifying and predicting future trends and opportunities. There exists a concept of data warehousing and data mining in organizations. These both come under the internal sources of the info. The data warehousing will allow the company to investigate the client preferences, frequency to order etc. managers can mine data from these databases and predict the near future patterns of customers.
External resources of the information include data purchased from research companies like Ac-Nielsen and Gallup. Some other external sources are population surveys, government data, demographics, economical changes. They all help the managers in planning for further expansion of their business. The info in print media and on internet can help the management in planning expanding their business (Kotler, 2010).
The assignment is a short summary of all core concepts of the marketing. It covers the essential processes which a marketer must undergo, while devising a technique for products and services of the business. The first main process is evaluating and understanding the worth of marketing mix, and its role in strategic planning. It explains clearly about the worthiness of segmentation while marketing your products and what exactly are the potential benefits marketer can achieve from segmenting the target market. The assignment plainly explains that branding is necessary for products which is done to empower the products of your respective company. Furthermore, the SWOT analysis of Coca-Cola was done to get understanding of marketing objectives and internal and external influences on product. In end, it was examined that how marketing research is helpful in business and what are its benefits in decision making. Additionally the sources of information were evaluated that how they are helpful in conducting research. It is vital for a firm to coordinate the all above mentioned processes, to get maximum outputs and greater market share.