...microenvironment - demographic, economic, natural, technological, political and cultural forces." - Kotler et al Macroenvironmental forces need to be studied by organisations as they can both provide opportunities and pose threats. The fast-food industry is a consumer service; two organisations that operate in the fast-food industry are McDonald's and Hungry Jack's. McDonald's was chosen because it is the primary operator in this market and holds the greatest market share. Hungry Jack's was chosen because the product they offer is the most similar to McDonald's. I thought it would be interesting to compare marketing strategies of two organisations that offer a fairly similar product. McDonald's is the market leader both in Australia and throughout the world. Hungry Jack's is positioned more as a market follower. Companies use target marketing to tailor for specific markets. There are three components involved in target marketing: market segmentation, market targeting and market positioning. McDonald's primary target markets are seniors, adults and teenagers however the most heavily targeted segment is children. Hungry Jack's also essentially segment their market using demographic variables. The final step in target marketing is developing a marketing mix. These tools are also known as the four P's and in the case of services, the seven P's. They are product, price, promotion, place, people, process and physical evidence. With the marketing mix of McDonald's compared...
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...Chapter 02 The Role of IMC in the Marketing Process Multiple Choice Questions 1. According to the marketing and promotions process model, the marketing process begins with the: A. development of the marketing mix. B. development of a marketing strategy and analysis. C. development of the promotional mix. D. determination of the target market. E. establishment of marketing objectives. 2. A(n) _____ is a document that evolves from an organization's overall corporate strategy and serves as a guide for specific marketing programs and policies. A. strategic marketing plan B. integrated marketing communications plan C. situation analysis D. opportunity analysis E. competitive plan 3. _____ is a detailed assessment of the current marketing conditions facing the company, its product lines, or its individual brands. A. Strategic marketing plan B. Integrated marketing communications plan C. Situation analysis D. Opportunity analysis E. Competitive plan 4. _____ are defined as external areas where there are favorable demand trends, customer needs and wants are not being satisfied, and where a company thinks it can compete effectively. A. Market opportunities B. Market segments C. Competitive advantages D. Market strengths E. Market plans 5. To reach tweens (8-12 year olds), Jell-O brand gelatin marketers introduced X-treme Jell-O in wild berry, green apple, and watermelon flavors. The ads describe the gelatin flavors as...
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...The Marketing Mix is composed of four different elements which are also known as the four P’s. The four P’s are very important to an organization, especially when it comes to marketing products. The four elements of the marketing mix are Product, Price, Place, and Promotion. These four elements are essential for an organization to be both effective and successful in marketing their products or services. The four P’s are used in order to help an organization develop their marketing strategy for their products, this is also used to help the organization determine the appropriate market, and targeted demographic areas for the product. The first of the four elements found within the marketing mix is the product. The product is the most important element found within the marketing mix, because without a product or a service the organization would fail. When discussing the product an organizations marketing team works closely with all different areas within the organization in order to develop or enhance a product or service. The organization must first decide on a product, and how the product will be manufactured including how the production line will be assembled in order to achieve the final product. Understanding the product, and how the product works is also important when it comes to the marketing mix, because if the marketing team does not understand the product, then it cannot be successful when it comes to marketing the product and or implementing their marketing strategy...
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...Marketing 2014 Unit 2935GENERIC MARKETING(v4) Determine the marketing mix (Level 5, 10 Credits) Due:23rd FEBRUARY 2014 11.55 PM Instructions: 1 You are encouraged to present your work in a word processed report formatusing appropriate headings, page and section numbering, indentations, figures and tables, appendices, style (Arial or Times New Roman) and size (font 12, line spacing 1.5). 2 This assignment is to be submitted electronically via www.abacusinstitute.ac.nz/moodle by 5:00pm on the due date above. OR Alternative arrangements can be made for presenting and submitting your workwith help of the course instructor/tutor, in case of any special needs. 3 The presentation of your work must use appropriate tone, register, vocabulary (includingnon-sexist language), grammar and syntax. Unit Standard 2935 [v4] Determine the marketing mix ER | Description | Range | LO1 | Analyse the inter-relationships of elements of the marketing mix. | | 1.1 | Variations in individual elements of the marketing mix are assessed for their impact on related elements of the mix. | Variation of any two elements. | 1.2 | Environmental factors are assessed for their impact upon elements of the marketing mix. | social, economic, demographic, cultural, ethnic, natural, political, legal, regulatory, technological, competitive. | 1.3 | Customer response to the marketing mix is assessed in terms...
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...Marketing Principles Contents Introduction. 2 Task 1 3 L.O 1: Understanding the concept and process of marketing 3 A.C 1.1: Various elements of the marketing process 3 A.C 1.2: Cost and benefit of the marketing orientation of the selected organization. 4 L O 2: Using the concept of segmentation, targeting and positioning. 5 2.1: Micro and macro environmental factors that influence marketing decisions. 5 A.C 2.2: Segmentation criteria to be used for products in different markets. 6 A.C 2.3: Targeting strategy for a selected products and services. 7 A.C 2.4: How buyer behavior affects marketing activities in different buying situations. 8 A.C 2.5: New positioning strategy for a selected product and service. 9 LO 3: Understanding the individual elements in the extended marketing mix. 10 A.C 3.1: How products are developed to sustain competitive advantages. 10 A.C 3.2: How distribution is arranged to provide customer convenience. 11 A.C 3.3: How prices are set to reflect an organizations objectives and market conditions. 12 A.C 3.4: How promotional activities are integrated to achieve marketing objectives. 13 A.C 3.5: Additional elements of the extended marketing mix. 14 Task 2 15 LO 4: Using the marketing mix in different context. 15 A.C 4.1: marketing mixes for two different segments in consumer market. 15 A.C 4.2: Differences in marketing products and services to business rather than consumers. 16 A.C 4.3: How and why domestic marketing...
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...Before start think about marketing (4P), you must understand what is STP. Terms of STP include : market strategy; target markets; positioning; market segmentation and target markets; market segmentation and demographics Segmentation Segmentation : Identifying al segments for the product/service. Many of the resources listed in module 3 will be helpful to you when you develop segments. To be useful, segments should be: Measurable Accessible (can you reach them) Profitable Distinct from one another The objective of segmentation is to find attractive markets. Strategies include Break market into components Regroup into market segments Select which segment to target Positioning. Positioning is an essential component -- and skill - in good marketing. Perceptual maps are used to determine the position of a product, firm, person, service or idea. Positioning maps, or perceptual maps can be simple, yet very effective marketing tools. One definition of Positioning Theory is: the science of perceptual strategy. It is based on a theory that strategy can only be planned in the mind of the consumer, not the marketplace*. It is important to understand the levels of competition because positioning applies at all levels of competition. For example: Product Level (e.g., Pepsi vs. Coke) Category Level (e.g., Cola vs. Root beer) Corporate Level (e.g., Pepsi Inc. vs. Coca Cola Company) Industry Level (e.g., Beverage Industry vs. Snack food Industry) Targeting...
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...Space vs. Place BUS620: Managerial Marketing Instructor: Pamela Gordon Michael McIntyre Feb. 20th 2012 In this new economy and web-savvy age that we are living in, companies must be able to have not just a physical place for the organization but a digital space for it as well to compete with their online competitors and to shift themselves into the global market that is accessible, available, marketable and viable in every way from exposure, to selling new products, to being the trail blaze with a product or in a certain region to revenue. In order to make the space and place work is to look over the marketing implications and conduct marketing research segments for the digital and physical locations of any business. This is a widespread fact that companies should have both a digital space and a physical place for the organization in order to complete with competitors who conduct e-business, and to sell new products through promoting their services and goods to the global market. It is necessary to examine and be familiar with the marketing implications, and to carry out marketing researches for physical and digital locations of any kinds of business. Thus, it is very important for each organization to be located digitally and physically with the intention that they can access and deal with various partners, markets and customers easily and effectively. In todays’ economy...
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...As this course has progressed it has become more and more apparent to me that just as a part of the title indicates, marketing, in part, is truly about strategic decision making. Real world businesses, both brick and mortar and Web, are smart to have very good marketing savvy people in place in order to be competitive and survive in the global economy. Nowhere is this more evident than in how customers should always remain as the focus of any business. The value of the customer-business partnership begins with the exchange relationships that are developed between them. According to Mullins and Walker (2010), individuals and businesses alike, look to obtain goods and services via exchange transactions. One side of this relationship begins with businesses and organizations marketing their products. Businesses can be either digital (space) or physical (place) when building these relationships and it is important to make sure the proper markets are targeted. In todays economy companies are taking a developmental approach to participate in varying aspects of e-commerce and the internet. In the digital environment it is important that the proper mediums are explored when participating in these technologies. The internet, web, social networks and email are all vital to success in the digital world. Mullins and Walker (2010), noted that there are three important steps in the market segmentation process; identifying a homogeneous segment that differs from other segments; specify...
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...------------------------------------------------- ------------------------------------------------- Student Registration Number: | 130198710 | | | Word Count: | 2230 | Marketing Audit of Nestlé Crunch Introduction: Nestlé Crunch is a famous chocolate confectionery in the US market, and take up almost 2% market share of the total (Barton 2014). This market audit will be split into three section, and separately analyze the business environment, marketing mix and STP (Segmentation, targeting and positioning). Finally, a conclusion will be drawn in the end of this assignment. Business environment analysis: In this part, it will analysis the business environment by using PEST model, Competitor analysis and consumer behavior theory. PEST Analysis - Political: In general, the political factors includes laws, regulations and taxation that may influence the decision of the company. As the industry of chocolate confectionery is a common goods for the consumers in the USA, so it is less possibility for Nestlé Crunch to be influenced by the political environment. Also, the most important things that Crunch should considered is the regulation about its food safety, which was regulated by U.S Food and Drug Administration (FDA). And Crunch should conform to the requirements of the safety law, such as origin, manufacture and designs. PEST Analysis - Economic: Economic factors have great effect on the operating of company, both on its supply and demand side. Nestlé should consider...
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...Marketing Processes and Consumer Behavior Chapter Overview Many students think that marketing is merely sales or advertising. Actually, sales and advertising are just a small part of the overall marketing process. Think of a product that you buy often. You might not realize that everything about that product—from the time it is created, produced, packaged, and shipped to you—involves various facets of marketing. This chapter explains the concept of marketing and discusses the five forces that constitute the external marketing environment. It also explains the purpose of a marketing plan, identifies the four components of the marketing mix, and discusses the necessity of identifying market segments. As the chapter unfolds, many variables surrounding both the consumer and organizational markets are discussed, as well as a focus on distinguishing features between products and services and the importance of branding and packaging. The chapter also discusses the consumer buying process, organizational markets, and key considerations in the new product development process. Finally, it looks at the challenges that arise in adopting an international marketing mix and the ways in which small businesses can benefit from an understanding of the marketing mix. Learning Objectives A. Explain the concept of marketing and identify the five forces that constitute the external marketing environment. B. Explain market segmentation and how it is used in target marketing. ...
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...CHAPTER ONE 1:1 Introduction Marketing is the process of satisfy human needs by bringing to the people in the proper form, at the proper time and place. It is the performance of all transactions and services involves in the flow of goods and services from point of production to the final consumer. Marketing Mix refers as the activities concerned with the effective marketing. Marketing mix is the set of marketing tools that firms uses to pursue its marketing objectives in the target market. It is the one of the key concepts in the modern marketing theory. Marketing mix is the combination used by a marketer, of various elements of marketing in his control, to achieve his objectives in a particular market. Just as an artist mixes colours in his pallet to obtain a unique hue suitable for the background and the subject, a marketer mixes the elements to suit the market. Marketing mix is not a permanent formulation, but a dynamic strategy to meet competition. (Kazmil, S.H.H. 2011) Marketing mix it include 4P’s of marketing mix are product, price, place (distribution), and promotion. Product is anything that offered to some one to satisfy a need or want. Price is a value expressed in monetary terms Can (Stanton, 1975:254) or price refer the amount of money needed to buy products. Price data seen by some marker analyst as reflecting all relevant aspect of market conditions such as number of buyers and sellers, barrier to entry need not be explicitly examined, also price constitute...
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...Marketing principles Week 5: ch 6 Customer-driven marketing strategy:Creating value for target customers Consumer behaviour and consumer markets - Most companies have moved away from mass marketing and towards target marketing – identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each. - Companies must design customer-driven marketing strategies that build the right relationships with the right customers. Customer-driven marketing strategy Definition of market segmentation - The process of analysing a market with the aim of directing marketing focus towards smaller segments of buyers with distinct characteristics or behaviours that might require separate marketing strategies or mixes. Segmenting a market consists of ... - dividing the market into distinct groups of buyers (segments) - that are as similar as possible within each segment but clearly distinct from other segments - in order to adapt the company’s marketing-mix to each market segment. Why segment? Buyers in any market differ in their wants, resources, locations, buying attitudes and buying practices. Segmentation allows companies to divide large, heterogeneous markets into smaller segments that can be reached more efficiently and effectively. Segmentation: Bases and variables for segmenting markets Geographic segmentation- Divides buyers into different geographical units such as nations, regions, states, LGAs, cities...
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...Demographic, Geographic, Psychological and Behavioral Characteristics Terry D. Smith II Colorado Technical University Dr. Laura Pogue Applied Managerial Marketing December 3, 2013 Demographic, Geographic, Psychological and Behavioral Characteristics TO: Michelle Dietrich, President of Mobile Manufacturing, Inc. FROM: Terry D. Smith II, Founder of Marketing Consulting LLC. DATE: December 3, 2013 SUBJECT: Demographic, Geographic, Psychological and Behavioral Characteristics The demographic characteristics of my target market are individuals between 12 and 21. It is wise to target these individuals because they are the most energetic, the least frugal of all age ranges, and the other age ranges watch, learn from and sometimes purchase products for this age group. These consumers will serve as customers and word-of-mouth promoters. Demographic characteristics are important because if a marketer can learn more about consumer demographic characteristics, the message can be made more direct to a target market in order to become more effective (Colorado Technical University, 2013). Demographic characteristics define the target market. No marketer can afford to target every consumer (Porta, 2010). Knowing certain demographic characteristics allows marketers to identify a target market. Targeting a specific market allows businesses to compete effectively. My target market is located in economies where consumers are able to afford a monthly cellular phone payment. These economies...
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...restaurants takes great care in cooking using only natural ingredients. Meat comes from its butchery and cannot take the risk of cooking low quality food. Maroush is part of a chain of up market Lebanese restaurants which own several other restaurants in London. From the first restaurant started in 1981, sixteen more have been established. This includes a more formal dining at Maroush Gardens ,Maroush Vere street where there is live entertainment and more relaxed atmosphere while at Ranoush Juice, fresh juice is offered to accompany the food .The most recent restaurant is Maroush Bakehouse, where customers can get freshly baked artisan and Lebanese bread , cakes and sweets along the traditional Lebanese fare. Market segmentation is a marketing strategy of dividing broad target markets into smaller...
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...MARKETING ASSIGNMENT BY ABHISHEK VARMA QUESTION 1 Definition of marketing – Wikipedia defines marketing as “a societal process that is needed to discern consumer wants; forcing on a product and service to those wants and to mould the consumer towards the product and service”. Marketing tends to be seen a creative industry ,which include advertising distribution and selling .it is also concerned with anticipating the customer future needs and wants often through market research American marketing association defines marketing “an organization function and a set of processes for creating, communicating and delivering value to customer relationship in ways that benefit the organization and its stake holder” As time went on people think of marketing in different manner new technology and techniques have been designed and each market change the definition of marketing suit on own preferences Personally marketing defined as all aspect starting with the idea of creating of a product through the completion of the sell. All the action that tends to take place before proceeding and the entire step in between are considered the marketing process. Marketing is host of activities from concept of new idea, innovations, promotions and advertising .the entire marketing department has to work together on each pieces in order for the organization to be successful .research needs...
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