...MARKETING MANAGEMENT ASSIGNMENT Product a breakdown of the principles and processes involved in formulating a marketing strategy including those of market research. MBA ID: Word Count: 1901 A marketing strategy is composed of several interrelated elements. According the definition of marketing strategy by Study Market (2011), it outlines the manner in which the marketing mix is used to attract and satisfy the target market(s) and accomplish organization's objectives. This is quite an encompassing definition of marketing strategy as it touches all the elements. It shows that marketing strategy gives a direction on how the marketing mix (product, price, promotion & place) are utilized in such a way to satisfy consumer target markets to achieve organizational goals and objectives. The marketing mix, segmentation, branding, promotion and market research all serve as parts of the interrelated elements that make up a good marketing strategy. Marketing mix has its origins in the 6O's: Jerome McCarthy (1964) deduced the four-element framework: Product, Price, Promotion and Place. The marketing mix elements redefined by McCarthy became the most widely used and accepted element of marketing theory. Many writers have expressed serious doubts on the role of marketing mix as a management tool in its original form and proposing alternatives approaches. Some of the weaknesses of the 4Ps are domain-specific: which ignored the human factor, lack of strategic dimensions, offensive...
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...4 Marketing Mix 4 COMPETITION ANALAYSIS 5 External Environment (PESTE) 5 CONSUMER ANALYSIS 6 Positioning Map 7 CASE KEYS 7 ALTERNATIVES – need more pros and cons 8 RECOMMENDATIONS 8 ACTION PLAN - TBD 9 CONTINGENCY PLAN -TBD 9 APPENDIX A – Competitor’s strength and weakness 10 APPENDIX B – Segmentation 11 REFERENCES 12 EXECUTIVE SUMMARY Founded 1971, Starbucks started off as a bean roasting company. After a visit to Italy by Howard Schultz, he was determined to open an Italian style espresso bar. For the next 20 years, after the name had been purchased by Howard in 1987, there was a vast growth and expansion. With little competition, Starbucks was able to open a total of 15,011 stores in globally in which two-thirds were in the USA. In 2007, Starbucks was hit with a financial crisis that plunged its shares around $19-$20. With a negative working capital caused by increase financial debt both short and long-term, the sharp expansion due to strategy shift may have caused targets in 2007 not to be met. As shareholders expectations were high, Shultz reclaimed is seat as CEO with intentions to steer the company back to focus on the customers and commitment to its community. During the years of great success for Starbucks, there was little competition globally. Its direct competition in Canada was Second Cup and in the US was Pete’s Coffee & Tea. Both serving Italian style coffee and providing a warm home feeling, the competition was slow at expansion and...
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...ryAdam Wagner April 12, 2011 AM 107 Cluster Advertisement Analysis For my ad analysis, I choose an Old Spice ad for their deodorant and body wash. In this analysis, will elaborate on the target market, whether the product satisfies a need, want or demand, whether the ad conveys the value that the product will offer to the customer, where the product falls on The Product/Market Expansion Grid, whether it addresses the marketing mix, the marketing position of the product, whether the product addresses any macroenvironmental issues, and finally if the ad is effective. Who is the Ad Targeted At This ad is targeted at young adults and men. It is evident that the ad is targeted at men just by the manly aura it conveys. The ad shows a man with a muscular physique in a bath tub riding a motorcycle made out of suds from soap with a woman sitting on the edge of the bath tub. The ad is also evident that it is targeted towards men is because the Old Spice products that are advertised in this product is intended for men. Need, Want, or Demand This product satisfies a want because it is not a necessity for most consumers. A want is described as a desire for a particular product we use to satisfy a need in specific ways that are culturally and socially influenced. In our society, it is expected of us to practice good hygiene. So, it is a necessity to purchase products that practice good hygiene. However, buying Old Spice products is a want because consumers are not expected to buy...
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...International Marketing. Submitted by: Fredrick Malingu Student ID: 12500 Submission Date: 24-11-2014 Contents Introduction 2 Part 1: international marketing mix strategies: standardization and Adaptation 2 Second part: Internationalization process theory 3 Conclusion 3 Introduction Many companies operation internationally today with elimination of many trade barrier in many countries in the world. These firms need to come up with international marketing strategies that will enable them complete favourably in these new markets. International marketing strategies mean that international subsidiaries act and formulate marketing ways independently as if they were local companies with minimal coordination or supervision from the parent company. This aims at meeting the local consumer needs in the market but at the same time not lowering the international standards of a brand. This paper discusses the two main marketing strategies that international firms like Coca cola use. These are standardization and adaptation. In standardization, a multinational company uses a uniform approach to marketing her brand so as to minimize costs and promote a global corporate image. On the other hand adaptation means that a firm uses unique marketing dimension that are adaptable to fit each of her local markets (Mathew & Zander, 2007).This paper looks at how practical a brand like Coca cola has used adaptation and standardization in international...
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... Managing Brand Extensions Brand Mix ▪ Definitions ▪ Breadth and Depth of Brand Mix Brand Extensions ▪ How to make brand extensions? ▪ Advantages and disadvantages ▪ Examples 1.2 A company may have more than one brands in different product categories It is critical that the firm can help consumers understand its products and services and organize them in their minds. The brand-product matrix help to characterize and formulate branding strategies by defining various relationships among brands and products. 1.3 The brand-product matrix A graphical representation of all the brands and products sold by the firm Brands rows Products columns 1 A Brands B Products 2 3 4 C 1.4 P&G Matrix Shampoo Cosmetics Toothpaste Toothbrush Floss Brands 1.5 Definitions Brand line ▪ All products sold under a particular brand 1.6 P&G Matrix Brand Line 1.7 Definitions Brand line Brand portfolio ▪ The set of all brands in a particular category 1.8 P&G Matrix Brand Portfolio 1.9 Definitions Brand line Brand portfolio Brand mix ▪ The set of all brands that a particular seller/company makes available to buyers 1.10 P&G Matrix Brand Mix 1.11 Breadth of brand mix How many different products should we carry? (Whether we should go into a product category?) ▪ Aggregate market factors ▪ ▪ ▪ ▪ ▪ Market size Market growth...
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...|Research Methods for Business and Management | |Expansion plan for Kat Maconie’s entrance to the Indian market | | | | | | | |Kapil Bam | |15-Aug-14 | | | Contents Significance of the study/ Research rationale 2 Research aims 3 Research objectives 3 Research questions 3 Literature Review 4 Research Design and Methodology 4 Research Philosophy 4 Research Approach 4 Research Strategy 4 Data collection method 4 Accessibility issues 4 Ethical issues 5 Data analysis plan 5 Research limitations 5 References 6 Holts G.B. (2004). How Brands Become Icons: The Principles of Cultural Branding. Harvard Business School 6 Introduction The systematic way of collating data which involves designing and following a number of steps for the purpose of analysis or in pursuit of seeking solution to a problem is known as research. Research is conducted in order to obtain knowledge...
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...Fig 1. The Modern Coffee Shop Marketplace A relatively mature market with fierce competition. The focus is on increasing Marketshare, mainly through outlet expansion, Premiumisation of products to Differentiate and increase prices to influence the average spend per visit; along with NPD and creating new channels to new markets, i.e. PRC. Specialists add value through their expertise and dramatic show of Barista skills. Brand Loyalty is low, with consumers under pressure due to static wages/rising prices. To offset, retailers offer miniatures/vending, improved convenience and create new occasions to visit stores. Fig 2. Porter’s Generic Strategies (1980) – Strategies to increase marketshare (outlet expansion) & loyalty Differentiation * | Premiumisation of products/services to differentiate & charge higher prices - Increasing spend per visit by consumer-driven N.P.D | Focus | A niche market strategy is not suitable; focus is on mass market & intense penetration with diversification of products/services | Cost Leadership | Low prices is not congruent to the Brand Values of Starbuck’s - Premium price for high quality products & customer service/experience | Fig 3. Porter’s 5 Forces - Market Attractiveness – 60% of consumers have not altered coffee habits in recession Competitive Rivalry Mature & Fierce * Branded coffee shops focus on premiumisation & quality of services - Barista expertise to emphasise their ‘added value’ * Independents...
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...Introduction Marketing is delivering goods and services to the customers and be likely to signify managerial future more willingly than industry prospective. Analysis says that, marketing is conducts which are guarded in their implementation to reach objective and collective performance of the company. Recently P&G has introduced an extra $1bn for the purpose of advertising and making total spend was $8.6bn (£5.4bn), that is equal of around 11% of whole sales. Chief executive of P&G Mr. Bob McDonald P&G says: “They are carrying out on all three width of expansion strategy - touching and recovering extra consumers' lives, in new parts of the world and more absolutely."They have made investments in modernization, support of marketing and value of consumer. These have provided go faster unit volume that might increase the profitable market share growth in the near future. Those are very obvious sign in their strategy is operating." (http://www.mad.co.uk/) Marketing planning process strategy for the expansion The P&G has implemented a supply chain innovation and MR. Jake Barr is in charge of this. He is responsible to form out the techniques to obtain the customer commodities like giant's detergents, soaps and personal care products etc. for the people of 5 billion customers in 170 countries more efficiently including USA. This could generate $50 billion for the company that have boasts 13 brands and making more than $1 billion worth of revenue every year. In order to...
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...Discuss how the marketing mix strategies are likely to change over burritos’ product lifecycle. Marketing mix strategies are likely to change over burritos’ life cycle as they influence the product’s succession. With reference to Cantinas frozen burritos’, marketing mix strategies help evolve the product’s lifecycle towards the target market. The four marketing mix strategies include product, place, prime and promotion used in each stage of the product lifecycle (Armstrong et al. 2010). A new product progresses through stages from the introduction, growth, maturity, and decline in a sequence known as the product life cycle that is likely to change over the burritos’ time (QuickMBA 2009). As the burritos’ product hits the market as a new product development, it enters the introduction stage of the product lifecycle. Marketing mix strategies at this stage is extensively attracted to the promotion, as the frozen burritos’ is a new and unique product in the Australian marketplace. Profits are heavily spent on the promotion, which means high competitive prices of the product are through advertisement. Promotion at this stage targeted towards a small market segment, which is catered towards 15 – 30 year olds looking for alternative foods. (Armstrong et al. 2010). Extensive marketing testing was placed to build product awareness and to educate potential consumers about the product being introduced. This ultimately ensured its place in the lifecycle process with its slow growth...
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...FRANCHISE REPORT Ana Mª Baena Carlos Villa TABLE OF CONTENTS * Introduction to the business * Marketing mix * Review of the business in the last years * SWOT Analysis * Recommendations * Bibliography INTRODUCTION TO THE BUSINESS El Mercado Provenzal, Provencal Market in English. Is a restaurant/bar franchise chain low-cost of Spanish origin born in august 2012. It currently has more than 70 local franchised, spread throughout Spain. Its expansion plan aims to overcome the 150 establishments in 2015. In 2013 he received the National Award for Best Hospitality Franchise. His business idea is simple: Cheap food and drinks from 12:00 p.m. to 3:00 a.m., including all types of beverages and especially beer. The system for the start-up requires an initial investment of € 60,000 plus VAT and on a two-month period the local will open with immediate benefits. The franchisee only has to be trained in the centers of the business. MARKETING- MIX We know the marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. And the 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. Let’s apply it. PRODUCT: Offers a great variety of dishes and beverages at a low-cost without losing quality. Beer will be its flagship product. PRICE: The strategy they are following is to keep prices down with the intention of attracting more customers and...
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...Procurement and Marketing In International Environment The importance of “Marketing” as a concept, a practice and an orientation as being fundamental to the competitiveness and the survival of almost every organisation cannot be over emphasis in today’s business environment. Marketing is a broad topic that covers a range of aspects, including advertising, public relations, sales, and promotions and the strategies and approach adopted in implementing such tasks can be a deciding factor in the competitiveness and survival of the organisation. According to the American Marketing Association (AMA), marketing is defined as “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”[i] It is important because the world has become globalised and from a national stand point economic isolationism has become impossible. Failure to participate in the global market assured a nation of declining economic capability and its citizen of decrease in their standard of living.[ii] Marketing has been and will continue to be a function for the survival of any organisation. Most businesses are expanding and getting into new market areas for economic and strategic reasons and it is becoming increasingly difficult, if not possible, for companies to insulate themselves from the effect of international marketing environment, even if their products are designed...
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...used as a marketing technique is proving to be an essential and necessary tool used in today's business environment. Some of the advantages of using social media as a marketing technique include: increase in brand awareness, increase in sales revenue, increase in customer service, and increase in free marketing. Social media marketing is growing and it must be taken advantage of by business or else they will fall behind. Marketing through social media has became an integral part of the marketing plan for companies so much that 92% of marketers in 2014 believed that social media marketing played an important role in the business. The big name social media websites such as Facebook, Instagram, and Twitter are only a few of the many ways that marketers take advantage of such a growing marketplace. Although Instagram and Snapchat are on the rise in the social media world, Facebook and Twitter will be the primary focus of social media promotion for Pirates Disc Golf & Recreation. Social media marketing is being referred to as, "the next big thing" and most definitely needs to be taken advantage of (DeMers, 2014). Facebook Facebook provides an incredible opportunity as a social media website for business to promote and create company exposure. Business would not believe some of the ridiculous facts and statistics about Facebook usage and activity. Currently there are over 1 billion Facebook users and because of this crazy statistic Facebook's importance in marketing cannot be...
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...Individual Major Report Students are required to conduct a research project based on an analysis of the way a selected company goes about the task of exporting its goods or services. The student may focus on one product (or one group of products if they are closely related) or service and one country-market for the project. The analysis could be either a critical evaluation of an existing export decision and strategy or as a proposed strategy of a new country-market. You would need to use material from published sources to conduct your research. The task is to study the decisions or proposed decisions made during the planning and execution stages of the firm’s international marketing strategies and to critically analyse these decisions using the concepts learnt during this course. The conceptual material in the course, therefore, should form the basis of your analysis and explanations of the decisions taken. The length of the report is approximate 4000 words. Major Assignment Suggested Format The following is a list of suggested headings. Title Executive Summary A one-page overview explaining the major issues and conclusions regarding market viability for the product or service. 1. The product and the firm • Briefly describe the company and its background including the industry, size and length of operations • Experience and expertise with export, comment on the company’s level of internationalisation • Description of the product or service – influences on market research...
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...consumer electronics retail market as well as focusing on how JB Hi-Fi’s segmentation, targeting and positioning strategies. Consumer behaviour is also analysed using the buyer decision process as well as other factors such as culture being identified as important to JB Hi-Fi’s strategical approach. The core of the report contains detailed analysis of the marketing mix, competitive situation analysis and use of the PESTLE. These examined how the company creates value in its current environment as well as the impact of external influences. Lastly the report identified JB Hi-Fi’s recent expansion into the whitegoods markets with as a potential opportunity for the company to grow and expand into other industries, thereby repositioning the brand in the minds of consumers. Table of Contents Executive Summary 2 Introduction 5 Industry Trends 6 Target Markets 6 Consumer Behaviour Issues 7 Marketing Mix 9 Product 9 Price 9 Place 9 Promotion 9 Process 9 People 10 Physical Evidence 10 Competitive Situation 11 Factors Indicative of Intentions and behaviours 11 Comparison between Marketing mix and STP Model 12 Macro Environment 13 Demographic 13 Aging Population 13 Households 13 Economic 13 Recession 13 Australian Dollar 13 Natural 14 Political 14 Free Trade Agreements 14 Technological 14 Online Shopping 14 Advancing Electronics 14 Consumers Have Limited Time 15 Healthy Lifestyle 15 SWOT Analysis 16 Strengths 16 ...
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...Marketing Strategy: introduction and overview Strategic Windows: their nature. The nature and purpose of strategy and how it is formulated. The nature of marketing strategy and how this should take account of the interests of various stakeholders when involving such things as, product/service development and delivery, promotional mix, support services, manufacturing and production processes, R&D, and material purchasing affect the stakeholders. Other factors in the business environment that influence marketing strategy: political, economic, socio-cultural and technological (PEST). Marketing and competitors: how a firm must be able to position itself competitively in the minds of its customers so that its products and services stand out very favourably in important respects in relationship to competitors. Matching the firm’s products / services with opportunities and threats in the market place. The limited periods during which the fit between the key requirements of a market and the particular competencies of a firm competing in that market are at an optimum. Investment in a product line or a market area should be timed to coincide with periods during which a strategic window is open. Correspondingly, withdrawal should be considered where something which was a good fit, is no longer a good fit. Ways in which a market can evolve and how firms might develop a competitive strategy to take advantage of Strategic Windows. Portfolio Analysis How organisations...
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