...Assignment 2 Marketing Essay Assignment 2 MKT 202 Marketing Communication The heart of any business success lies in its marketing. Most aspects of any business depend on successful marketing. The overall marketing umbrella covers advertising, public relations, promotions and sales. Marketing is a process by which a product or service is introduced and promoted to potential customers. Without marketing, the business may offer the best products or services in your industry, but none of the business’s potential customers would know about it. Without marketing, sales may crash and companies may have to close. 1 Marketing communications is a management process through which an organisation engages with its various audiences. 2A new era is unfolding in the field of advertise, promotions, and marketing communication. All organisations – large and small, commercial, government, charities, educational and other not-for-profit organisations all need to communicate with a range of stakeholders. This may be in order to get materials and services to undertake their business activities, or to collaborate and coordinate with others to secure suitable distribution of their goods and services. In addition, there are consumers – you and me – people who are free to choose among the many hundreds and thousands of product offerings. At this Marketing communications provides a core activity so that all interested parties can understand the intentions of others and appreciate the value...
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...MARKETERS Trends in Industrial Marketing 2012: How Manufacturers are Marketing Today »»» Industry trends and research rePOrts fOr IndustrIal marketers Contents GlobalSpec Industrial Marketing Trends Survey .................................................................................. 3 Highlights from the Survey Results .................................................................................................... 3 Conclusions ........................................................................................................................................ 4 Recommendations ............................................................................................................................. 5 Marketing Goals and Challenges ....................................................................................................... 7 Marketing Channels and Programs..................................................................................................... 9 Marketing Budgets and Sales Expectations ..................................................................................... 13 The GlobalSpec Advantage .............................................................................................................. 17 About GlobalSpec, Inc. ..................................................................................................................... 18 Graphs What is your primary marketing goal in 2012?........................
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...increase Marketing budget in order to capture market share Sony Incorporated wants to make some changes within the business that in hopes will capture the market share of the industry. The only way to do this is by changing the pricing policy and strategy for the company. The first approach would be to create a development stage that will allow the managers to start setting prices this will allow the company to avoid releasing products or services that has no ability of sustaining profitable prices in the market. By changing the company pricing policies and strategies the company has a greater chance of receiving higher profits including an increase in the company market shares. With changes comes risks and uncertainty of making such changes. The company has to include other factors that include the reaction of the competitors. If the company makes the decision to change its price policies and strategies how will this change impact the company against their competitors by reducing prices. Questions of concern is will the competitors see this a threat and change their prices in response and if so what type of change will they make that will put the company at risk of capturing the market share. The decision that relies on the company here is rather to continue with the price policy and strategy which risks the chance of competitors taking action and responding to the new changes to compete, or decide not to make any changes to the price policy instead increase the marketing budget...
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...The main Concern for the company was the decline in sales volume by around 12 percent due to competition from Kellogg’s and its significant increase in advertising and trade expenses. Not only this the product manager was facing problems with the allocation of marketing budget she had, but what mix to go with for various marketing programs to use (in- pack premiums, trade promotions or advertising). To make matters complicated the manager was unsure what marketing mix to go with, since all the three mix were important for the brand. The paper will discuss the above issues faced by the company and explain various alternate solutions the manager can take to face competition from Kellogg’s and other brands like Miller general and Quaker oats. Table of contents Page History of the company …………………………………………………… 04 Children’s cereal market in Canada ………………………………...….. 04 Issues faced by the company ……………………………………………. 05 Implementation and alternatives ………………………………………... 06 Recommendations ………………………………………………….……….07 Conclusion ……………………………………………………………….…...08 References ………………………………………………………………...… 09 History of the company: Kraft General Foods was purchased by Philip Morris in the year 1988. It was merged with general foods which Philip Morris already owned to create Kraft General Food Inc. In 1989 Kraft and Generals Canadian operations were merged. Soon after the merger KGFC became the largest packaged goods company in Canada with sales of 1...
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...banks in the United States. With the beginning of the financial crisis in 2008, and the peak by 2010 almost all banks were going through a tough period. Government regulations on fees and consumers were leaning towards spending less positioned the banks in a difficult situation, including BBVA Compass. With their decreasing marketing budget, the bank had less than $50 million in 2011 to achieve several different marketing goals, and the money had to be used in an efficient way. On top of these they also had other problems like going against the norm and spending a substantial amount on TV and online, drop of brand awareness after adopting a new name, low conversion rates and ad network’s target market duplication. The recommended plan of action would be increasing the level of online presence by focusing more on social media channels and digital marketing, and focusing more search engine optimization. The bank should also work with the media agency to avoid ad duplication to target markets. Introduction BBVA Compass is the fifteenth major bank in the United States with $49 billion in deposits and 767 branches in the Sunbelt region. The parent company, BBVA, was the second largest bank in Spain in 2010, and it entered the US market in 2004. BBVA Compass Bank was created through a series of mergers and acquisitions. The three primary lines of business units of the bank are retail, commercial and corporate and wealth management. Becoming one of the top ten banks in the United...
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...when bringing a new product or service to the market. The channel of distribution is the combination of companies or individuals that are involved in moving products from the manufacturer to the consumer (Perreault, Cannon, & McCarthy, 2011). Ideally, each player in the distribution channel shares the same commitment to the success of the product. Each would focus on the same target market and share the responsibilities of marketing to this consumer group (Perreault, Cannon, & McCarthy, 2011 ). Marketing managers must consider how many channel outlets are needed to get the desired level of market exposure required to maximize profits. The key is making sure your products are in the right place at the right time – matching consumer need and demand. The most important decision in terms of the distribution channel a company will make is whether to handle the whole distribution process of their product themselves or if they should use wholesalers, retailers, or other specialists. Because of the nature of Apple products, Apple will choose direct and select distribution for the iSolar Battery product. It’s possible that wholesalers and retailers carry competitor’s products, and therefore may not give Apple’s product the pricing or promotional support to help maximize sales. Choosing direct distribution will allow Apple to maintain control of the entire marketing mix. Apple is in direct contact with its consumers and has a very loyal base. Apple knows what their customers...
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...Budget Classifications No matter what type of company is operating or what industry the company is involved in, there must be various budgets in order for the organisation to run effectively and efficiently. These budgets include sales budget, production budget, cash budget and marketing budget. Each budget plays an important role in the operation of the company. The sales budget is a detailed schedule. It will show what the expected sales are for a particular budget period. The budget periods can be weekly, monthly or annually, depending on the needs of the organisation. The sales budget is expressed in dollar amounts as well as units of production. This budget is an essential part of financial management. It will help the company determine current sales as well as help to forecast future sales. This is the first step to preparing a master budget. (Khan and Hildreth 2002). The production budget will determine how many units must be produced within a budget period in order to meet the needs of sales. This is always prepared after the sales budget. The production requirements will often be influences by the level of inventory that is desired at the end of production. All inventories must be carefully planned because too much inventory can tie up funds and can also cause problems regarding storage. (Quinn 1980). Cash budget is a very important part of planning. This is a detailed plan that will depict exactly how the cash resources within the organisation will be acquired...
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...This worksheet is a complement to the study guide for both the MKT1. The purpose of this worksheet is to help you think about and apply important marketing concepts to Company G. By working through the exercises and matrices introduced in this worksheet (Section A, Section B, and Section C), you are laying the foundation for your marketing plan required in this assessment. This worksheet should be completed before you write your Marketing Plan, for which a template is provided. SECTION A – Product and Target Market The purpose of this exercise is to help you define and classify your chosen product, and define a specific target market. What a product is, how it supports the company mission, and how it fits into the market must be well understood in order to market it effectively. The target market must also be a fairly narrow, specific group of customers for this task. Product Product Description & Support of Mission Statement: Describe the different features of your product, then explain how that feature supports the given mission statement Example: Product Description: ACME Roadrunner pellets Mission Statement: Our mission is to delight our customers and channel partners by providing high quality, effective roadrunner pellets with timely delivery, superior customer service, and the best warranty in the industry. Feature: potent roadrunner deterrent chemicals How this supports the mission statement: The concentrated formula makes our pellets more effective...
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...Scenario Your company has recently decided to expand into online sales. The company wishes to continue to sell its products in the retail stores located throughout the United States but they also wish to establish a presence on the Internet. Research the online marketing opportunities available for retail sales and provide a report to your manager which includes the advantages and disadvantages of marketing online, the potential impact of online sales to the company, and the requirements for a successful online marketing campaign. Main Ideas Advantages and disadvantages of online marketing Halligan, B. ( 2011). Inbound marketing. Retrieved from http://www.slideshare.net/HubSpot/101-awesome-marketing-quotes Fowler, G. (2009). Amazon cuts ties to affiliates in Hawaii. The Wall Street Journal. Retrieved from http://online.wsj.com/article/SB124638801268074915.html Lau, K. (2010). The advantages and disadvantages of online marketing. Retrieved from http://kevinklau.com/the-advantages-and-disadvantages-of-online-marketing/ The potential impact of online sales Cerf, V. (1995). Computer networking: Global infrastructure for the 21st century. Retrieved from http://homes.cs.washington.edu/~lazowska/cra/networks.html Barr, A. (2013). EBay holiday quarter sales jump: 2013 forecast cautious. Reuters. Retrieved from http://news.yahoo.com/ebays-fourth-quarter-revenue-rose-18-percent-212124057--sector.html Macaluso, N. (2001). Analysts cool to Amazon q4 projections...
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...Management, Control & Accountability for Financial Resources INTRODUCTION The purpose of this paper is to identify the information needs of the internal and external stakeholders in a manufacturing concern and how they can be met. All stakeholders of a firm require different types of information to help them in the decision making process. The top management which comprises of the Chief executive officer and the board of director require information pertaining to the finances of the firm, the key issues of the firm and the performance of the firm to formulate the strategic policies and strategies of the firm. The middle management consisting of the marketing manager, production manager etc will require information to effectively fulfill their job responsibilities and take actions accordingly. The external stakeholders such as the shareholders have invested their hard earned money in the business and would want to be informed about how well the firm is doing and the return that they will be getting for the money that they have invested. The shareholders are usually interested in the financial reports of the firm to see how profitable and liquid the firm is and will it be able to provide dividends to them. Financial reporting is necessary for management, control and accountability purposes. It helps to assess whether the resources of the firm are being utilized in the most efficient manner and the firm is meeting its objective of generating the maximum profit. Information...
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...Job Description – Director of Marketing Job Title: Director of Marketing Hiring Company: Signature Marketing Group Reports to: President Supervises: Staff of two Environmental Conditions: None Location: Langhorn, PA Compensation: $88,000 - $95,000 Functions: Accomplishes business development activities by researching and developing marketing opportunities and plans; implementing sales plans; managing staff. Duties and Responsibilities: Financial * Supervise accounting staff. * Maintain payroll records and work with payroll company to ensure timely and accurate employee payrolls and payment of required payroll taxes. * Administer employee benefit programs, including enrollment of new employees, and review of insurance company invoices to ensure accuracy. * Administer 401(k) program, including enrollment of new employees, preparation of contribution summaries, etc. * Perform bank account reconciliations. * Develop annual, quarterly, and monthly budgets with the President and maintain appropriate budgetary controls. * Prepare all applicable budget reports and financial statements on a monthly, quarterly, and annual basis. * Administer commissioned sales staff results, including margin analysis. Information Technology * Supervise IT staff. * Manage facilities: voice communications, data network, other equipment. * Supervise design of hardware and software systems to assist in the smooth and efficient flow of information...
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...growth opportunity for them in the near future. Even in the current markets, Angie’s List can still improve their overall market share. Though there is not a true competitor to Angie’s List, there is still market penetration within its current markets. With its current market base of 600,000 paying customers, there is still ample room of growth both within its current markets and any new markets. Potential Market When meeting with Angie’s List, they were able to help us define what the typical customer’s characteristics are. After looking through their website, you are able to see those characteristics through some of their marketing plans. A typical customer at Angie’s List is a homeowner, well-educated, has children and earns more than $100k in income. Those four main characteristics are very important for the growth at Angie’s List. With the company offering so many different types of services, the most frequent type of service would be those found around the household. A couple of different examples would include home contractors for home additions, lawn services, painters, and the list goes on and on. Many homeowner’s like to see personal reviews from other homeowner’s that have had both a positive and negative experience. I believe that the most important characteristic for Angie’s List is the household that earns more than $100k in income. The customer is more likely to pay the annual fees and pay for a higher quality of service. The chart below shows the income distribution...
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...Sounds and Vision plc 1. Amina believes that a significant marketing budget would be necessary for her marketing plan to achieve its objectives. To what extent do you agree with this view? (18 marks) A marketing budget sets out how much money is allocated to marketing and how it intends to spend it. They are usually set before a year starts, depending on the company’s fiscal year. There are many reasons for why a marketing budget would help Amina’s business to achieve its objectives, however I believe that the success of Sounds and Vision plc does not lie with the actual size of the marketing budget, but how effectively it is used. As the business has decided to reposition itself, it needs to create awareness of its new strategy, which undoubtedly will involve a lot of expenses. This could be done through promotion, involving the media, such as a television campaign which would be expensive and therefore involve a significant budget. Not only will it need to promote its new strategy in order to gain more customers, but the case study informs us that Sound and Vision are up against a lot of competition, from both online retailers and supermarkets. Therefore in order to make sure that they are the highest competitor in the market, or to match the other strong competitors, a significant amount of money will need to be spent, using a marketing budget, for effective and persuasive advertising and promotions, in order for customers to visit the shop and spend money there, rather...
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...ConAgra Grocery Products Company (CAGP): Short-term Growth v.s Long-term Success CAGP, formerly Hunt-Wesson Inc, was a subsidiary of ConAgra Food Inc., an American diversified food conglomerate based in Omaha, Nebraska. CAGP itself was a successful food company, which developed strong sales and distribution networks, and sales topped $2 billion annually. Bringing consumers “the finest-quality and best-tasting products” was the company’s mission. It marketed and produced a wide range of shelf-stable grocery products from tomato sauce to ethnic food. The company had more than 300 customers and Wal-mart was one of their largest customers. CAGP’s headquarters were located in Fullerton, California. The market for food industry has all time been a crowded place with the increase in product introductions and changing consumer tastes. To succeed, it is important to keep up with product development trends, customers’ profitability and create brand identity as well as brand equity. Product development is the lifeblood of any food leading companies. Therefore, R&D should be the main focus in combination with good marketing strategy, which will maintain products quality and/or create new products that in turn create new customers. Creating and building brands involve various marketing strategies, which include promotions, advertisement campaigns and competition for display location at retail stores. A company should also take into consideration that their marketing strategies have to match...
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...Multimedia Marketing & Consulting BusinessB3 Brett, Melanie, Nathan Legal Page Confidentiality Agreement The undersigned reader acknowledges that the information provided by BusinessB3 in this marketing plan is confidential; therefore, reader agrees not to disclose it without the express written permission of BusinessB3. It is acknowledged by reader that information to be furnished in this marketing plan is in all respects confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader, may cause serious harm or damage to BusinessB3. Upon request, this document is to be immediately returned to BusinessB3. ___________________ Signature ___________________ Name (typed or printed) ___________________ Date This is a marketing plan. It does not imply an offering of securities. 1.0 Marketing Vision 1 1.1 Goals 1 1.2 Purpose 1 1.3 Picture 1 1.4 Gap Dashboard 2 Table: Gap Dashboard 2 2.0 Ideal Customer 2 2.1 Market Description 2 3.0 Remarkable Difference 2 3.1 Differentiators 3 4.0 Core Strategy 3 4.1 Core Branding Elements 3 5.0 Product/Service Innovation 4 5.1 Price Rationale 4 6.0 Marketing Materials 4 7.0 Web Plan 4 7.1 Social Media Plan 5 8.0 Lead Generation Plan 5 8.1 Advertising 5 8.2 Referrals 5 9.0 Lead Conversion Plan 6 10.0 Service Experience 6 10.1 Loyalty Product/Service Offerings 6 11.0 Marketing...
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