Task 1
1. Research the marketing of the company's products or services of your choice
2. Identify the key characteristics of the products and/or services and their significance to the market.
3. Review pricing policy and analyse pricing variables to determine their effect on the market.
4. Analyse the significance to market outcomes of:
a. Promotional methods
5. Establish the marketing mix components on areas such as:
- Information on how each element of the marketing mix has been used.
- Analyse and test their significance to each other and relevance to customer base.
i. Product/ services
(What features and benefits do you offer?
The unique selling position - what makes your product/service different from your competitors'?)
ii. Price
(Price is a critical component of the marketing mix as choosing the right price for your products or services will help to maximise profits and also build strong relationships with customers.)
iii. Place
(Represents the location where a product can be purchased. It is often referred to as the distribution channel.)
iv. Promotion
(Promotion is more than selling and advertising your business. It's about attracting the right people to use and reuse your business. There are a number of techniques to use and they can be combined in various ways to create the most cost effective strategy for your needs.)
v. People
(Knowledgeable and friendly staff can contribute to creating satisfied customers, and can provide the unique selling experience that an organisation is often seeking.)
vi. Physical environment
(The physical environment where your products or services are sold and delivered can have a significant impact upon how your customers experience your business.)
vii. Process
(Process represents the buying experience that the customer experiences when they buy your product or service.)
Task 2
1. Based on Assessment Week 5's practical case scenario, identify environmental factors and assess their potential impact on the marketing mix.
a. Politics
(how does this factor impact the company's marketing mix)
b. Economics
(how does this factor impact the company's marketing mix)
c. Social
(how does this factor impact the company's marketing mix)
d. Technological
(how does this factor impact the company's marketing mix)
2. Provide a list of consequences for the organisation and customers/ clients in a SWOT analysis
a. Strengths b. Weaknesses
1.
c. Opportunities d. Threats
3. Identify customer/consumer priorities, needs and preferences and the way they impact the marketing mix (relate it to either Product, Price, Place, Promotions, People, Physical or Process).
a. Flexibility
(how easy-going is the service)
b. Engagement
(how sincere is the service given)
c. Fairness
(Is the service free from discriminatory treatment)
d. Information
(Is there sufficient provided during service)
4. If additional products or services or new products will be offered by the company, how would you evaluate these against: marketing objectives, target market characteristics and desired positioning.
a. Marketing objectives
b. Target market characteristics
c. Product/ service positioning
5. How would it affect the company's marketing mix (any adjustments required?)
Marketing Mix(please ) Yes No Adjustments required(if ‘Yes', please state comment/s and if ‘No', no comment/s required)
i. Product - -
ii. Price - -
iii. Place - -
iv. Promotion - -
v. People - -
vi. Physical environment - -
vii. Process - -
6. Discuss how you would monitor the performance of the organisation's products and or services in order determine which components should be tested based on the following:
Monitoring activities Explain how does the method works Review outcomes Review period Who would be responsible
a. Revenue growth/ profitability
b. Customer retention rates
c. Cost of customer acquisition
d. Social media reach
7. Evaluate the implications of altering one or more components of the marketing mix in response to market factors and consumer response.
a. Communication concerns
(Would everyone know what they are supposed to do?)
b. Resources allocation
(Would it be adequate?)
c. Costs
(Budgetary requirements, time and effort)
d. Training
(Are there sufficient knowledge and skills for staffing to undertake new task?)
8. Ensure adjusted marketing mix continues to meet organisational, strategic and operational marketing objectives, and desired positioning by addressing the following:
a. Summarise the key marketing objectives for the company (the objectives may be financial, with a goal to increase sales, or marketing focused, to build awareness of the proposed new product or service). An effective (and accountable) way to define the marketing objectives is to follow the ‘SMART' acronym (Specific, Measurable, Achievable, Realistic and Timely).
i. Specific
ii. Measurable
iii. Achievable
iv. Realistic
v. Timely
b. Provide a short discussion on how the company would position itself within the market to meet its customers' needs with the proposed product/ service in order to differentiate itself from competitors.
i. Product/ service
(What are the customer benefits, unique selling proposition, additional support to offer, potential spin-offs)
ii. Pricing
(What is the pricing - low, medium or high, what is the competitor's pricing, what unique value does the product/ service offer/ deliver)
iii. Place
(Which distribution channel would be used)
iv. Promotion
(Online, public relations, advertising, sales promotion, packaging and branding)
v. People
(Training in place to drive constant improvement, communication skills, ‘living' the company brand)
vi. Process
(What changes are to be made to improve customer experience during sales of product/ service?)
vii. Physical environment
(What changes can be made to improve the retail space?)
c. Provide a summary on the following:
i. Critical success factors
(What are the considerations needed to enable the new marketing mix to be successful?)
ii. Organizational contingencies
(outline alternative options if plan does not go as planned)
Attachment:- Module.rar