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Developing Marketing Mixes to Meet the Needs of Different Target Groups

Essay by   •  June 5, 2015  •  Term Paper  •  2,584 Words (11 Pages)  •  1,695 Views

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Developing Marketing mixes to meet the needs of different target groups

Table of Contents

Developing Marketing mixes to meet the needs of different target groups        

Introduction        

Task 3        

3.1 Explaining how products are developed to sustain competitive advantage        

3.2 Explaining how a good distribution arrangement can provide customer convenience        

3.3 Explaining how prices are set to reflect organizational objectives and market conditions        

3.4 Illustrating how promotional activity can be integrated to achieve marketing objectives.        

3.5 Explaining the additional elements of extended marketing mix.        

Task 4        

4.1 Planning Marketing mixes for two different segments in consumer markets        

4.2 Illustrating differences in marketing products and services to business rather than consumers        

4.3 Showing how and why international marketing differs from domestic marketing        

Conclusion        

References        


Introduction

Marketing is more than telling and selling goods and services to the customers. It is a process of creating value for the customers and building profitable relationship with the customers for the purpose of capturing value from customers in return. The application of marketing in business organization is boosting up day by day. Marketing environmental factors, segmentation criteria, targeting strategy, how buyer behavior affects marketing activities, new position for a selected product will be highlighted in the assignment. Competitive advantage, distribution pattern, promotional activity, additional elements of extended marketing mix will be discussed.

Task 3

3.1 Explaining how products are developed to sustain competitive advantage

New product development process:

Source: (Self study)

The product development begins with the search of new ideas where research and development programs are taken by organization to generate new ideas of product. Customers and other third parties participation are taken for developing new ideas. All the generated ideas may not appropriate for the organization and for this reason the screening program is taken to sort the most suitable ideas (Armstrong and Kotler, 2012). In concept development and testing stage the attitudes and intention of customers toward proposed new product is analyzed.  The organization then needs to assess the new product or service will be profitable. For this a detailed marketing strategy, highlighting the target market and product positioning and marketing mix are used. When the new product is approved, it will be passed to the technical and marketing development stage. Before introducing the product in the market to a large extent, the prototype product following the proposed marketing plan is tested to find out the problems that may arise in commercialization. When the concept of the product has been developed and tested, final decision is required to move the product to its launch into the market. Finally, the product is launched in to market to fulfill the needs of customers. A detailed launch plan is needed for this stage to run smoothly and have maximum impact.

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Product lifecycle

[pic 1]

A product has to face several stages throughout its life which is known as product life cycle. In introduction stage of product life cycle a product is introduced into the market. The profit remains low or even insignificant due to the cost of introducing new product. Different types of Promotion activities are used to inform the customers about the new offers (Blythe, 2006). The profits are not remarkable in the first two stage of the product life cycle. Then, in growth stage the profits begins to increase. The appearance of new competitors is come out in this stage. Thus the growth rate reaches its maturity stage in which the profits begin to decline. Lastly, the profits of the product decreases in addition to the organization may face financial losses for the continuation of the product. As a result, the promotion of the product is reduced to withdraw the product from the marketplace.

3.2 Explaining how a good distribution arrangement can provide customer convenience

[pic 2]

Figure: consumer and business marketing channels (source: study blue, 2015).

B2C

In B2C marketing channels the organization sells in a straight line to its customers by using its stores or over the telephone or internet. Direct sales force can also be used by Little Princes Ltd to take customer’s order from different places. The organization can sell to the retailer for the ultimate sales to the customers. Finally, the products of the organization can be sold to the retailer to reach them in customer’s hand. In the same way the organization can also follow the full channels of distribution in which the products are sold in large quantities to the wholesalers. Then, the wholesalers sell the products to the retailer. Ultimately, the retailers sell them to customers for their final consumption (Jolivot, 2008).

B2B

Like, B2C the organization can put on the market the product to the business customers directly or it can use business distributors for selling products to business customers. the full form of distribution can also be adopted by the organization such as it can sell products to the manufacturer representative. Then, the representative will sell them to the business distributors to reach the products business customers through the distributors (Zikmund and D'Amico, 1989). 

3.3 Explaining how prices are set to reflect organizational objectives and market conditions

Price is the monetary expression of value of goods and services. Changes in prices influence the sales to a large extent. In most cases, low prices attract more customers and high prices discourage more customers. Unlike, any other marketing components, price changes have the fastest effect. Potential customers reach faster to changes in the price instead of changes in products and services. The organization has to changes the prices of goods and services due to the changes made by the competitors.

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