MKT4001D Principles of Marketing Assignment Sample

MKT4001D Principles of Marketing Assignment Sample

Introduction

Every company has the objective of increasing its sales, and a marketing plan defines the actions that will be taken to attract new customers and keep the interest of the customers they already have in the products or services that the company offers.

You will need to build a marketing plan in order to guarantee that you are successful in putting your marketing strategy into action and accomplishing your goals.

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To summarise and reformat what I’ve already stated in my article, the following is presented: “Successful marketers are aware that preparation is the key to success, and that success depends on having a strategy that has been given sufficient consideration.

This is because success depends on having a strategy that has been prepared in advance. This is due to the fact that being successful requires having a strategy that has been well-considered. It details the additional actions that are your responsibility to carry out in their entirety. The marketing strategy is going to act as the all-encompassing blueprint for achieving the goals that have been decided upon.”

Section 1 – Marketing Environment and Planning Process

Explain the components of the marketing planning process and outline the marketing context for the new soft drink product,

It is feasible to construct a marketing strategy on its own or as a component of a more comprehensive corporate plan.

Both approaches are valid. In any case, the formulation of a marketing plan is something that can be done. In any event, the marketing strategy functions as a form of road map for effectively communicating the advantages of your services to prospective customers.

 

 

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After developing an easily recognisable brand identity for your libation, the next step is to introduce it to the general public in the form of a product that they can purchase. To put it another way, you may consider a brand to be the “face” of your company as well as the products or services that it offers for sale.

The first responses that consumers have when they try the alcoholic beverages that your business sells will go a long way toward determining whether or not they will make a purchase from your firm. Establishing a reputation for your company can help you determine the types of customers who are most likely to have an interest in your goods or services.

This is an essential step in the process of developing an effective strategy for marketing your company, and establishing a reputation for your company is one of the first steps in this process.

It is vital to describe the characteristics and benefits of your product in order to promote your company as a market leader in the beverage industry. If you want to do this, you must explain the features and advantages of your product. Reading the following text will enable you to accomplish this goal:

PESTEL analysis

P You need to emphasise a number of different aspects about your beverage, including how it will be perceived by your consumers if they eat it, the benefits it offers to one’s health, and any components that set it distinct from other beverages. When you are developing the identity of your firm as well as the marketing plan for it, you need to choose one or two benefits to put the majority of your attention on.
E Develop a marketing plan that describes your target demographic in detail, along with the motivations that led you to make the choice to get in touch with them. These particular people make up the target market for the alcoholic beverage product that you are currently attempting to sell, and you should direct your marketing efforts toward them.
S You can communicate with the individuals who make up your target demographic in a variety of different ways through advertising and marketing; some examples of these ways include placing advertisements in magazines, on billboards, and on websites that are frequently visited by the demographic that you are attempting to reach.
T In addition, you may get at touch contact with customers on an individual basis by starting a social media campaign, putting up sample booths in supermarkets and other public places, sending out direct mail and email marketing campaigns, and setting up direct mail and email marketing campaigns
E . One thing that unites all of these varied strategies is the end aim, which is to raise more people’s knowledge of your brand-new beverage (Lacy-Nichols,2020).http://MKT4001D Principles of Marketing Assignment Sample

 

l Build a website that describes the product in depth, including its components, how the product can be purchased, and how customers can get in contact with the firm. Ensure that this information is included on the website

 

. To begin successfully marketing a new beverage product online, the first thing that needs to be done is to create a fan base on social networking sites such as Facebook. This is essential to the success of the online marketing campaign. Additional platforms, such as Twitter and Instagram, might also be employed.

You should include intriguing information about your beverage product, in addition to comments, tales, and other stuff that may be of interest to them. This will allow you to continually capture the attention of prospective customers who are interested in purchasing your product. It is a terrific approach to attract more people to visit your website and like your fan page if you invest money in marketing on Facebook.

One method for accomplishing this objective is to broaden the audience that is exposed to the content that you provide. You will be able to focus in on certain markets and target them precisely

if you take advantage of the keyword tools that are provided and maintain a continuous stream of new material on both your website and the multiple social media platforms that you use by updating it on a regular basis. Include some fun tournaments, customer surveys, and opportunities for people to share their thoughts with you.

Micro Environment

Direct mail marketing is mailing promotional materials such as flyers and discounts directly to those who fall inside a certain demographic. Your company would benefit from this in a number of ways. Sending mail-outs to potential customers has shown to be an effective marketing approach.

Create some promotional materials, such as a postcard or a booklet, and include a picture of the product with an attention-grabbing slogan and some essential information on the product. If you get a mailing list from a reliable marketing company, you will have the ability to communicate with the persons that you have determined to be a part of your target audience.

Before obtaining a mailing list from a specific organisation, you should make certain that the company in question is not a front for some kind of fraudulent enterprise by conducting a check with the Better Business Bureau. This should be done before obtaining a mailing list from the specific organisation (BBB).

It’s likely that you’ll be able to set together your own list with the assistance of mail and delivery companies like Fedex or the United States Postal Service. If you make use of the list-making tools that are given by both of these websites, your direct mail campaigns will be able to be targeted by location in addition to being targeted by zip code.

This will allow you to more precisely reach your intended audience. Choose a city or a collection of neighbourhoods that appeals to the population that you are attempting to target as a method to engage with them as a way to interact with them, depending on who you are wanting to communicate with and how you want to interact with them (Abu-Reidah,2020).http://MKT4001D Principles of Marketing Assignment Sample

 

Extended  marketing mix 7Ps and explain how the extended marketing mix

Your choice of medium will be affected by the information you have about the audience you are aiming for and the objectives you have for the process as a whole. Your knowledge of the audience you want to communicate with should guide your selection of the appropriate medium(s).

When the bulk of the people you are trying to reach are seniors, for example, utilising the internet as a means of communication is probably not going to be the most fruitful decision that you can make. On the other hand, it is quite improbable that college students will make the effort to pick up a copy of the regional newspaper.

It’s likely that the communication techniques utilised by the corporation may be better understood by having a better understanding of the organization’s stated goals for the organisation. To bring in 10 new customers may take nothing more than a press release and an advertisement in the local paper.

On the other hand, to increase market share by 25% may require a substantial marketing strategy that makes use of a variety of different media venues. When it comes to marketing, it is virtually certain that failure and the waste of important financial resources will ensue if one overestimates their talents and fails to meet the requirements set out by their customers (Montana Blasco,2020).http://MKT4001D Principles of Marketing Assignment Sample

Section 2 – Segmentation, Targeting & Positioning

Market  for the new soft drink product might be segmented for consumer (B2C) and business (B2B) markets.

It is very vital, if you want your marketing plan to be effective, to split the clients you are attempting to target into their own separate groups. If it is available, market segmentation may make the process of breaking down the demographics of customers into more manageable chunks.

This can be a helpful tool for businesses. It is more probable that a company will become an expert in delivering services to members of a certain demographic if it directs the majority of its marketing efforts at that group (Jarquin,2019).http://MKT4001D Principles of Marketing Assignment Sample

In order to accomplish what you set out to do, it is essential to first determine who your audience is and then educate yourself on the best way to communicate with that audience.

 

 

At the corporate level, consideration is given to issues such as those pertaining to strategic objectives, the acquisition and allocation of resources, and the coordination of business unit (SBU) plans.

The most senior leaders in the organisation are responsible for making decisions of this kind, since they sit at the pinnacle of management.

The decisions that are made at the strategic level have a tendency to be more value-oriented, abstract, and ambiguous than those that are made at the departmental or operational levels (Sanchez,2020).http://MKT4001D Principles of Marketing Assignment Sample

Targeting  methods

Companies that are made up of a single company are more likely to be negatively impacted by issues that are experienced by the industry as a whole, despite the fact that they are better able to quickly and precisely adapt to shifts in their industry.

This is because they are better able to adapt quickly and precisely to shifts in their industry. Their approach to doing business need to place a focus on the advantages that come with specialising in a certain field, while at the same time keeping an eye out for opportunities in other markets that are associated with the market in which they now compete.

A corporation’s corporate strategy should make a comparison between the benefits of continuing to do business with the same company and those of beginning new efforts that are complementary to the existing ones in order to maximise business operations, profitability, and growth (Demartini,2018).http://MKT4001D Principles of Marketing Assignment Sample

meant by the term ‘positioning’ and suggest how the new soft drink product would be positioned in the minds of the target market.

This comparison is necessary in order to maximise a corporation’s ability to grow its business and increase its overall value. This is done in order to guarantee that the company will be able to realise its full potential with regard to all three of these criteria.

Managers who work at the corporate level are accountable for the task of managing the operations of a large number of separate divisions. Significant investments need to be made in areas such as talent management, research and development, information technology, the design of efficient organisational structures and processes, and the pursuit of synergy among the firm’s various business lines in order for businesses to construct and maintain their competitive advantages at the corporate level.

If one firm works with another or more businesses that are already affiliated with one another in some manner to share investments in research and development (R&D), goods, or production, the final result may provide the first company with a major competitive edge over its competitors (Jagtap,2019).http://MKT4001D Principles of Marketing Assignment Sample

Section 3 – Marketing Mix Analysis

 

A company’s growth strategy is the well thought-out plan of action that the company has developed in order to expand the amount of money it earns as well as the number of people it provides its products or services to.

In order for an expansion strategy to be effective, there are four key components that need to be present: product innovation and diversity; market growth into new markets; market penetration within current markets; and market expansion overall.

The objective of this tactic is to boost the rate of return on future investments to such an extent that it is superior than the rate of return offered by the shares themselves (Zheng,2019).http://MKT4001D Principles of Marketing Assignment Sample

Research organisations and strategic marketing consultants may be able to supply insights into the market on an as-needed basis; however, businesses that are serious about expanding their operations would do well to build processes and procedures to ensure a consistent stream of insights into the market.

This is an essential strategy for expanding the size of the company’s existing client base, and the organisation should begin putting it into action as soon as possible.

 

Product Conducting research on the target audience should always be the first step in the process of formulating any type of expansion strategy for a firm. The ecology of the market is made up of a large number of diverse components, each of which adds a little bit of new information.

 

Place The business plan for a division of a firm that participates in numerous lines of work is quite comparable to the business plan for a company that only engages in a single line of work. The one key distinction to keep in mind is that the business plan for a firm that specialises in just one field of endeavour must be complimentary to the broader corporate strategy for that field of endeavour in order to be successful.
Price The business plan analyses the moves made by competitors and describes the degree of performance that is aimed for by the company itself
Promotion In addition to this, it details the actions that the firm intends to do in order to keep the advantages it now has in terms of competition in the market. Common practises in business include lowering operating costs, distinguishing offerings in some manner, and participating in marketing endeavours.
People Other frequent strategies include the following: The bulk of the focus that should be spent on business strategy should be placed on how a firm competes within the limitations of the industry in which it operates
Physical Evidence This is because the industry in which it competes is the most important factor in determining the company’s success
Process When seeking to sustain a competitive advantage over the whole of the long-term execution of a corporate strategy, one of the most common causes of friction that may occur is the difficulties that comes along with doing so

 

…. How can the company division separate itself from the many other businesses that are competing in the same market? Which of these abilities and competences do you think the ideal customers of this company are looking for the most, if any?

When it comes to the process of developing a strategy for a business, there are a number of factors to which one must pay careful thought. The variety of products and services offered, the number of marketing programmes, the number of market niches in which to compete, and the number of product categories in which to compete are some of these factors.

In the end, but certainly not least, it is of the highest significance to look for methods in which one may communicate with other departments and other product markets in a manner that is not only more productive but also more efficient. This is something that should be done as soon as possible.

Companies that see each of their divisions as an independent strategic entity are a fantastic match for enterprise-level strategy (SBU). A firm may narrow its attention to certain segments of consumers or markets by using what are known as strategic business units, or SBUs for short.

These key divisions are used by the company to do this. [SBUs] Since of this, a distinct SBU is established for each specialised product or market niche because each one functions in its own distinct environment.

This is done due to the fact that each one operates in its own specific environment, which varies from the others. This option was made in order to fulfil the conditions outlined by the regulatory organisations as a direct consequence of this decision’s direct impact on the situation.

 

In the context of this discussion, what is intended to be referred to as the “external market environment” is the conglomeration of a variety of factors, including concerns that are political, social, economic, technological, and legal in nature.

Because of the substantial role that they play in the process of evaluating the opportunities and threats that are now facing the local economy, it is important that these aspects be taken into account.

Because of the influence of external factors, it is possible that in the not too distant future, an organisation may be confronted with both possibilities and threats. These are aspects of the situation that are not directly under the command or supervision of the organisation.

In contrast to an increase in foreign direct investment in a country, which is evidence of a possible threat to the local players in that country, the holiday shopping season is an excellent example of a time to make the most of a sales opportunity.

This is because the holiday shopping season falls during the time of year when consumers are most likely to spend money. The Christmas shopping season officially starts out on November 1 and lasts all the way through January 2 of the following year.

In an OT (opportunities and threats) analysis, some of the factors that could be considered for evaluation and potential inclusion include the following: political stability; the development of consumer habits; lifestyle; liberalisation; legislative provisions and revisions; technological advancements; and so on.

In this particular context, a wide range of distinct concepts, some of which include forecasts of future demand, foreign direct investment, rates of inflation and currency exchange, economic policy, budgets, and research initiatives, amongst others, are utilised. This is the case because this setting makes use of a number of these concepts.

Conclusion

The company has to identify its ideal customers in order to devise a strategy for how it will continue to serve those customers in the years to come. This requires the company to do market research. It’s possible that one of the goals is to raise the degree of awareness among younger people about the products and services offered by the organisation.

As a corollary, it makes perfect sense to run advertisements for the product in local journals that are geared toward young people, to provide student discounts, and to increase the product’s exposure on social media platforms such as Twitter and Facebook.

In addition, it makes perfect sense to provide student discounts. In addition to that, it makes complete and utter logic to provide discounts to students.

References

Abu-Reidah, I.M., 2020. Carbonated beverages. Trends in non-alcoholic beverages, pp.1-36.

Boumediene, O. and El Honda, Y.N., 2018. Corporate social responsibility in food and beverage industry: An analysis study of soft drinks sector in Algeria. Eur. Sci. J, 14, pp.1857-1881.

Demartini, M., Pinna, C., Aliakbarian, B., Tonelli, F. and Terzi, S., 2018. Soft drink supply chain sustainability: A case based approach to identify and explain best practices and key performance indicators. Sustainability, 10(10), p.3540.

Jagtap, S. and Duong, L.N.K., 2019. Improving the new product development using big data: A case study of a food company. British Food Journal, 121(11), pp.2835-2848.

Jarquin, K.V.R., Ladeira, R., Mello, R.C., Amorim, J. and Larocca, M.T.G., 2019. The relationship between marketing and brand equity: Salvador consumers perception of soft drinks. Journal of Food Products Marketing, 25(7), pp.734-753.

Lacy-Nichols, J., Scrinis, G. and Carey, R., 2020. The evolution of Coca-Cola Australia’s soft drink reformulation strategy 2003–2017: A thematic analysis of corporate documents. Food Policy, 90, p.101793.

Montana Blasco, M. and Jiménez-Morales, M., 2020. Soft Drinks and Sugar-Sweetened Beverages Advertising in Spain: Correlation between Nutritional Values and Advertising Discursive Strategies. International Journal of Environmental Research and Public Health, 17(7), p.2335.

Sanchez, J., Abril, C. and Haenlein, M., 2020. Competitive spillover elasticities of electronic word of mouth: an application to the soft drink industry. Journal of the Academy of Marketing Science, 48(2), pp.270-287.

Sanchez, J., Abril, C. and Haenlein, M., 2020. Competitive spillover elasticities of electronic word of mouth: an application to the soft drink industry. Journal of the Academy of Marketing Science, 48(2), pp.270-287.

Tien, N.H., Vu, N.T. and Tien, N.V., 2019. The role of brand and brand management in creating business value case of Coca-Cola Vietnam. International Journal of Research in Marketing Management and Sales, 1(2), pp.57-62.

Zheng, H., Huang, L. and Ross Jr, W., 2019. Reducing Obesity by Taxing Soft Drinks: Tax Salience and Firms’ Strategic Responses. Journal of Public Policy & Marketing, 38(3), pp.297-315.

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