ASSIGNMENT- MARKETING MANAGEMENT
1.) Marketing mix is the combination of the terms or elements of marketing and what
they have their importance and play an important role in advertising and promoting the goods or products as given in the problem the major elements of promotion mix to promote a newly launched ice cream Yummy in the Indian market . While executing a plan of promoting and advertising the products in the market also take care of their services and delivery of products to your customer. It impacts your business trend also impress and attract more clients towards your product so this is the main key to a successful business. The term marketing mix came into light when Neil published his researched and analysis. His concept about marketing is four P’s of marketing that are the elements of marketing mix are mentioned below.
Product- The goods or products offered to the clients and the service you provide is remarkable which takes your business and you receive a positive feedback from your customer in exchange. This is how you differ from your competitors and what benefits they provide.
Price- It is also important how you display the amount in the market for the customers. It also depends upon your product and service quality that makes it competitive in the market. This is the way you earn profit from the market and price plays an important role in marketing strategy. Which differentiate your products from other competitors in the existing market.
Place- A place , area where you approach people or customers to sell your product. This is also the part of your marketing strategy , how you utilize the resources products and promotion differentiate you from your competitors.
and how you execute the plans to over come all the barriers. In services marketing , we have some other features of marketing mix or we can say it’s a extended version of marketing mix. It consist three other elements which will be described below- People- We have already discussed about people and customer. They are the people or an essential factor to any market segment. Appointing the people who have some skills and on the basis of their talent and skills they should be trained so that they could provide some benefits to the industry while delivering the services to their target customers. If you want to achieve a competitive advantage in the market then you shall have to flow with the trend. At last you receives feedback from the clients , they make some judgments on the basis of services and product quality you provided them. It is very necessary for the staff to enhance their interpersonal skills, attitude and communicating skills also. They should be well aware about that consumer is paying you for your services.
Process- It is regarding the process you implement in the organization and assist your employees in delivering the services of the products. The process consist like
behavior with the client, fast delivery of the products to customers. Little little things if you are investing wise fully which makes a large difference in the business. Physical evidence- It is the kind of appearance or displaying yourself before the customer to pull towards your services and products. It again allows customer to make some evaluation on the basis of your service delivered to them. It is the main aspect of marketing mix , clients will judge you on the basis of their perceptions , which is the part of marketing mix and wise full strategy.
Before entering in the market do a deep grind work of analysis on the customer, what they require from product, what they expect from your product, which types of features, trends, taste, technology your going to provide them. So approach them with a positive manner and fire the market by your strategic plans. Analysis about market , competitors and customers helps you in achieving your desired goals set by the industry. Which differentiate you from your competitors. Appoint a special team to for calculating the competitive price in the market so while displaying the price tag on
your product, the customers won’t hesitate to give preference to your product. See
customer what you want to sell them. Also set the target to approach them in the best time while other competitors are suffering and if you approach the market with a good strategy and with a back up plan which brings market advantage to your organization. Look your competitors and watch their promotional activities carefully so that you could survive in the market. Marketing mix is the collaboration of all the marketing plans regarding the approach to customer and selling attitude of your organization. How well you execute your plans in selling and promoting the products this is very important for the business in the market because there are too many
sellers in the market but they don’t have marketing mix policy in their organization so
2.) As given in the problem assume you are the Marketing Manager of a company “Keep Talking” which manufactures the mobile in Indian Market. Currently the company holds a good market share in smart phone category. The organization is going to launch their tablet in the market so before we proceed further with discussing some plans and strategies over launching the product we put some light on the current scenario of the market. That with fluency and tremendous touch of technology every Mobile manufacturer always try to put some extra features in the phones, tablets and laptops so that they could meet to customer expectations.
In the launching of new product top management and corporate people always involved in the process of this promotion and launching. They always try to display their terms, policies and how they are taking forward this business in the market so overall they have the answers foe every questions. Corporate planning is based on if the management is looking forward to long term success in the market. Corporate planning is a term used to specify a formal, comprehensive and systematic appraisal of internal atmosphere to achieve organizational desired goals. It helps in executing the plans, formulating the strategies and terms on the business of their product value in the market. All this process and plans are done in a very systematic way and covers all planning process in logical and in a series manner. This kind of planning involves in establishing industry mission, target and set the objectives. Establishing strategic business core units so that they could troubleshoot the market problem easily. Allocating the resources to each business core unit to utilize them. Planning for business growth. In the very starting top management and administrative people prepares statements of mission, objectives and goals that play an important role of a structured work in which divisions and business core units structure their plans. They are the guiding people for the industry and display the reason of being in business and their main target and goal. let us further discuss the process of defining the corporate mission, setting corporate objectives and goals for the industry.
A well structured and defines corporate mission guides all other decisions , including the market mix and strategic plans for the industry. A industry mission statement is a broad and wide statement of corporate main objective behind it describes the
existence of the firm entity and what their desired goals to achieve. In real it provides a pathway to the whole firm. A great writer or we can call him philosopher put the light on the business related aspects what is our business? What will it be? And what should it be? These questions determine the main motive of the mission. Thus a mission statement explains the industries fundamental reason for existing and specifies the function that firm is going to adopt in its market place. The mission statements consists seven things-
The mission statement should not be impossible.
The mission statement should be short and simple.
It should be well structured so that it could explain all the methods and functions.
It should be clear in view and could explain the industry’s competitive scope.
It should contain the methods how to accomplish the objectives.
A mission statement should explain and define the terms and norms of the organization as it is very important from the selling and launching new product point of view. The mission statement should also reflect the core values of the organization. Launching new tablet or new phone in the highly competitive market the organization should understand the market and do the needful research and analysis over the competitors and respective user of their brands. This helps an organization to establish their business in the market. The type of product market the industry will serve to their respective customers in according to earn some profit. The number of channel level from some assembling part to new model of handsets and their systematically distribution in the market. Industries
keep to tend their mission statement continue over a time period and don’t revise
them very often. The further some important steps in the corporate to be executed to be very carefully while you are going to launch the new tablet in the market, focus on your basics like marketing strategies, marketing mix, customer
relationships and take the help of media, social media so that you could reach the people very easily and also strengthen your strategies in the competitive market. It has to take in daily routine or exercise a choice from among these aspects. A possible set of some objectives which can be applied while launching new product in the highly competitive market.
A higher market share holders who almost have the shares of the entire
If you are entering highly competitive market then you have more
opportunity to grow in the market.
As you enter in the highly competitive market with a mind set and
marketing strategies which automatically increased the ability to compete in the market with others.
You try to provide better customer services to your respective clients so
that you could earn some profit and take some advantage of the situation.
You earn good repo from and receives from your customers in the
You try to apply low cost as compared with your competitors to beat them
from any corner.
So after discussing a lot of things in launching the new tab in the market we also
3.a) Segmentation in a business world to customer market is a process of distributing the large customer market into smaller group of clients with similar pattern of their demand. It also consist of grouping of few number of large clients in to one segment or entity due to similar demand pattern for industrial markets. In the same way if we discuss about targeting involves including decisions encompassing which market to enter out of the box available market sector alternatives. In the given problem Segmentation, Targeting, Positioning and Differentiation plays a very important role in the success of any product Market segmentation is the way or process of dividing the market into different same sub groups of consumers with same demand in the market or characteristics that lead them to respond in similar ways of particular marketing analyzers or designers. There exist large different market in which clients are different form one another on different demand patterns , they have distinct choices, tastes. The key factor their standard, their incoming also affects their choices which is directly proportional to the firm income. So the
researcher or analyzer has to understand and identify smaller homogeneous markets where clients are more similar to have similar choices and similar demand pattern. So keeping all these discussed aspects the analyzer or marketer can develop a distinct marketing offer for each of these heterogeneous and homogeneous market. This process of segmentation of the clients may conceivably be same to each other is called market segmentation, So in a very common way all the brand organisations like Apple, Micromax and Samsung have the same tendency and work plan for their customers as they know the Indian customer very well and know their financial status which type of service they should provide to Indian customer so that they could enjoy their life style. Each selected market can be targeted with different marketing mix. Thus marketing segmentation consists of taking a total a different market for the goods and distributing it into some sub segments of the market. Each of which fully tend to achieve the
homogeneous situation in the all significant aspects. Market segmentation allows a marketer to take a different market , a market which is full of different choices and tastes of the people but carve or fix it in one homogeneous market which are made up
3.b) As given in the problem the evaluation of the positioning and differentiation
strategy foe Micromax, Apple , Lenevo and Samsung will be done on the basis of simple study of positioning and differentiation. Positioning constitute the basic or fundamental pillar of any marketing function. Till then we have accomplished our discussion on segmentation and targeting. The marketing manager or marketer needs to decide which segment to enter and how to approach or reach the clients through the selection of market sector or segment and target marketing strategy. The next step which is coming forward or we can coming into action that to decide the company’s product offer and which type of image the firm wants to set in their customers point of view, this is the key objective of the business. The main challenge is to decide what position the company wants it goods or product to cover in the selected segment of the market. A products position is the definition that a client or consumer gives to the product on important attributes. Many marketers choose to target several segments or sectors with differentiated marketing offer to fit each market sector. As we all know that Maruti is the leading automobile
organization in India , which has the distinction of having the products for different market segments. Same in the case of Samsung and Apple that both market giants have covered or we can say their phones are being used everywhere in India. Maruti is sold to upcoming middle class family, then further Ciaz, Swift and Breezza are designed for rich class family and Ecco and omini are designed for big family or taxi operations. Same in the case of Samsung mobiles they have several range of prices with several features in their phones they have also manufactured Samsung S7 edge which is for high class or rich family same in the case of Iphone 6s it is designed for high class family and their Iphone 4s and 5s are in the range of other people of middle class family so the basic idea of dividing the customers with respect to the range of the mobiles. At one hand they provide technology and features at one hand they put some good value in the market to avail these facility. Trying to reach different market segments with different promotion plans involve higher promotion budget. The marketing manager or analyzer needs to decide between the higher marketing costs versus greater sales due to differentiated marketing strategy. It is customers mind that the goods or product takes in relation to competitors goods or products which is often verbalized by clients on certain aspects. Positioning is an act of developing the organisations offerings and image to occupy a distinct place in the minds of the target market. It is consumer driven strategy in which
the main motto is to occupy a unique place in the customer’s mind and maximize its
potential benefits for the firm.