Establish and adjust marketing mix Essay Example
BSB51215 Diploma of Marketing
BSB52415 Diploma of Marketing and Communication
BSBMKG502 Establish and Adjust the Marketing MixUNIT OF COMPETENCY
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Part A – Written Assessment
Review of the Marketing Mix
Promotion is the marketing mix element that Rezdy should improve considering that the company does not utilise sales persons to market its products. Presently, the company is utilising different forms of marketing and advertising to promote its services. Promotional mix can be described as a set of tools utilised by business to effectively communicate the benefits of its services or products to the customers. Rezdy should ensure that its promotional mix involves the important tools such as public relations (PR), sales promotion, marketing, personal selling, as well as direct marketing. Promotional mix should be considered as Rezdy’s wider marketing mix. This can be achieved if the customers understand the services offered by the company. This will enable Rezdy to survive in the modern-day competitive and globalised marketplace. Rezdy should ensure it communicates effectively its customers in order to generate profits as well as sales. By taking time to develop and put into practice a suitable promotional mix, Rezdy will be able to stimulate its targeted audience to purchase its services. First, Rezdy must ensure that its services are ‘packaged’ together and create the target audience profile for the message to be communicated. The company should define its target audience and decide on the type of message to utilise. Rezdy cannot promote itself effectively before determining whether the promotion message is designed to persuade, remind, differentiate, or inform. The company should set the objectives to be achieved and ensure that it remains clear regarding the benefits that it intends to promote.
evaluate the performance of its promotion. If the promotion takes a large percentage of the budget, the company can make adjustments in order to make it more sustainable. Other ways to evaluate the promotion element is through online analytics, lead generation, as well as bottom line value.
Cost per lead tool. This tool would enable the company toRezdy has not clearly defined the service’ image that it wants its audience to retain and is yet to decide on the budget. Therefore, the company should decide how the message should be delivered. The company must decide on the promotional mix aspects to utilise, consider ways of creating awareness regarding the business, ensure it gathers information regarding the services offered, as well as generating sales. Each component of the mix will achieve a different result, so your choice must be based on real objectives for your business. In order to evaluate, monitor and assess promotion element, the company should use
The adjustments that Rezdy should make include using the promotional mix to achieve its objectives. The promotional mix should not only include advertising, but also hypermedia, sales promotions, as well as personal selling. Besides that, Rezdy should combine the hypermedia and traditional methods. Over-relying on the hypermedia only would make it hard for the company to achieve its goals. Besides that, Rezdy should ensure that all the promotional mix elements have strengths that would enable the company to realise particular communication goals. The company should espouse a communication strategy that integrates multiple media in order to realise the desired objectives. Rezdy should make some adjustments on the hypermedia so as to improve the company’s visibility as well as create new opportunities for the business. Hypermedia would enable the company to save time and money and also get access to new customers.
a firm can catch the attention of the customers by using banner ads to create awareness about their products/services; therefore, Rezdy could banner ads to communicate information regarding its services to the customers.Nezamabad (1787)Without a doubt, these adjustments would improve the situation for both the company and consumer. The customer would be able to access information without constraints such as geographical location. More importantly, they will be offered a chance to access messages that have been enhanced by animation, sound and colour effects. For the company, Rezdy would be able to offer improved customer support and improve its sales. As mentioned by
Part B – Written or Oral Questions
Marketing mix can be defined as the model that enables a company to define its marketing options based on the 4Ps (price, product, promotion, as well as place) in order for the products or services to meet the specific demands or needs of the customers.
The Product is the item produced or created in order to satisfy the customers’ needs. Products can be tangible or intangible since they could be in the form of goods or services.
The Price is the amount of money paid by the customer in order to get the product. This element of the marketing mix is very important because it determines the survival and profits of the firm.
Placement can be described as the positioning and distribution of the product in a location that could be accessed easily by the potential customers.
Promotion is a crucial marketing component that is used to boost the sales and recognition of the product. It involves several elements such as sales promotion, PR, advertising and sales organisation.
. (Rezdy)earn some profit and remain competitiveRezdy to . Still, this would allow /Year1440$120/month or $mark down the prices to /Year, but during the slow months the company could 1668Pro account subscribers normally pay $139/month or $ down its prices so as to remain competitive in the market as well as to attract the customers to use its services due to the desirable prices. This strategy is more suitable during the slow months; for instance, the company marksdown pricing strategy, whereby the —MarkThe Pricing strategies that could be utilised by Rezdy include: (I)
Deals’, whereby the company creates packages together with other tourism partners that incorporate value-added components so as to increase the demand for the services offered devoid of offering discounts. Another pricing strategy that could be utilised is the ‘Package
Discounting is another pricing strategy that cannot be avoided easily in the competitive market like the one Rezdy operates. Therefore, the company can stimulate demands by discounting its prices, but continuous discounting can result in reduced profitability.
getting a perfect opportunity to reach the target audiencesto choose the ads that would be shown; thus, The types of advertising include Pay per Click advertising, whereby ads are shown and run in the search engines (which includes their partner sites). In the Pay per Click advertising, the visitors are paid on the basis of cost per impressions or cost per click. The advantage of this form of advertising is that it enables the marketer
Social Media Advertising is another form of advertising whereby ads are run and shown in social networking sites blogs, Facebook, YouTube, Twitter, LinkedIn and other microblogging platforms. The advantage of social media marketing is that it provides a wide reach, thanks to its viral marketing potential.
Banner Advertising involves displaying the graphical advertising unit and also includes pop ups, leaderboards, buttons, and flash banners. One of their advantages is attributed to the ability to track them easily using available ad tracking tools and serving tools.
Clearly, the level of customer satisfaction is crucial because it offers the business owners and marketers with a metric which can be utilised to improve organisational outcomes. The ability of the company to adapt quickly and manage the concerns of the customers through customer service, the organisation would be able to change the customers’ perceptions and offer the business a crucial feedback associated with services or products offered. Besides that, improved customer service is important in marketing because it improves profits (reduce number of complaints) and also improves loyalty.
acquisition path. The target market will be segmented into: geography, income, age, first purchase, to effectively satisfy the potential customers’ needs and demands.Segmentation is important because it enables the company portions, which are different from one another. ’smarket can be defined as the process of identifying Market segmentation
directions to be followed and reduce wastage of effort and time. Furthermore, setting objective reduces assumptions and facilitates the formulation of contingencies that allow for changes during the marketing project. Clarifying the objectives facilitates accountability and allows the people involved to work within the scope of responsibility, budget as well as deadline. set objectives at the start of marketing plan because it outlines theIt is important to
consumers’ mind; thus, demonstrating the crucial benefits that distinguish the product from other similar products within the market. Besides that, product positioning enables the firm to identify the points of differentiation as well as points of parity and that could enable the produced product to offer additional value to the consumers. determine means of effectively communicating the attributes of the products to the target customers grounded on the competitive pressures, customer needs, and accessible channels of communication and key messages that have been crafted cautiously. Product positioning is important because it creates the products’ image in theProduct positioning can be defined as the process used to
marketing mix decisions must be in line with these objectives. be structured in a way that facilitates identification of customer requirements. Given that organisation objectives focus on the customers; the ustomer can be achieved by products that are suitably prices, positioned and promoted. For the organisation to serve the needs of its customers, it mustIt is imperative to make sure that marketing mix decisions meet the organisation’s objectives because the needs of the c
Search engine traffic
example of an organisation that has adjusted a component of their marketing mix. Starbucks normally adjusts its pricing to meet the customers’ needs. Adjusting the pricing has enabled Starbucks to maintain its high-end speciality image. Starbucks Coffee Company is a good
Cain, Kevin. Measuring Marketing Effectiveness: 6 Metrics You Need to Track. 29 October 2012. 22 November 2016. <http://contentmarketinginstitute.com/2012/10/measuring-marketing-effectiveness-metrics/>.
Nezamabad, Mehdi Naimi. «The Impact and Benefits of Internet on Marketing Mix.» Australian Journal of Basic and Applied Sciences 5.9 (2011): 1784-1789.
Pleshette, Lyve Alexis. Advantages and Disadvantages of Various Advertising Mediums. 8 April 2013. 22 November 2016. <http://www.powerhomebiz.com/marketing-tips/advertising/advantages-and-disadvantages-advertising-mediums.htm>.
Rezdy. Mark up vs. mark down pricing strategy. 26 October 2015. 22 November 2016. <https://www.rezdy.com/blog/mark-up-vs-mark-down-pricing-strategy/>.
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