Improving an existing business activity in your workplace Essay Example

  • Category:
    Business
  • Document type:
    Assignment
  • Level:
    High School
  • Page:
    2
  • Words:
    996

Improving marketing activity in my workplace

Improving an existing business activity in your workplace

Improving an existing business activity in your workplace 1

Assessment Item:

Table of Contents

Contents

4 Introduction

4 Current marketing practices

5 How to improve marketing

7 Conclusion

7 Recommendations

9 References

10 Appendices

Table of figures

Differences between mass marketing and differentiated marketing 5 Figure 1

Figure 2 profitability of differentiated marketing 7

Figure 3 viral marketing using social media 8

Introduction

Kotler & Armstrong, 2010). This report proposes how to improve the marketing activity at my place of work. This will be attained through analysing the current marketing practices and pointing out the ways in which marketing can be improved in the firm. (Marketing is the heart of any business. This is due to fact that business success is based on the overall marketing. Marketing is a process in which product or service is promoted and introduced to the expected target market. The main roles of marketing involves creating product or service awareness, increasing sales, enhancing company reputation and creating healthy competition among others

Current marketing practices

Tedlow & Jones, 2014). The firm has numerous buyers who ate scattered and varied in their needs. The mass marketing approach has proved to be too expensive and difficult to implement. Through mass marketing, the business has been sending similar information to the large group of customers. All customers are treated in the same manner (Kotler & Armstrong, 2010). Of late, the business had been sending hundreds of discount coupons to consumers and has experienced a very poor response. The main issue with this method of marketing is the fact that there was no selection process for their potential customers. This led to the offer being rejected by most of the customers whom it did not appeal to. Despite offering good discounts, the target market is poorly defined. (At the moment, the marketing has been poorly done in the firm. The business has not been able to select the target well leading to mass marketing

Due to use of unfocused marketing strategy, the wrong group of people is given the wrong message. This has been leading to wastage of marketing revenue. This may also have led to the business being seen as desperate and careless by their prospective clients. Treating the customers anonymously has led to loss of business (Tedlow & Jones, 2014). The marketing used by the business does not recognize then customers’ needs. Another issue with current marketing strategy is failure to embrace modern technology. The firm marketing techniques are not up to standards. There is no use of modern media in advertising. Advertising helps a lot in directing the customers to specific products.

How to improve marketing

Strategic factors

Differences

Mass marketing

Differentiated marketing

Target market

Broad range of consumers

Two or more well defined consumer groups.

Limited number of products under the same brand for all customers

Distinct brand for each of the consumer segment.

Distribution

All possible outlets

All suitable outlets based by the segment

Promotion

Mass media

All suitable media based on segment

One price range based on popularity

Distinct price for each consumer group.

Differences between mass marketing and differentiated marketing
Figure 1.

Leskovec, Adamic & Huberman, 2007). Lastly, the business has to choose a targeting strategy. This will be based on the firm resources which are limited. The business will have to use smart targeting through focusing on the market segment that they can fully satisfy in a profitable manner. (Wipperfürth, 2005). The important role played by advertising in marketing cannot be downplayed. The business can take the social media platform for advertisement. Use of social media helps in reaching a large group of customers through viral marketing (Mass marketing used by the company is out-dated (Tedlow & Jones, 2014). There is need for the business to move away from mass marketing to personalized marketing. This will involve the business committing a lot of resources to get adequate information on the market segments, targeting and carry out analysis how to target a precise segment. The most appropriate marketing in this case is segmented marketing. This is through varying products to different segments. The business is supposed to develop a strong position in the market segment which leads to more sales. Focusing on the common needs of consumers is difficult since it is hard to come up with a product that will appeal all consumers. It is important for the firm to note that use of a differentiated approach will lead to higher costs of carrying out the business (Kotler & Armstrong, 2010). This is due to fact that there is need for varying marketing plans for the products. Advertising is very vital in ensuring that the product is able to get to the consumer. It involves increasing communication and spreading ideas on goods and services. Successful advertising relies on different media platform to pass the message

Improving an existing business activity in your workplace 2

Figure 2. profitability of differentiated marketing

Conclusion

To sum up, the firm marketing needs to be improved. Use of mass marketing has been a major drawback which has led to unnecessary loss and wasteful expenditure. Coming up with a new marketing strategy through use of differentiated approach will help in targeting the customers with ease. Use of social media for marketing can help the firm in boosting their performance. This is through viral marketing. Through addressing weaknesses in marketing, the firm will be able to enhance performance.

Improving an existing business activity in your workplace 3

Figure 3. viral marketing using social media

Recommendations

  • The business should change its marketing approach from mass marketing to differentiated marketing.

  • The firm should use internet marketing which will help in viral marketing.

  • There is a need to come up with a new marketing strategy.

References

. Pearson education.Principles of marketingKotler, P., & Armstrong, G. (2010).

(1), 5.1, ACM Transactions on the Web (TWEB)Leskovec, J., Adamic, L. A., & Huberman, B. A. (2007). The dynamics of viral marketing.

(Vol. 25). Routledge.The Rise and Fall of Mass Marketing (RLE Marketing)Tedlow, R. S., & Jones, G. G. (2014).

. Portfolio (Hardcover).Brand hijack: Marketing without marketingWipperfürth, A. (2005).

Appendices

Improving an existing business activity in your workplace 4

Market segmentation