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Implemention of marketing mix
Developing Marketing Strategies and plans
Literature review outline on marketing mix
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Recommended: Implemention of marketing mix
Implement and monitor marketing activities
Assessment Task 2: Project – Plan promotional activities
Summarized marketing plan for Colloquy Grog Shop company:
Colloquy Grog Shop is a unique local bar/coffee/tapas house that provides a friendly, effective place where singles can meet. Colloquy Grog Shop is not your typical bar where people go to meet other singles. Colloquy Grog Shop has a unique service called the structure conversation system that is quite effective for allowing singles to meet each other and provide them with valuable insight into the other person through reflective conversation.
Part A: Develop a marketing strategies briefing and plan a team building activity
1. A brief overview of your company’s Marketing Plan, including
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marketing objectives and performancetargets to staff. •Develop brand awareness through a steady, month to month increase of new customers. •Develop an increase in sales while achieving a status quo state or decrease in marketing expenses. •Develop awareness of the structured conversation system measured by customers coming to the Grog Shop solely for meeting people. Performance targets to staff: - Friendly - Welcome - Talk- active Colloquy Grog Shop’s Marketing Plan: • Colloquy Grog Shop’s product strategies: - Eight microbrew beers on draft and in bottles: beer is served for two reasons. One, alcohol reduces inhibition, making it easier for people to meet and interact. - Espresso, cappuccino, coffee, and other coffee/espresso drinks: coffee and coffee-related drinks are hugely popular, particularly in the Pacific Northwest. - An assortment of different tapas: tapas are chosen because they can be relatively easy to make, the offerings can be changed frequently, and tapas are more community oriented, meaning they are designed for a table/multiple people to share. Colloquy Grog Shop’s price strategies: - The pricing of products or services is equal to or lower than the surrounding competition posted prices for the same work. We will sell products based upon time and supplies and a profit margin of 15 to 20% in the first year and growing to 35 to 40% in future years. - Price of our services must be very affordable for university student and most first entry office. Colloquy Grog Shop’s promotion strategies: - Another method will be through establishing strategic relationships with companies that have similar demographics such as the Multnomah Athletic Club.
Establishing a mutually beneficial relationship will allow both organizations to develop visibility for each other.
- The other form of advertising will be using "grassroots" methods where customers will be given coupons for their friends to try Colloquy Grog Shop for the first time. The coupon will be an economic incentive for the newcomer to try Colloquy Grog Shop. The coupon also has the added force of a referral from a friend. Colloquy Grog Shop’s distribution strategies:
- Colloquy Grog Shoplocated in central Melbourne. This allows entire customer to have their needs satisfied in one convenient location. Colloquy Grog Shopserves men, women and accepts appointments and walk-ins. Colloquy Grog Shopis able to serve the entire family in one quick, convenient visit.
2. A discussion of the marketing strategies in the Plan and the order of priority in which you think theyshould be addressed, as applicable.
creating a very different product line or service so that the business becomes a class leader in the
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industry: •A unique approach to getting singles together called the structured conversation system. This system was detailed in the Product and Services section, please refer to that section for more information. distribution: The Grog Shop develops an effective, albeit inherently structured, social setting that encourages meeting like-minded individuals. Providing the drinks is the source of income, an ancillary part of the business model. Generating value for the customers is the main focus, if the customers are happy then the revenue will follow (assuming of course that proper marketing and financial controls are employed). Concentrating on the client's needs beyond serving alcohol is the distinguishing characteristic that will allow Colloquy Grog Shop to rapidly gain market share. pricing, presentation and display of products or services: The Colloquy Grog Shop will position itself as a reasonably priced tapas/bar/coffee house that has an innovative, effective system for allowing single to meet each other.
The Colloquy Grog Shop's positioning will leverage their competitive edge:
pursuing cost leadership or product differentiation within a specialist market segment:
Selected marketing strategies Priority
establishing strategic relationships with companies that have similar demographics 3
"grassroots" methods coupon for friend 2
Advertising and promotion: 1
3. A discussion of the marketing mix that will be implemented based on the marketing strategies.
Marketing mix To be implemented based on the marketing strategies
Product Espresso, cappuccino, coffee, and other coffee/espresso drinks: coffee and coffee-related drinks.
Price the pricing scheme is based on standard industry practices.
Promotion The shop plan to operated all year promotion, each month will be difference.
Distribution all services and products will be distributed from Colloquy Grog Shop's retail space.
4. A discussion of the resources that are required to implement the marketing strategies, such as personnelinvolved, costs and budgets, equipment if any required and any other resources as
required. Financial: Media budget Print The Advertiser 12,000 Digital/online direct e-mail 1,000 Facebook/Twitter banner ads 50,000 Other online advertising 50,000 Total 113,000 Human: manager and project manager will be the responsibility for this project. IT : social media will be the IT resource Physical resources: coupon, print advertising. Technical resources: The message Colloquy Grog Shop will seek to communicate is that The Grog Shop is THE place to meet intelligent singles. This message will be communicated through a variety of methods. The first method will be advertisements. The bulk of the advertisements will be in the Willamette Weekly, a weekly entertainment guide in Portland that has impressive readership numbers for the desired target population. 5. An action plan for implementing the marketing strategies and using a project planning tool such as aGANTT chart or PERT chart. The action plan should identify timelines and roles and responsibilities foryour team members (see Part B) and that will be discussed and confirmed at the briefing (Part C). Selected marketing strategies Start time End time Team members roles and responsibilities establishing strategic relationships with companies that have similar demographics Start at 1 January 31 march Project manager "grassroots" methods coupon for friend Start at 1 January End of February reception Advertising and promotion: Start at 1 January – 31 December Project manager Gantt Chart: 1 Like 20$ off Buy one get one half Price 10$ off for new friend Early Bird (open – 9:30) Lucky Draw Friday night spacial Sweeties Mama day Melbourne cup discounts Boxing day weeks Valentine love Summer promotions JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 6. A proposed communication strategy throughout the implementation of the marketing activities. Yourcommunication strategy should ensure that all team members are kept informed of each other’sactivities. Students need to select 3 from the following options and provide detailed explanation: (Min. 50 words required for each selection explanation) discuss options: draft an email, formal letter or other written response: organize a meeting: To: Joanna, Vice President of Marketing; Alex, Vice President of Recruitment; All Attendees Meeting Date: Monday, August 1st Meeting Time: 4:00pm Meeting Duration: 1 hour Attendees: 10 ● Dan, Director of Admissions ● Bob, Assistant Director of Admissions ● Brian, Admissions Counselor ● Becky, Admissions Counselor ● Dave, Admissions Counselor Room: Meeting Room B in the Downey Hall Auditorium Agenda: Reviewing Homecoming Responsibilities Executive Overview: The purpose of this meeting was to discuss promotion responsibilities during this year. Our office needs to address this promotion earlier. Therefore, we come to discuss about the new idea to create the new promotion. use text messaging or other mobile telephone communication: Hi Bob, I would like to ask you to join the meeting to create new promotion on this years, please check e mail for more detail Thx Jack 7. Identify and plan a team building activity: • Provide comfortable rest place for breaks. - In a workplace there are a rest place for break for all staff can rest and exchange the new idea and friends. • Develop and schedule lunch and learns for employees. - Every month the manager and staff will meet and discuss about the work team. Manager will more listen to the staff and help all the staff problem. • With team building fun and fitness in mind, you can schedule fitness sessions in your workplace for employees. - The company will provide space for fitness and massage for the staff to rest from stress.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
The marketing mix, which is basic to any organization, can be considered the ‘controllable’ variables that every business encounters. These controllable variables can be modified based on the uncontrollable variables (external factors found in Environmental Scan) that directly affect business operations. A company focuses on four elements in the marketing mix: Product, Price, Place, and Promotion, which are managed and coordinated through marketing programs in efforts to appeal to their target market. Marketers strive to understand what motivates consumers to purchase certain products. The marketing mix helps to break down some of these questions: What will consumers buy? How much will they spend? Where will they buy? And will they buy again?
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
It basically constitutes 4P’s of marketing mix such as price, place, product and promotion. All these 4P’s have similar repercussion for the promotion of products in various organizations. These justifiable elements of marketing mix can be utilized by a business organization to increase its marketing efficiency. With the marketing mix, a company can have access to marketing information so as to determine the outcomes of the marketing activities on its total sales. The company can evaluate the extent of efficiency of its marketing activities using the information gathered from the marketing mix.
The following plan is intended to provide a basic marketing communications plan for a fictitious company. The company in question operates in China and produces soft drinks, particularly adult soft drinks. The information in the plan has been sourced from various textbooks and online research including the National Bureau of Statistics China.
The activities consisted in the process of identifying a problem that has to be addressed in marketing or an opportunity to increase the brand image of a business or to increase sales volume by having an increased reach in advertising and formulating a strategy based on extensive market research, segmentation and supporting data is known as positioning in terms of marketing. Positioning is formulating a strategy using tactical development phases to carry out a goal to attain an organizational objective.
The purpose of the meeting will be implementing of marketing activity. Please review the required implementation and bring along your recommendations to the meeting for the required discussion. Thank you
The 'Secondary' Create your marketing strategy and goals. Retrieved October 20, 2007, from http://www.cd http://www.businesslink.gov.uk/bdotg/action/layer?topicId Lucozde.com (2007). The. Retrieved October 20, 2007 from http://www.lucozade.com/energy/. Perreault, W., & McCarthy, J. a. The adage of the adage of the adage Basic marketing: a global managerial approach.
Overall, these are all marketing strategies that can be utilized both locally, and on a larger scale. Two additional factors must also be considered when using effective marketing strategies. Determining areas where marketing will be most effective, as well as methods to organize and keep track of existing, and new clientele are imperative to successful
To create a successful marketing mix you must have all of the following aspects: the right product for your target market, sold to your target market at the appropriate price,in the right place and time, while using the most fitting promotion. ( Marketing Theory 1995.) The product, price, place, and promotion all are of uttermost importance in a business, since all businesses must complete all of these activities, including advertising agencies and research firms, everybody in the business world should understand the marketing mix.
Conclusively, the marketing plan is indispensable to the firm. Marian Burke Wood wrote that it encompasses more than just marketing, it also includes the discussion of locations, staffing and financing. Asking questions such as which market should be penetrated, strengths and weaknesses that the firm brings to the marketplace. If sufficient resources are available, and if so, can be exploited, may prove to be more than just a handful of core benefits.
There are many different approaches to the marketing planning process. The one most widely recognised is the SOSTAC model developed in the 1990’s by PR Smith. The model is straightforward and goes through the process of building a marketing plan, ensuring that all relevant factors are considered, without excessive and expensive detail. Finally looking at the practical issues of putting the plan into practice.
“Marketing plan designs specific action programs that implement the desired strategy” (Walter & Dana, 2007,pp. 50). This marketing plan will look after the company’s vision, mission and values. Then, it will go on to the situation analysis where in it will discuss the competitiveness of the company among the others using the SWOT, PESTEL and Porter’s analysis. Next, it will move on to the objective of the company that will be presented and it will go on to the marketing mix strategies that need to be applied by the company in order to achieve the desired outcomes. Finally, it will present the budget to complete the effectiveness