QUESTION

 

8 Questions

Each questions 250 words

Need diagrams and 2-3 refernces per question with intext in harvard format

Need lot of diagram and figures.

 

ANSWER

 

Table of Contents

1.0. The new 4Ps of marketing

Product

Price

Promotion

Place

2.0. Comparison between new and old 4Ps 

Product

Price

Promotion

Place

3.0. Value delivery process

Value selection

Value creation or value delivery

Value communication

Value enhancement

4.0. STP (segmenting, targeting and positioning) 

5.0. IMC and how to launch a new product 

5.1. Campaign launch of a new product by P&G in India

Focus on the quality

Remember your existing customer

Speak to the core

Use of social media

6.1. Marketing Myopia by Theodore Levitt

7.0. Porter’s Five Forces and Swot analysis

SWOT analysis

Analysis Porter’s five Force

Threat from all the competitors

Threat from the substitutes

Bargaining power of the buyers

Bargaining power of the supplier

8.0. Marketing Mix of Nike 

Place

Prices

Promotion

Product

Reference 

1.0. The new 4Ps of marketing:

Product, price, promotion and place are the 4Ps of marketing which all marketers use. According to Wirtz and Lovelock, (2016) due to various changes in the consumer behaviour and the present conditions these points are at odds with how a business unit works today.

Product:

These days all the business units are changing their business model from product-oriented service to solution-oriented ones; all customers these days think how the product should solve their problems. Here the example of Walmart will be an appropirate one as the firm is a leader in offering new products in categories like which includes assorted types of elements and the most pivotal thing is that it covers assorted sections like groceries, home products, beauty products, footwear, toys etc.

Price:

Customers are really concerned about the pricing system but this happens only if their value is taken care of. According to Filbert and Anthony, (2018) many companies generally follow different pricing policies for different brands under its brand name. The products of all companies generally depend on its quality and its brand value. Walmart generally uses different pricing policies to get good market share and generate high revenues and this attracts huge number of customers. They do give discounts during festive seaons.

Figure: showing the 4Ps of marketing

(Source: Branded, 2019)

Promotion:

Business units can act as “entreproducers” giving all existing and potential customers with information relevant to their interests and also to create a sense of familiarity and trust issues before purchasing one product. Walmart promotes all its products and brands through various ways like by advertising, public relations, printing on magazines direct marketing and by personal selling.

Place:

These days many organisations are moving their business model from ownership to ‘access to’. According to Filbert and Anthony, (2018) many businesses operates around always-on and high speed internet connection. Place is totally not required as it is all about accessibility. Walmart has a good distribution system and that’s the reason it can reach a large amount of consumers in whichever country they do have their stores.

2.0. Comparison between new and old 4Ps

This 4P’s of marketing is being used by business organisations for the past 40 years.

Product:

Previously too often business units get caught up in the functions, features and technological superiority of the products over the competition. According to Filbert and Anthony, (2018) previously companies would build its product or service based on its features and not on customers based but now it has changed. For example Verizon products focus mainly on customer’s wants, so they update its products accordingly.

Price:

The old model of 4 Ps does not exactly encourage the need to build a robust case for giving all its customers the value of the product. It places too much emphasis on tangible price of the product.

Promotion:

The old model from 4Ps marketing was limited to interruption but marketers of these days has lot of opportunities to interact with customers needs and wants at each point during the evaluation time and the purchase cycle. According to Kotler, (2017) various ways modern businesses can act as media companies, giving existing or potential customers with advice or information so that they can do their job well. Verizon tries to create a sense of familiarity and trust with their customers before they purchase any product.

Place:

The key here is not to separate a customer from its old product or home base but it encourages creating a cross channel presences that will consider a customer’s entire journey during the purchase period and not just where the deal is sealed. Verizon wants its customers to get their products from nearby places. Since Verizon deals mainly with digital products all its customers want to get the commodity from nearby shop so that they do not need to travel if there is damage.

3.0. Value delivery process:

The value delivery and the value creation are the main focuses when it comes to marketing. The entire bunch of task which involves with marketing is to serve the grounds of value delivery.

Value selection:

The value selection delivery system is the first step of value selection. Slowly everything falls in place; only after value selection which the firm can offer then they go with production, sales and promotion. Hence Virgin Group thinks that value selection is the first and foremost step in this sequence and the important one.

Value creation or value delivery:

Value creation is the main thing for marketing jobs. What the organisation (here it is Virgin Group) has promised has to be given to the customers. The service or product offering to customer from the business unit’s end must carry the benefits of the firm as it has promised and it must reach the customer’s end as soon as possible and in the most satisfying manner. Value delivery or value creation signifies the successful execution of the firm as it has promised.

Value communication:

After deciding on the value which is to be given to the customers and then deciding on how the values has to be given or created Virgin Group tries to communicate the value of customer (Hanssens and Pauwels, 2016.). if any passenger is using their airlines they do go up to them and ask them about their experience. They try to take feedback as much as possible.

Value enhancement:

Business unit has to continuously and proactively enhance its value. Virgin Group collects feedback from all its customers about their level of satisfaction after using the product and then it upgrades its value. So this is a non-stop process which any firm to know about its customer’s level of satisfaction.

4.0. STP (segmenting, targeting and positioning)

Segmentation: when it comes to B2B marketing and especially when marketers talk about segmentation then they first need a company who will understand the trends going on in the market. Segments can change from time to time. This part really needs a good hardworking and dedicated team who can do all the work in a proper manner. A business needs to work with professionals who will understand the components well of the market and then can segment it.

Targeting: the digital world is becoming busier day to day. That is the reason targeting is becoming more important to B2b marketing. The multiple stakeholders that make up the targeted audience, some problems which they try to solve, their unique view on it and the impact they are trying to make within their company. Basically there is no one-size fits-all approach possible or successful in this B2B marketing. Companies like Apple, Samsung believes in B2B marketing a lot.

Positioning: business 2 business services or products are very complex. A strong brand easily gets notices and it becomes a loyal customer within a short period of time. The brand ‘Accenture’ easily rebranded under a certain tagline “High performance. Delivered”. This reinforce its brand promise and to make the purchase decision very easier for all its B2B clients.

5.0. IMC and how to launch a new product

This IMC (Integrated Marketing Communications) blends many promotional tools, marketing, communication and advertising techniques and services to maximise its profit level. IMC is actually achieved through short and consistent messaging that promotes familiarity and consumer rapport. Good IMC images are really meaningful and useful for all existing customers. IMC concepts definitely yield customer’s loyalty and satisfaction.

5.1. Campaign launch of a new product by P&G in India:

Launching a new product is not at all an easy process. It really needs lots of investment when it comes to time, energy. If P&G decides to launch a product in India they want to be really successful and they want to receive applause from the customers. After all huge amount of resource has gone through it to create this new product.

Focus on the quality:

When P&G is about to announce its new product it has to have a good relationship with all its reporters and know what their areas of interest should be. It is always better to find one reporter who can do a good job by sharing their message spread hundred of messages to thousands of people who have no interest at all. There is no need to spam the news just to match the right audience.

Remember your existing customer:

Every marketing activity for any organisation has its own value and place. P&G never underestimates the power of their Indian customers.

Speak to the core:

What does P&G does best that every organisation should learn from? P&G all speaks to its core audience. The P&G enthusiasts eagerly waits for their new product to be launched and they want to be the first one to share their experiences about the product.

Use of social media:

When launching a brand new product P&G have always believed that the best way to do is by using social media. It helps a company to know how many people follow them and how many people want them.

6.1. Marketing Myopia by Theodore Levitt

According to Theodore Levitt he argued that business units should not only think about themselves regarding selling of goods instead they should think themselves as ‘buyers of customers’. Organisations are organisms than create as well as maintain customers.

Nokia is considered as the best example using this formula of marketing myopia in the recent times, though it failed recently working on this formula. They started focusing on their resources than their customer’s wants. They though mobile phone is only used to make calls, messages and some snake games whereas at this time period other companies like Samsung, Apple came up with revolutionized technologies like the GPS service, media and internet. If Nokia would focus more on customer’s needs and wishes then it would have enjoyed its old position of staying at the top.

7.0. Porter’s Five Forces and Swot analysis:

Porter’s five forces and SWOT analysis are 2 most common tools that companies use to make strategic decisions and to conduct analyses. The main distinction is that Porter’s 5 forces model is always used to inspect the competitive environment which is there within an industry. Sometimes other forces like the SWOT looks more deeply within an organization to analyze its internal power.

SWOT analysis:

Strengths-

• For retail industry like Pantaloons there is a vast variety of products under one roof. Customers actually feel happy to shop with them because they do know they will get everything they want to.
• Obviously this industry has a capacity of huge investment.

Weakness-

• In retail industry there are long lines during the billing procedure which is very time consuming and this is consider as one of the weakness. Whenever a customer goes to an outlet of Pantaloons he or she has to want for few minutes which they do not like at all. These days’ customers want everything fast.

Opportunities:

• There are lot of scope in the rural market and there is huge opportunity to expand in smaller towns

Threat:

• Increase of too many online stores and shopping websites.

Analysis Porter’s five Force:

Threat from all the competitors:

This is the main factor that will be deciding on the attractiveness of the retail industry. According to Mathooko and Ogutu, (2015) new organisations will be able to learn from the mistakes of old organisations and will join the market with better sets of rules.

Threat from the substitutes:

The only substitute for retail industry these days is buying from online websites. There are other factors which comes into this point is availability of home delivery system, different ways of payment.

Bargaining power of the buyers:

The buyer’s of retail industry is expected to have higher scope for switching from one supplier to another within short span of time. If buyers purchase huge quantity of products then the bargaining power of the buyers will be more as expected.

Bargaining power of the suppliers:

The suppliers bargaining power will be more obviously if the quality of the raw materials is very unique. Few factors which govern the strength of the bargaining power of these suppliers are the quality of the product, uniqueness of the inputs etc.

8.0. Marketing Mix of Nike

Place:

The operating place of any firm is always a pivotal element and disguisedly affects the revenue of the business (Baker 2016). Nike has a global network for all its products with a distribution policy in many countries. They also do have manufacturing plants for their various products.

Prices:

Nike all products depends totally on its quality and little bit on its brand value. As there are many brands under this company it prefers different policies for all its products. Suppose for example if they launch a dandruff shampoo today they first need to see what age group of people are using it.

Promotion:

This company also uses TVC, online media and printing to promote its brand through advertisements. Nike also appoints celebrity for endorsements for their promotions. Nike generally asks a sports person to promote their product. This company spends a lot of money on internet marketing by launching its own website. In the website any customer can find information about Nike products and can buy it whenever they want to.

Product:

For all its products Nike have maintained a good quality level of products and kept all its prices reasonable so that common people can buy it. According to Stead and Hastings, (2018) this company produces wide range for footwear which people of different age groups loves to use it.

Reference

Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.

Branded, P. (2019). Home. [online] Purely Branded. Available at: https://www.purelybranded.com [Accessed 5 Feb. 2019].

Filbert, A. and Anthony, W., 2018. The Impact of Marketing Mix of 4Ps (Product, Price, Place, and Promotion) towards Repurchase Intention with Customer Satisfaction as the mediator: In the Case of Uniqlo. iBuss Management, 6(2).

Filbert, A. and Anthony, W., 2018. The Impact of Marketing Mix of 4Ps (Product, Price, Place, and Promotion) towards Repurchase Intention with Customer Satisfaction as the mediator: In the Case of Uniqlo. iBuss Management, 6(2).

Hanssens, D.M. and Pauwels, K.H., 2016. Demonstrating the value of marketing. Journal of Marketing, 80(6), pp.173-190.

Kotler, P., 2017. Philip Kotler: some of my adventures in marketing. Journal of Historical Research in Marketing, 9(2), pp.203-208.

Mathooko, F.M. and Ogutu, M., 2015. Porter’s five competitive forces framework and other factors that influence the choice of response strategies adopted by public universities in Kenya. International Journal of Educational Management, 29(3), pp.334-354.

Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance right. In Social Marketing(pp. 29-43). Psychology Press.

Wirtz, J. and Lovelock, C., 2016. Services marketing. World Scientific Publishing Company.