• Internal Code :
  • Subject Code : HI5004
  • University : Holmes Institute
  • Subject Name : Marketing

Understanding of Marketing Management

Question 1 Week 3: Tutorial 2

  • Concept to product

The concept to product is a process that refers to the stages encompassed in bringing a vague concept or idea of the product in the market release and to the customers (Cao et al. 2018). It basically encapsulates the journey of the product from production till the final completion. For example, a new mobile feature of tracking the heartbeat of the mobile users is to be employed, it will initially undergo a series of trials, it will be assessed in terms of innovation, applied on a larger sample and then, the results will be analysed and the concept will be amalgamated in the product.

  • Market to customer

It involves comprehending the attractiveness of the market and outlining a clear value proposition so that the articulation of the marketing activities is done in an effective custom (Vom Brocke et al. 2016). It is intended to ensure that the customer advocacy, retention and growth are promoted. Its examples involve online marketing, retailers and vendors.

  • Order to cash

The order to cash process incorporates selling a service or product. An effective order to cash process ensures that customer satisfaction is elevated and the collection process is speeded up and the value input is provided to the business intelligence (Cao et al. 2018). However, ineffective process main cause errors in the order entry or glitches in the shipping process. Examples of order to cash processes are Oracle Netsuite, SAP, Oracle ERP and many more.

  • Demand to supply

It emphasizes on the interface between the suppliers of a resource and the buyers for that resource. It lays prominence on the quantity of a commodity and quantity that consumers intend to purchase (Vom Brocke et al. 2016). For example, the supply of groceries is delivered in the market as per the needs of the customers.

Question 2 Week 4: Tutorial 3

Qualitative research is a research type that iterates around obtaining data through conversation, communication or open-ended discussion (Petrescu and Lauer 2017). It is a kind of research in which the key feature incorporated is the reliance on the unstructured data and non-numerical and non-quantifiable data. Qualitative researchers usually lay prominence on comprehending the market through the idealist and humanistic approach. It usually trails interpretivism research philosophy. In this resource, the data is usually collected in the form of field notes, observation or through the video recordings or interviews, audio.

Data is also collected via the secondary resources such as articles or journals. It is employed across diverse academic disciplines and is especially important in social sciences, health sciences, education and criminology. This method can be beneficial for the marketers in gaining an in-depth detail of attitudes, behaviour and feelings of the consumers regarding a particular product or service (Petrescu and Lauer 2017). It also fosters openness and encourages people to expand on the responses which can also provide marketers with a new topic of research which was not initially considered.

For marketers, qualitative research can be beneficial for testing new ideas, services or products and giving a realistic viewpoint about how customers would perceive a newly introduced product or service. There are certain pitfalls also associated with this research type. Responses obtained through this method are usually subjective and this makes interpretations quite difficult for the marketers (Petrescu and Lauer 2017). Furthermore, this method is more time consuming as compared to the quantitative research method. For comprehending the opinions and viewpoints of the customers, marketers may have to conduct multiple sessions and also it may create misleading conclusions and may be difficult to replicate the results and generalize the outcomes.

Question 3 Week 5: Tutorial 4

Marketing is intended to assist organisations in understanding, reaching and delivering value to the customers (Christensen et al. 2016). This is the cardinal reason that customers are considered as the cornerstone in the marketing process. Organisations must comprehend and pay attention to what the customers expect from them as having an active engagement with the customers; assists in inflating the customer loyalty which further contributes to elevated profitability and performance. Having a larger framework of satisfied customers is a key strategy that organisations trail for marketing.

Organisations wish to build relationships with the customers in such a way that loyal repeat purchasing is elevated rather than merely focusing on one time customers. Online brand pages are one of the key trends that are used by firms to communicate about the new products and services been launched (Christensen et al. 2016). Customers are part-time marketers of the organisations as they embrace the trend and are responsible for the success of any marketing strategy. They are known to passively follow many brands but they actually engage with the few which provide quick responses and actions in a virtual custom on the filed complaints or queries.

The consumers today expect the brands to be honest and provide authentic and real information to them and that too in regular intervals. They expect the branch to retaliate and revert within the next hour and are available for them at the moment. It cultivates a sense of being valued among the customers and hence, they indulge in the marketing process by diverse ways like by word-of-mouth, indulging in the discussion forums, following a brand or by recommending it to others (Palmatier et al. 2019). Recommendations and testimonials of the customers have become a powerful marketing tool for businesses in today's era. Smartphones have become an external brain of the constructors and hence providing the relevant information to them via this platform is helpful in causing them to become part-time marketers of brands.

Question 4 Week 5: Tutorial 4

Family is the key determinant in impacting the choices of individuals while purchasing a particular product. Family is an integral element which affects the consumption and disposal of the products by consumers (Boudet et al. 2016). It is henceforth, cardinal for the marketers to acknowledge the family structure in terms of patterns, composition, motives of the family members and the rules for effectively marketing the product. The two common family categorisations are a nuclear family and joint family. A nuclear family is usually a small family whereas; a joint family encompasses numerous family members and potentially a large number of customers for the companies. Family is a social group and poses a considerable impact on customers.

The impact that a nuclear family poses is a result of the family gatekeeper who controls the flow and direction of the information and content, the decider who selects the product whether individually or jointly, the buyer who actually purchases a product and disposer is the member who decides to dispose of the product. The family influence is usually minimal in the nuclear family as compared to the joint family (Wen et al. 2019). In a joint family, the family dynamics influence the buying behaviour of all the members on the basis of decisions. The family lifestyle also poses a key influence on the disposal and usage of the product and its consumption. The interests of different family members also determine the life cycle of the product, interaction of different family members is a key factor that is responsible for repeated purchasing behaviour of the customers.

Question 5 Week 6: Tutorial 5

(a) The organisation makes use of free media promotion. It uses the equation by comprehending that if media is given an interesting story to broadcast, then it will be beneficial for the company in terms of publicity and promotion. It can be inferred from the example of Puerto Rico where the power of 3.5 million was knocked down by the hurricane, at the state of unavailability of the resources like electricity and water, Tesla was the first company to intervene and attempt to install the battery packs for the welfare of people (Xu et al. 2019). It also pledged to repair the solar panels which brought it to the limelight in the media and among the consumers. Furthermore, the leadership of Elon Musk is effective in promoting the brand via media. He has effective engagement with consumers on social media accounts which allow him to communicate about the projects that Tesla is undergoing.

(b) In today's era, consumers are increasingly becoming interested in organisations which trail sustainable practices and environmentally beneficial activities. Tesla intends to target such customers as it ensures to diminish its carbon footprints and revolutionize the energy industry with the use of a renewable source of energy especially the solar power battery storage (Xu et al. 2019). Its new electric cars are further intended to provide lower-priced and accessible cars which emit zero-emission. Its other portfolio of cars targets a wider segment. Its electric cars with minimal emissions target the younger segment between 35 to 40 years old and having middle to lower-income.

(c) The future of Tesla is to become the globe's biggest automobile manufacturing firm. It intends to revolutionize electrical vehicles and also contribute to saving the planet. Tesla is planning to lead the electric vehicle market as the US market is valued at around $567 billion by the year 2025 (Xu et al. 2019). It is further trying to make use of a mixture of ideology and consumerism.

References

Boudet, H.S., Flora, J.A. and Armel, K.C. 2016. Clustering household energy-saving behaviours by behavioural attribute. Energy Policy, 92, pp.444-454.

Cao, L., Navare, J. and Jin, Z. 2018. Business model innovation: How the international retailers rebuild their core business logic in a new host country. International Business Review, 27,3 pp.543-562.

Christensen, C.M., Hall, T., Dillon, K. and Duncan, D.S. 2016. Know your customers’ jobs to be done. Harvard Business Review, 94,9 pp.54-62.

Palmatier, R.W. and Martin, K.D. 2019. Customer Data Privacy: Why Every Marketer Should Care. In The Intelligent Marketer’s Guide to Data Privacy pp. 3-20.

Petrescu, M. and Lauer, B. 2017. Qualitative Marketing Research: The State of Journal Publications. Qualitative Report, 22,9.

Vom Brocke, J., Zelt, S. and Schmiedel, T. 2016. On the role of context in business process management. International Journal of Information Management, 36,3 pp.486-495.

Wen, X., Li, Y. and Liu, Q. 2019. The Impact of Impulse Buying and Network Platforms on Consumer Purchasing Behaviour: A Case Study of a Technical Product. Tehnički vjesnik, 26,4 pp.1119-1127.

Xu, Y., Liu, Y. and Li, Z. 2019. How Different Scientific Cultures Influence Triz Innovations: Applying Actor–Network Theory in Case Studies of Tesla and NIO Electric Cars. Cultures of Science, 2,2 pp.81-96.

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