MKT601 Marketing Strategy Elements Assignment Sample

• Subject Code : MKT601
• University : International College of Management My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Marketing

Contemporary Marketing

Introduction to Globalization

Globalization has connected the business market to the world. Organizations nowadays are competing to become a market leader in that particular business and gain a competitive advantage. Thus, it is important for businesses to continuously adapt and alter their marketing strategies according to the changing preferences and demands of the consumers in the new business world (Rogan, 2017).

Edible beauty is an Australian company manufacturing and provides beauty botanical pure beauty products of creating vibrant youthful skin. It is company designing natural beauty products that are also good enough to eat for skin care. Hence. The name edible beauty. The company designs products for illuminating a person’s natural beauty using the purest, most therapeutic and luxurious ingredients that are available in the nature. It creates and designs products of skincare and wellness. Some of the products of this company include beauty teas, beauty toners, moisturisers, body lotions, serums, etc. A good marketing strategy and plan for has supported the company to gain a position in the market. However, due to the increasing competition in the market, it is difficult for the companies to survive in the business world. Thus, the companies are constantly altering their existing marketing strategies and formulating new strategies as per the needs and demand of the market.

Thus, the following article elaborately explains the various elements of the marketing strategy. It also explains about the various macro environmental factors that have an effect on operations of this business.

Market Analysis

An effective marketing strategy and its elements have positive effect on customer satisfaction and greatly impacts the buying decision of the consumers. (Masterson, Philips & Pickton, 2017). The analysis of the market and the situation is integral to achieve this.

A more effective and efficient marketing and communication plan and strategy increases chances of better performance of the company in the market. Thus, there still is a potential for the company to enhance its market performance by devising a more efficient and effective marketing strategy with a farer reach and the one which is able to reach a greater number of people. Before developing marketing strategies, it is necessary for the marketing managers to understand the market and the prevailing marketing conditions (Rogan, 2017). When developing a market strategy for a product it is important for the marketing managers to conduct a market audit and analyse a variety of factors including customer landscape (Stone & Desmond, 2007). The marketing managers should dedicate efforts to undertake market audit which will help them in understanding the market and the consumers and the various other related micro and macro factors of that market to appropriately position their company and product and thus increase sales. A company uses different techniques for developing an effective and appropriate marketing strategy.

Segmentation, targeting and positioning is important in developing and determining the company’s marketing, communication, and marketing strategy. Segmentation, targeting and positioning is the process of identifying, assessing and choosing a business’s potential customer, pursuing them to purchase the products and services and creating a value for these customers. A population of consumers can be divided into groups based on location, lifestyle, and demographics (Andaleeb, 2016). The target segment of this company are the consumers who have their will to spend on high price skin care and are more inclined to the use of natural products and elements. An understanding of the market also includes understanding the customers or consumers of that market. Consumer behaviour and consumer decision in purchasing a certain product or service is influenced by marketing factors like pricing and promotion (Kanagal, 2016). Consumer behaviour can be explained in simple terms as the decision-making process that a customer or a consumer undergoes, and actions performed by a consumer when purchasing a product or service (Wu and Li, 2016). Analysis of consumer behaviour helps to understand the perception of an individual consumer about the products and services, their uses and how the consumer selects it according to their needs, wants and desires. Consumer behaviour and the marketing mix and strategies of an organization impact the sale of products and services and success of a company (Achar et.al., 2016).

Analysis of Macro Environmental Factors

It is essential for the businesses to understand and analyse the consumers and the external macro environmental factors like political or legal, economic, social or cultural, technological, and other factors that influence the operations of an organization and also consumer’s buying behaviour (Thieu et.al. 2017).

The political and legal factors talk about the political and legal situations of the market, the laws, tariffs and taxes related to businesses that the prevailing government of a region levies (Fahy & Jobber, 2015). Edible beauty is a company with its origin in Australia and its major operations in Australia. The political and legal conditions of Australia are quite conducive for its functioning. Since, it has its distribution and supplies products to some other regions as well, it is important for the company to abide by the laws and trade tariffs of that region. The economic factors take into consideration the economy and the condition of the market. Like an inflation of the economy also affects the functioning of the business. The cultural and the social factors consist of all the factors of culture, sub-culture, demographics, locality, ethnicity, social class, family, etc of the clients and the market. It also takes into consideration the various demographic or the lifestyle factors of a region that influence the buying decision of consumer. The marketing mix of product, price, place and promotion considers these factors to help achieve success for a company or product.

For edible beauty company, the distribution place would be more developing and developed areas, regions, towns and cities, where people have the knowledge about such products and are relatively more concern towards their skincare. The company can design a higher pricing strategy as the consumers in these regions generally have high spending capacity. Edible beauty company thus will have to design and develop different products according to the different taste of the client, the region, the culture, beliefs and tradition of that region, etc. These differences in taste and choice arise due to the differences in cultural and social background. Technology is every changing concept and businesses need to these ever-changing technological aspects (Fahy, & Jobber, 2015). The company needs to analyse these factors, to understand how the consumers react to the technological trends and what are their needs and does include this technology in their operations and product. This company has very well incorporated technology in its operations, as it provides online shopping service where its products are available on company website and other online shopping platforms.

Along with the understanding these factors, it is also essential for the businesses to evaluate its competitive position in the marketing and so that it can act accordingly (Gurel, 2017). Companies use the technique of SWOT analysis to evaluate and analyse the strengths, weaknesses, threats and opportunities of that product or business (Gurel, 2017). SWOT analysis assesses internal and external factors, as well as current and future potential. It understands the performance, competition, risk, and potential of a business (Gurel, 2017). The internal and external factors of the SWOT analysis for Apple company can be describe as follows:

• Strengths- the strengths of this company include the company innovative business concept. The awareness of people to incorporate natural products in their regime of care and wellness is also an important strength of the company.
• Weakness- understanding weaknesses is understanding the inadequacies of the company (Morgan, Whitler, Feng, & Chari, 2018). The weakness of this company includes limited distribution channels, high prices and the sales being dependent on high-end market segments. High product prices often attract only the customers with high spending power and thus is limited to a niche market.
• Opportunities- the opportunities available to this company are distribution network expansion, higher sales volumes due to increasing demand and development of new product lines (Gurel, 2017). This company can expand and try to penetrate the untapped markets and thus increase sales volumes. Along, with premium products it can also develop new product lines which will cater to the other customers also apart from the high-income group.
• Threats- the factors possessing threats to this company are aggressive competition, imitation and rising labour cost in various countries. The company. With many other companies coming up with same business concept the company faces competition threat. The local companies nowadays easily imitate the products and features of the product and offer them at considerably lower price.

Marketing Mix Elements

The marketing mix consists of all the elements associated with the marketing of a product or service, that influences the buying decision and behaviour of the consumer (Masterson, Philips & Pickton, 2017). This marketing mix comprises of seven elements that have an impact on a product performance and sale and comprise of product, price, place (of distribution), promotion, people, physical evidence and processes (Masterson, Philips & Pickton, 2017). These elements can be described as:

• Product- product is the most necessary function the marketing mix. Product is a what a company offers in the market in exchange of a price to satisfy the needs and wants of a target customer. The marketing strategies are designed based of this product. The product line this company consist of various revolutionary skincare and wellness products like wellness teas, beauty serums, essential oils, etc. The main product feature of this company is using purely natural and botanical ingredients for manufacture of its products.

• Price- Price is the money value or charged by a company for a product or service. It is what the companies gets in return for the efforts applied in manufacturing that product of service. The basic aim of this pricing element is to get an investment return. This company uses a higher pricing strategy. By offering the premium pricing it appeals to the customer to offer the best customer experience.
• Place- this explains the channel or place of distribution of the products and service. It includes the different channels and medium of distribution of the product and service. The basic aim of this function of marketing mix is to make the right product or service available at the right time and at the right place and also in the right quantities. This company has its franchise and stores in Australia. The products of this company are nowadays available across the globe by using uses online platforms for its distribution nowadays. It also uses the retail and dealership counters for its distribution.
• Promotion- Promotion of a product basically is the communication process for communicating the information, ideas, product features and uses of a product to a target group of people or consumers with a view to motivate sales. Promotional tools used by businesses are advertisement commercials and campaigns, direct marketing, social media marketing, public relations, etc (Dimyati, 2015). Like most of the companies, this company also uses the traditional methods of promotional activities. The company uses print media and advertisements tools like television commercials, print advertisements, etc. Advertising the products on social media platforms, where people spend most of their active time nowadays, has helped the company to increase their revenue.
• People- this element comprises of the employees, target customer segment and everyone involved in the business directly or indirectly. The customer segment of this company consists of people of developing regions and who have the knowledge and are aware of the properties and features of natural ingredients in skincare and wellness regime. The customer segment also consists on people having high income and spending power as these people willingly spend on these lifestyle needs.
• Physical evidence- it refers to all the elements of the product the customers see when interacting with the company or the product. It includes the physical environment, where the product or service is provided and the layout of the product. The physical element for this company is the packaging of the products, the colour and layout of the packets and bottles.
• Processes- this element includes all the processes involved in the and the mechanism of the marketing strategy. These are the processes that are undertaken in delivering the product or service to the customer. It includes assessing and monitoring all the processes like sales, distributions, customer relationship management, etc.

Conclusion and Recommendations on Contemporary Marketing

With the changing market dynamics all companies and businesses have a common goal of increasing their market performance and more market capitalization. For the success of any business, it is essential for the businesses to understand and analyse the external, internal, and environmental factors. These analyses are used for analysis of a business helps to interpret about the strategies of the company. The marketing mix elements have positive impact on customer satisfaction and greatly influences the consumer’s buying decision. It is recommended for the company to use the marketing mix as per the changing demands of the market. The company can add new products to its existing product portfolio of simpler ingredients and catering to all age groups and innovate its packaging to attract and maintain customers.

By altering the its pricing strategy from high pricing to affordable pricing, the company can experience boost in its sales. It is also recommended for the company penetrate the untap markets and increase its global presence to maximize its market share. This can be achieved by innovating its promotion strategies. Apart from selling on company website, the company should increase it tie-up with other famous online shopping platforms to increase its sales. It is recommended for companies to try to reach more and more people, connect with them and provide best customer experience and thus develop brand loyalty. While processes and marketing strategies it is recommended for the company to consider that marketing strategies are long-term and forward-looking approaches.

References for Contemporary Marketing

Achar, et.al (2016). What we feel and why we buy: the influence of emotions on consumer decision making. Current Opinion in Psychology, 10, 166-170.

Andaleeb, S.S. (2016). Market Segmentation, Targeting, and Positioning. Retrieved from: https://doi.org/10.1108/978-1-78635-746-520161006

Dimyati, M. (2015). The role of customer satisfaction in mediating marketing communication effect on customer loyalty. International Refereed Research Journal, 5(4), 75-87.

Fahy, J. & Jobber, D. (2015). Foundations of marketing. London: McGraw-Hill Education.

Gurel, E. (2017). SWOT analysis: A theoretical review. The Journal of International Social Research, 10(51), 995-1006.

Kanagal, N.B (2016). An extended model of behavioural process in consumer decision making. International Journal of Marketing Studies, 8(4), 87-93.

Masterson, R., Philips, N. & Pickton, D. (2017). Marketing an introduction. London: Sage Publications.

Morgan, N., Whitler, K.A., Feng, H. & Chari, S. (2018). Research in marketing strategy. Retrieved from: https://www.researchgate.net/publication/327107606

Rogan, D. (2017). Marketing: An introduction for learners in Ireland. Dublin: Gill and Macmillan.

Stone, M. & Desmond, J. (2007). Fundamentals of marketing. London: Routledge.

Thieu, B.T., et.al (2017). Linkages between marketing mix components and customer satisfaction: An analysis on Google in Hanoi, Vietnam. Journal of Economics and Business Research, 23(1), 123-147.

Wu, Y.L. and Li, E.Y. (2016). Marketing mix, customer value and customer loyalty in social commerce. Retrieved from: www.emraldinsight.com/1066-2243.htm.

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