Before objectives. Thus, one would be able

Before diving into the research design of the report,the following has to be mentioned.

The study for this thesis has an explorativenature. The reason is that this field of interest has not yet been extensivelyexamined by the company. Therefore, qualitative methods are needed because oftheir explorative power and flexible approach (Boeije 2010, 32) Add!a/ “How does the company’s overall marketing strategy looklike?”To be able to simplify the research for this question,the following approach will be applied. A research (synonym)on relevant models will be conducted. These would then be presented andcompared in order to find the most suitable one. Furthermore (after that), thedata collection methods applicable for the question will be specified.

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The following paragraph explains the selection processfor a suitable model. The model shall be used as a starting point to conductthe research for the question. In this case, the research activity aims to find out what marketingstrategy is used to achieve the company’s (marketing) objectives. Thus, onewould be able to see what Belden considers to be important when reaching itscustomers.

In essence, marketing strategy is a planning process which allowsthe organisation to allocate andcoordinate its resources to accomplish its goals. The strategy consists ofan internally integrated but externally focused set of choices about how theorganisation addresses its customers in the context of competitive environment(Bradley 2003). Usually (synonym), it is basedon the corporate objectives and target market segments.

Having this in mind, adesk research on models has been conducted. Moreover, these have been narroweddown to two. The models will be presented individually. Afterwards, they willbe compared and contrasted to see which one would support best the researchactivity. Finally, the selected model will be applied.Marketing mix (4P’s)The Marketing Mix concept as such was first introducedby Neil Borden in the 1950s (Borden 1964). Originally, this concept was a listof 12 elements which were proposed/supposed to be considered by marketers inany given situation.

  Soon after this,the mix was taken and simplified by Edmund Jerome McCarthy. He transformed theconcept and turned it into the famous Four P’s of Marketing known nowadays.   Today, the Marketing Mix is considered the universalmarketing model which has a big impact on the practice of marketing in general.The Four P’s, namely Product, Price,Place, and Promotion are viewedas a set of controllable tools. Moreover, companies have the opportunity toblend these tools however they see fit to produce the desired response in theirtarget markets (Kotler,Wong, Saunders & Armstrong 2005, 34). Before managers start mixing the fourP’s though, first they need be aware of their target markets and customerswhich the company likes to affect/influence/approach/serve.

Thus, by taking this intoconsideration, the firm can blend the P’s in order to influence thedemand for its products. ?????? ?????????!!In the following four paragraphs, each component ofthe Marketing mix model will be presented separately. This way, the reader willbe able to better understand the concept.In the context of the marketing mix, Product means all goods and/or servicesthat the company offers to the market.

It is the company’s unique offering thataims to satisfy customer wants and needs. (Kotler, Wong, Saunders &Armstrong 2005, 34). Naturally, this P is a primary aspect of the model becauseit gives the organisation a purpose for existence. The firm’s product may betangible like a physical object or intangible such as service, experience,ideas.

Products differentiate themselves based on their specificcharacteristics including quality, design and features. However, there are other factors like reliability, variety,pre-sale information and post-sales support that are also taken into account. Therefore,companies think carefully of what their product is and what their unique valueproposition is. It is no secret that there are a lot of similar products on themarket. For this reason, it is crucial to design the product in a way thatwould make it stand out from its competitors.

Another component of the marketing mix is Price. It refers to the amount ofmoney the customers are charged for having a product or for using a service. Insome cases, price could also mean the sum of the values that consumers exchangefor the benefits of the product or service (Kotler, Wong, Saunders &Armstrong 2005, 34). It is believed that this aspect of the mix has asignificant impact on the customer’s psychology. What is more, often the priceinfluences people’s decision whether to repurchase a product. The pricing decision is affected by manyfactors among which (bargaining) power of customers, production costs anddelivery costsThe Placeaspect is related to the availability of the company’s products.

Moreconcretely, place decisions outline how the product is delivered to the marketand accessed by the customers. This includes means of transportation fordelivery, locations and distribution channel that a company chooses to use.Here, the distribution facilities and location are major factors to meet demandand supply. Therefore, it is important to be aware of how customers willphysically get the product. Add! 2 more rowsThe final touch of the mix is Promotion. According to Oxford Dictionaries, promotion is definedas follows. “The publicizing of a product, organization, or venture so as toincrease sales or public awareness” (Oxford Dictionaries, 2017).

In orderwords, promotion is used to inform, educate, and persuade customers about theproduct benefits and unique selling points. Ultimately, the company’s goal isto differentiate itself from its competitors and their offerings. Promotionincludes elements like advertising, public relations, social media marketing,email marketing, search engine marketing, video marketing etc.

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