Marketing Mix Implementation Assignment Sample
In this sample essay solution, we will discuss the marketing mix implementation.
The marketing mix is a well-known marketing strategy tool and is the core 7Ps of Product, Price, Place, people, process, physical evidence, and Promotion. It is one of the top 3 classic marketing models, according to a poll on Smart Insights.
The 7Ps helps companies to review and define key issues that affect the marketing of their products and services and often refers to as the 7Ps framework for the digital marketing mix.
Besides, companies can use the 7Ps model to set objectives, conduct a SWOT analysis and undertake competitive analysis. It’s a practical framework to evaluate an existing business and work through appropriate approaches, assessing the mix element.
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Implementing 7p’s of Marketing Mix
Product strategy and programs require consideration of things such as brand name, product features/benefits, differentiation from competition, relationship to delivering value, logo, package design/labeling, complementary products/services, elements of customer service strategy, and programs. Also, this is where the service concept, tangibles, customer-contact employees and must address. Depending on the charge of your marketing plan, some of the above may not apply.
Price strategy and programs require consideration of things such as pricing objectives and the relationship to delivering value. Keep in mind that pricing does not restrict monetary concerns. Customers are likely to compare the perceived benefits of the new brand to the perceived benefits of the existing brand and other competitive brands. In other words, customers are to perform a cost-benefit analysis, which means that customers must perceive the new brand to have benefits that are equal to or exceed the perceived costs.
When considering pricing issues, including costs customers are likely to incur as time, effort, and energy. Consider psychological costs (e.g., embarrassment, fear, rejection) and losses (e.g., aesthetics, familiarity), and physical discomfort or loss of pleasure.
Place or distribution strategy and programs require consideration of the selection, motivation, and evaluation of channel partners. Besides, This is the place to describe any direct marketing programs such as mail, telemarketing, catalogs, Internet, and other accessibility issues like the number of local stores.
4.Promotional strategy implementation
- Advertising strategy and programs require consideration of advertising message like what to say, unique selling points, benefits to be stressed, value story, points of differentiation), creative style (settings, characterization, humor or not, testimonials), media mix, media schedule.
- Public relations/publicity strategy and programs that require consideration of things such as how to get press coverage, acquiring the company/brand name and story out to the public, event-oriented marketing.
- Sales promotion strategy and programs require consideration contests, sweepstakes, event tie-ins, coupons, premiums (T-shirts, hats, key chains, cup holders), trade shows, consumer fairs, and so forth.
- Salesforce strategy and programs need consideration of the size of the sales force, salesforce organization such as geographic territory; customer-type based, product-based, or some combination; salesperson characteristics and skills to recruit and train toward; compensation; motivation.
Marketing programs require consideration of methods, systematically listen to the customer, monitor customer satisfaction/loyalty, monitor competition, and become aware of trends that might impact the business. This strategy requires some specific intelligence/information-gathering plan.
Describe the evaluation and measurement procedures to monitor the overall performance of the action plan, including quantitative measures and allowable time frames.
Elaborate on the specifics of plan implementation and quantitative projections. This implementation includes people responsible for programs, budgets, other resources needed, target completion dates, timetables. It requires a consideration of who does what, when, and for how much. Quantitative assessment includes projections of sales dollars and volume, and market share, costs.
Any business needs to have a physical presence as proof of its existence. The owners must register the physical properties associated with the business with the local authority. It increases the trustworthiness among customers of your brand.
A well-developed marketing mix will help you develop products and services that better serve the wants and needs of your target market. Moreover, your market mix will help your customers understand why your product or service is better than your competitors.
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You may also want to read other sample essays such as place strategy essay sample, Segmentation, targeting and positioning essay sample, models used in strategic marketing planning, and many more.
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