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Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall business objectives.
Develop and evaluate a basic marketing plan.
Task 1 – Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall business objectives.
After you have chosen one organisation (Company A) from the list above, pick one of its competitors of your own choice (Company B). You are free to choose any competitor to Company A as long as its business is available in UK market.
Compare the ways in which those two organisations use elements of the extended Marketing mix (7Ps) to achieve their overall business objectives. For this task, you should be able to provide the following information about two companies you have chosen (Company A and B).
The 7Ps marketing mix:
– Product: The products or services being offered by the two companies; The characteristics and benefits of product/ services.
– Price: Pricing context, pricing strategy and factors influencing pricing of the two companies.
– Place: The distribution channels of both companies; the characteristics of each distribution channel
(the reason why these two companies choose to distribute their products/ services in those places).
– Promotion: Integrated communication mix and promotional tools. In this task, the main task will be the promotion video.
– People: The different roles of people in marketing, including customer interfacing and support personnel. The different skills, attitudes and behaviour of people delivering the product or service to customers.
– Physical evidence: The tangible aspects of service delivery visual, aural and olfactory elements.
– Process: Systems and processes involved in delivering a consistent service. Different types of processes used to expedite the marketing function.
How do Company A and B achieve their overall business objectives by marketing mix strategy? In this part, you should mention their marketing objectives and marketing approach; the benefits/ results that Marketing Mix strategies have helped both companies to achieve.
Task 2 – Develop and evaluate a basic marketing plan
After you complete a report about 7Ps of your chosen organization (Company A), you have to come up with a marketing plan for it. This new marketing plan should be able to get rid of any problems/shortcomings of Company As current marketing plan (if there is any) and propose some new ideas for the companys Marketing strategy in 2019. For this task, you should be able to provide the following information:
– Company Overview: Briefly summarize the history of establishment and development, its vision and mission, its business and achievements.
– Current Marketing Situation Analysis: Come up with the SWOT analysis for your chosen company.
– Marketing objectives: Write at least 2 marketing objectives for your self-developed marketing plan.
– Segmentation, Targeting and Positioning (STP): For Segmentation, explain and analyse how you segment the market for your company (based on which criteria); For Targeting, explain and analyse the Targeting strategy you choose (Ex: Differentiated, Undifferentiated, Niche); For Positioning, it is recommended that you come up with a perceptual map for your company and its competitors.
– Tactics and Action: In this part, based on the 7Ps situation you have analysed in Task 1, you can make some changes or adjustments. If there is no change in particular element(s) (Product, Price, Place, Promotion, People, Physical Evidence, Process), you do not need to repeat it anymore. For the Promotion part, you are required to make a short promotion video.
– Allocation of resources (Timeline and people allocation): Estimate time you will need and also 4 the people/ agencies you will need to hire to implement your Marketing plan.
– Evaluating and Monitoring marketing plans: Explain and analyse how you would evaluate and monitor the success of your Marketing plan (by which tool/ method).
1. For the Promotion in the Tactics and Actions part, you will be required to produce presentation slides in Microsoft PowerPoint to promote the product/ organization.
– There should be the right amount of slides for a presentation that would be delivered in 2.5 minutes.
– The slides must serve the purpose of promoting your chosen product/organization.
– There must be no sensitive pictures such as violence, sex and inappropriate language.
2. You will explain why you came up with such Marketing Mix adjustments (if there is any).
According to Glossary of Command Verb by Pearson
1. Compare which means identify the main factors to two or more items/situations or aspects of a subject that is extended to explain the similarities, differences, advantages and disadvantages. This is used to show depth of knowledge through selection of characteristic.
2. Evaluate which means work draws on varied information, themes or concepts to consider aspects, such as:
Strengths or weaknesses
Advantages or disadvantages
Relevance or significance.
Students inquiries should lead to a supported judgement showing relationship to its context. This will often be in a conclusion. Evidence will often be written but could be through presentation or activity.
3. Produce which means to brings into existence.
4. Design which means plan and present ideas to show the layout/function/workings/object/ system/process
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