Final
Individual Assessment
Unit Details |
Name |
Marketing Management |
Code |
HI5004 |
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Year, Trimester |
Trimester 2, 2024 |
Assessment Details |
Name |
Final Individual Assessment |
Due Date & Time |
10 October, 2024 10.59 pm - Brisbane & Gold Coast students 11.59 pm - Melbourne & Sydney students |
Student Details |
Student Number |
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First Name |
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Family Name |
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Submission Declaration |
Integrity Declaration |
I have read and understand academic integrity policies and practices and my assessment does not violate these. |
Full Name |
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Submission Date |
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ALL SUBMISSIONS MUST INCLUDE YOUR STUDENT DETAILS AND SUBMISSION DECLARATION.
IF THESE DETAILS ARE NOT COMPLETED YOU RISK BEING PENALISED
Instructions
Academic Integrity Information |
Holmes Institute is committed to ensuring and upholding academic integrity. All assessment must comply with academic integrity guidelines. Important academic integrity breaches include plagiarism, collusion, copying, impersonation, contract cheating, data fabrication and falsification. Please learn about academic integrity and consult your teachers with any questions. Violating academic integrity is serious and punishable by penalties that range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.
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Format & submission instructions |
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Penalties |
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All responses must be entered in the answer boxes at the end of each question.
Question 1 (10 marks)
Explain the
concept of the marketing mix and how it serves as a tool for
marketing managers to influence consumer demand. Provide examples of
how different elements of the marketing mix (Product, Price, Place,
Promotion) can be adjusted in response to changing market conditions.
(400 –
500 words)
ANSWER (box will enlarge as you enter your response)
The marketing term is defined as the company's action to promote the products and services it produces (Thabit & Raewf, 2018). In simple terms, marketing is fulfilling customers' needs and wants by creating products and services according to their requirements. The marketing mix is the most crucial marketing tool that the company uses to promote its products and services. According to Maruši? (2019), the marketing mix includes 4Ps of marketing: product, price, place, and promotion. The marketing manager, in their pivotal role, can use the marketing mix in various ways to create a strategic plan that controls various aspects of the demand raised by the customers. Through this, the company gets the maximum benefit and achieves a massive height in the future.
How consumer demands influenced by the marketing mix –
Product – By creating a unique design, quality, features, and attractive packaging that fulfills the customers' requirements, an organization can easily influence the customers and impact their purchasing decisions.
Price – Price plays a crucial role in influencing the customer's demand (Ramanathan & Subramanian, 2017). Setting up the price of the product in such a way that customers consider fair helps boost the demand for the product. Further, the price of the product and demand have the opposite relation. If the price goes up, demand goes down; oppositely, if the price goes down, the quantity demanded of the commodity rises.
Place – The producer must clear the distribution channel and location for product distribution. If the distribution channel is efficient, it provides the product to the target audience in minimal time, which helps boost the company's sales and goodwill.
Promotion – Promotion is the key aspect of marketing because it helps promote the product and service among the customers, leading to the sale of the product and service faster (Nabella, 2021). Moreover, promotion provides information about the new product in its specifications to the customer, boosting sales.
Examples of modification in Marketing Mix according to the requirement of the customers –
Adjustment in Product – Adding new features, expanding the product line-up, and modifying the packaging help the business grow.
Adjustment in Price – Price penetration, which involves setting a low initial price to attract a large number of customers, and skimming, which sets a high initial price and then gradually lowers it, are the best ways to gain customer attention.
Adjustment in Place – Using diverse marketing channels, such as social media, e-commerce websites, and physical stores, for sales can help reach a wider audience and boost sales.
Adjustment in Promotion – Using social media for marketing and leveraging the influence of various stars and celebrities to endorse the product can significantly boost sales and brand visibility.
Question 2 (10 marks)
Critically evaluate the role of digital marketing in contemporary marketing strategy. How does digital marketing help businesses reach their target audience more effectively than traditional marketing methods? (400 – 500 words)
ANSWER
According to Bala & Verma (2018), digital marketing plays a significant role in enhancing the sales of products and services produced by the organization. It helps the business to reach a massive high. Nowadays, everyone is using the smartphone and the internet for shopping, which is much more convenient and time-saving than the traditional method of shopping. Moreover, digital marketing uses various methods like search engine optimization (SEO), social media marketing, mobile or email marketing, or even affiliate marketing to reach potential customers in minimum time (Puthussery, 2020). The real-time data aspect of digital marketing keeps the audience informed and up-to-date. Moreover, digital marketing targets a much wider audience and features like integration with AI help boost the customer experience. Digital marketing provides real-time data, cost efficiency, and personalized experience to the customer, which is why it has gained more popularity in the current time, along with campaigns for the digital marketing platforms that the companies very aggressively do.
Main Advantages of Digital Marketing over the Traditional Marketing –
Specific Targeting – Silvia (2019) stated that digital marketing can target specific customers according to their demographic, location, interest, behavior, needs, and wants, through which an effective marking could be done; apart from that, it becomes easy for the company to target the specific and relevant audience according to their business.
Assessable Consequences – With the help of digital marketing, a detailed analytical result is obtained, which helps the business understand the conversion and ROI rate. Traditional marketing has a huge problem: the camping process is expensive and does not guarantee a guaranteed result. With the help of digital marketing tools statistics can easily measured.
Cost-effective – The initial cost of digital marketing is quite low than traditional marketing practices which is a huge advantage for new and small-scale businesses. Digital marketing provides a platform for any business to promote its products and services on social media and other platforms (Peter & Vecchia, 2021).
Personalized Experience – Digital marketing provides a base for customers to choose the product and service according to their needs and wants. Moreover, several options like customizable products and tailored products are also provided to the customer through which a customer feels more valued and attracted to the company.
Adaptability and Flexibility – Campaigns and advertisements are much easier and can be done quickly with digital marketing channels. Traditional marketing makes it difficult for companies to promote their product according to the changing environment. However, digital marketing provides various tools and strategies to make it easy for the company to promote its products according to the changing environment.
Question 3 (10 marks)
Discuss the importance of understanding consumer behaviour for developing an effective marketing plan. How can marketers use consumer insights to create value for both the company and its customers? (400 – 500 words)
ANSWER
Consumer behavior is customers' decisions and measurements while purchasing products and services for their household or personal use (Victor et al., 2018). Multiple factors, like psychological or cultural play a crucial role in the engagement of customers. The organization needs to understand consumer behavior properly to create a plan to create marketing tactics to gain the advantage of changing customers' behavior. Further, understanding the customer's behavior is also important because through this a detailed understanding of the purchase decision, tailored suggestions, and strategies can be provided to the customers.
Understanding consumer behavior is not just a necessity, it's a strategic advantage that empowers businesses to develop a marketing plan. It's a major reason why businesses can outperform their competitors, giving them a sense of control and confidence in their strategies.
Targeted Messaging – Understanding the customer's motive is crucial for the producer because it helps them create the campaigns according to that through which they attract more potential buyers. Moreover, with the targeted audience businesses get more chances to convert them and get a higher engagement of the customers.
Market Segmentation – Analysing the consumer's behavior not only helps the company to do the market segmentation effectively but also fosters a deep understanding of the customer. This understanding allows businesses to target the particular section interested in purchasing their product and services, creating a stronger connection with their customers.
Brand Loyalty – Providing the product and services according to the needs and requirements of the customer plays a significant role in building trust among the customer and building loyalty to the brand. Various advantages are provided to the brand if they create loyalty among the customers, like repeat purchases or recommendations about the brand to the people by the loyal customers.
Companies can use the insight they gain from the consumer, which helps both the organization and the customer by understanding their requirements, needs, and preferences (Fader, 2020). This understanding not only allows the company to tailor their products and services according to the customers' requirements but also inspires and motivates the business to focus on innovation and creativity, improving the customers' entire experience.
Further, the insights from the customers help the business discover new market opportunities and follow the emerging fashion trends in the market so that the company can easily expand its offering and reach a new base audience.
Question 4 (10 marks)
Case Study 1
Naked Juice, a brand owned by PepsiCo, established in the early 2000s, was once a leading player in the organic juice market in Australia. Known for its commitment to using only organic fruits and vegetables, Naked Juice built a strong reputation among health-conscious consumers. However, in recent years, Naked Juice has experienced a significant decline in sales and market share. Despite its early success, the brand has struggled to adapt to the evolving preferences of its target market, which has shifted toward a broader emphasis on health, sustainability, and low-sugar content. This shift has left Naked Juice behind, relying on outdated marketing methods and failing to connect with a new generation of consumers. For more information about Naked Juice, please access the link below:
https://www.ampagency.com/case-studies/naked-juice-cpg-case-study
Required:
Identify the key issues Naked Juice faces in its current market
position and consider what changes in consumer behaviour should be
taken into account when developing a new marketing strategy. Discuss
how Naked Juice can rebrand itself to appeal to the health-conscious
consumer segment, the role of integrated marketing communication in
repositioning Naked Juice's brand and recommend specific marketing
tactics Naked Juice could use to rebuild its brand image and regain
market share.
(400 – 500
words)
ANSWER
Major Issues face by the naked juice –
There are two key issues faced by Naked Juice one is unable to cope with the expectations of the customers and another is not able to change according to the environment that is outdated elements.
Unable to cope with customers' expectations—Customers' expectations change according to the environment and availability of the new product. Naked Juice did not cope with customers' expectations, which resulted in a massive drop in sales.
Changing business environment – The customers' requirements change according to time and Naked Juice cannot shift its model according to the changing business environment.
Key impact faced by Naked Juice due to the key issues in the current market environment –
Customer Churn – If the needs and wants of the customers are not fulfilled by the company or a company is not able to change according to the dynamic business environment customers start to see alternate options. The competitor juice company of naked juice takes advantage of this situation and gains the base of the customers.
Negative Brand Image—If the brand is not able to fulfill the needs of the customers according to the changing environment, a negative image is created, which impacts the organization's goodwill (Ashraf et al, 2018). For example, a negative image of naked juice is created, which impacts the company's market position.
Lower Sales and Revenue – Sales and revenue of the company will notice a major decrease in naked juice because they are not able to fulfill the needs of the customers (Akseptori & Bobsaid, 2022). On the other hand, the competitors of the company are easily able to change with the environment so they can take advantage and are easily able to attract the audience of the naked juice.
The strategy used by the Naked Juice for their Re-branding -
A repositioning strategy can be used by the company through which they can cope with the changing business environment. The repositioning strategy helps Naked Juice to recreate its brand image, gain the target audience, and fulfill the needs and wants of the customers.
Key ways through which the Naked Juice can re-brand their business are -
Market research – Detailed research about the changing business environment helps the company to identify the behavior, new and emerging trends, and changing landscape of the business (Nudurupati et al., 2021).
Boost the brand image – A re-branding strategy helps the business redefine its identity and helps to boost the trust of the customer in the company.
Question 5 (10 marks)
Case Study 2
Wyze Labs, a mid-sized smart home technology company, is preparing to launch a new smart home security camera designed to offer advanced features at an affordable price. The company has identified a growing trend of consumers seeking cost-effective, user-friendly smart home devices that integrate seamlessly with other smart home ecosystems. However, the market is highly competitive, with established brands like Amazon's Ring, Google Nest, and Arlo already dominating the smart home security market. Wyze Labs wants to differentiate its product by emphasizing affordability, ease of use, and innovative features like person detection and compatibility with a wide range of smart home systems. For more information about Wyze Labs, please access the link below:
https://dotcommagazine.com/2023/08/wyze-labs-a-comprehensive-guide/
Required:
Analyse the potential challenges Wyze Labs might face in positioning its new product in the competitive smart home security market and recommend the marketing strategies, including the use of the 4Ps (Product, Price, Place, Promotion) and digital marketing tactics, that Wyze Labs should employ to effectively target its desired consumer segment and maximize its reach and engagement with potential customers (400 – 500 words)
ANSWER
Major challenges for the Wyze Labs – Market Overload – The current smart home security systems marketplace is very competitive because of market leaders like Arlo, Google Nest, and Amazon’s Ring. These existing brands have strongholds on the market and better hold on the customers. Brand Acknowledgement – Brands like Amazon and Google are already very popular due to their strong marketing and popularity. However, Wyze Labs does not have that much popularity compared to its competitors. Marketing Strategy for the Wyze Labs using the 4Ps of Marketing - Product – The Wyze labs is providing a new and unique feature in their product: persona detection and integration with the other devices available in the home. Apart from that, their design for the project is very user-friendly, and people can easily install the device without any problem. Price – Wyze Labs offers its unique features at a competitive price point, matching that of its competitors. This strategy not only helps the company grow but also attracts a larger customer base. Place – Using the various e-commerce platforms and social media sites to sell their product is the best option for Wyze Labs because e-commerce platforms are far better than traditional marketing and people. E-commerce platforms and social media provide a huge range through which companies can easily connect to customers all across the globe. Promotion – In the current era, social media marketing is the best way to promote products and services. The company can use various tools like SEO and more to engage more customers and catch the eye of the potential buyers of the products and services. Digital Marketing Tools and Strategies for the Wyze Labs - SEO – SEO stands for Search Engine Optimization, a digital marketing tool that helps a particular website or page advance its visibility on the internet (Iqbal et al., 2022). The major aim of SEO is to make the website more relevant and help the website gain more popularity by showing the topmost results. Social Media Marketing – Social media marketing is part of the digital marketing strategy through which the company's product is offered using different social media channels. This form of marketing plays a significant role in the digitalized world because everyone uses social media nowadays. With the help of social media marketing, it has become very easy for companies to connect with their customers. As per Leung et al., (2022), the firm even integrates influencer marketing practices which even enhance the entire attraction of the consumers towards the company and helpful in generating more sales. |
References
Akseptori, R & Bobsaid, IS 2022, The Advantage Of Customer Relationship Management In Increasing A Company's Income And Reducing Expenditures, Journal of Applied Management and Business, 3(1), 26-35.
Ashraf, S, Ilyas, R, Imtiaz, M, & Ahmad, S 2018, Impact of service quality, corporate image and perceived value on brand loyalty with presence and absence of customer satisfaction: A study of four service sectors of Pakistan. International journal of academic research in business and social sciences, 8(2), 452-474,
Bala, M, & Verma, D 2018, A critical review of digital marketing, International Journal of Management, IT & Engineering, 8(10), 321-339
Fader, P 2020, Customer centricity: Focus on the right customers for strategic advantage, University of Pennsylvania Press,
Iqbal, M, Khalid, M N, Manzoor, A., Abid, M M, & Shaikh, N A 2022, Search Engine Optimization (SEO): A Study of important key factors in achieving a better Search Engine Result Page (SERP) Position, Sukkur IBA Journal of Computing and Mathematical Sciences, 6(1), 1-15,
Leung, F F, Gu, FF, Li, Y, Zhang, JZ, & Palmatier, RW 2022, Influencer marketing effectiveness. Journal of marketing, 86(6), 93-115.
Maruši?, T 2019, Importance of marketing mix in successful positioning of products and services on the market, Ekonomska misao i praksa, 28(1), 431-446,
Nabella, S D 2021, Improve Consumer Purchasing Decisions Through Quality of Service, Promotion And Quality of Information At PT, Ng Tech Supplies. International Journal of Science, Technology & Management, 2(3), 880-889,
Nudurupati, SS, Garengo, P, & Bititci, US 2021, Impact of the changing business environment on performance measurement and management practices. International Journal of Production Economics, 232, 107942.
Peter, M K, & Dalla Vecchia, M 2021, The digital marketing toolkit: a literature review for the identification of digital marketing channels and platforms, New trends in business information systems and technology: Digital innovation and digital business transformation, 251-265,
Puthussery, A 2020 Digital marketing: an overview,
Ramanathan, U, Subramanian, N, & Parrott, G 2017, Role of social media in retail network operations and marketing to enhance customer satisfaction. International Journal of Operations & Production Management, 37(1), 105-123,
Silvia, S 2019, The importance of social media and digital marketing to attract millennials’ behavior as a consumer. Marketing, 4(2), 7-10.
Thabit, T, & Raewf, M 2018, The evaluation of marketing mix elements: A case study, International Journal of Social Sciences & Educational Studies, 4(4),
Victor, V, Joy Thoppan, J, Jeyakumar Nathan, R, & Farkas Maria, F 2018, Factors influencing consumer behavior and prospective purchase decisions in a dynamic pricing environment—an exploratory factor analysis approach. Social Sciences, 7(9), 153,
END OF FINAL INDIVIDUAL ASSESSMENT
HI5004 FIA T2 2024
