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Unit 4 Marketing Mix assignment Help
4.1 What is marketing mix?
Marketing mix is concept of four P’s
- Promotion and
It is an important theory that is used by the organisation while selecting, designing an placing the market it helps to evaluate and forecast the product success in the market that helps to decide the price strategy, advertisement and promotion strategy and the location for launching it.
In a research done on Vodafone we have seen the marketing strategy used by them for its product success. They have first segmented the consumer market upon characteristics and behaviour by taking to consumer segment. The first is the men - women and the second are big city and country side. What they have done is that they have skilfully applied the marketing mix strategy here.
Starting with the research they have used the demographic and geographic concept by selecting two categories of genders i.e. men and women in differed locations i.e. are big city and countryside.
It has been noticed that men and women of country side and men and women of big cities have different life style so their requirements are different Such as
- Men and women of big cities lead a busy and stressful life and they hardly get time to any work for home or meeting the relative so they use the telecom services for shopping communicating with relative etc. for which they have high usage of phones but the men and women residing in country side they have simple lifestyle and has ample time to shop and meet their friends and families so their usage is limited to the required amount of calls.
- In big cities they have a couple of telecom service companies in option and they will go with the one which provides better services and facilities at cheaper rate. Whereas in the country side they have limited or no options to select so the service becomes the only communication medium to connect to the city so they will stick with the company that has network coverage in their area.
- Men and women of city can afford high price plans but the people of country side cannot afford high price calling plans.
Hence, from the above study we can say that price, promotion, place and product are interrelated so any change in one of the component will effect on the other so the marketing strategy should be implemented after proper research.
Considering the above the marketing mix in city and countryside would be as follows:
Would vary with the plan chosen by the customer
Generally on the lower side
The product offered includes internet plans, ISD calls, message packs
The product offered would be more focused on the core product i.e. calling and messaging
Online and stores
Promotion Digital Media, Social Media
Digital and Print Media
So from the above case study the organisation should segment the market in different components and variables. Now the question is what market segmentation? It is nothing but classifying the group of customers with similar requirements. It actually divides the market into small segment for effective and efficient implementation of the individual needs and requirements. The benefit of this strategy is
- To matchup the criteria of the customers
- Increase profit which leads to growth
- Customer retention power by changing their buying patterns
- Achieve in targeting the actual customers
Different variables of market segmentation
- Demographic variables
- Geographic Variable
- Psychographic variables
- Behavioural variables
For instance in a business to business sales the focus would be very different than it is in customer or B2C sale. In a business plan or a corporate connection plan there is a minimum number of connection which are required for instance 20 connections under the name of the organization. There are added features such as free “n” minutes and “n” messages etc. These features are generally not there in a B2C plan. In addition to the same the customer care for business products is exquisite and there is a lower room for error and dissatisfaction which is low in a B2C plan.
4.3 Domestic and International marketing
It is a marketing strategy where commercialisations of goods and services are restricted within the home country International marketing
In this strategy the goods and services can be commercialised outside the country in different countries of the world.
Differences between domestic and international marketing
There is a thin line of difference between the both and they are
From the research it has been pointed out that Vodafone follows an international marketing strategy which has both advantage and disadvantages .They cover larger portion of world market and can share the latest technology. Though it needs huge investment and research with more risk and government interferences but the unique thing is that it can get variation in customer tastes and preferences and the chances of yielding better profitability by decreasing the labour cost. The approach followed by Vodafone is known as Polycentrism as the marketing goals vary with the region of operation. The products and the features also vary.
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