Marketing

Marketing

Marketing identifies with a process of actively communicating the value associated with a service or a product to the target customers. The main purpose of marketing is to expose the service or the product to the consumers (Aaker, 2004). Non-marketing business persons in one way or another do marketing of their services or products either knowingly or unknowingly. Marketing takes a step higher in linking the requirements of the customers to the products and services being offered by the business organization. The material requirements of the society are connected to the patterns of economic. Marketing is essential in satisfying these wants and needs carried out by the exchange processes in building a competitive edge through long term business relationships (Aaker, 2004). Marketing is highly concerned in spotting the target market, which is facilitated by market segmentation, market analysis and in comprehending the consumer behavior.

There are diverse competing concepts in which businesses use in operating businesses. The business concepts identifies with the product concept, the production concept, the selling concept, the holistic marketing concept and the marketing concept. Holistic marketing components identify with internal marketing, relationship marketing, and socially responsive marketing and integrated marketing (Aaker, 2004). Earlier concepts of marketing identified with product orientation, production orientation and selling orientation; the world is facing diverse changes while globalization and socialization. Modern marketing has added the holistic marketing orientation and active marketing orientation in meeting the exact needs of the target customers (Kapferer & Bastien, 2012). Contemporary marketing approaches identifies with relationship marketing, business marketing, industrial marketing, societal marketing and branding (Aaker, 2004).

Businessmen are advised to accept positively on criticisms, in meeting the needs of the customers. Businesses are encouraged to comment on new products, the next step is fixing the problems and making the necessary changes, selling the products that have been improved, assessing the progress of the new product and again asking for reviews of the customers (Aaker, 2004). Consumer demands influence the operations and the future of a business entity in making profits or losses. Organizations in the twenty first century are sensitive on market orientation or on customer focus in building a competitive edge; this is an indication that substantial organizations are directing their efforts on the consumer demand trends. The common approaches identifies with product innovation approach, customer driven approach and market change identification approach (Aaker, 2004).

Research and development (R&D) is critical in understanding the external environment that influences the operations of a business entity. Customer focused marketing reflects on solution, information, value and access (SIVA); which is also expressed by the four P’s marketing model in production, promotion, price and in distribution/place (Aaker, 2004). All these marketing efforts are directed at building a strong brand.

An example of a brand that has stood the test of time over centuries is the Coca-Cola Brand which is a soft drink targeting the global market. Coca-Cola Company argues that marketing within the institution involves getting the right product to the right market, at the right time, right price, right place and using the best suited promotional strategy in the target market. It has been noted that Coca-Cola Company has managed to execute one of the successful marketing mix in the world.

Coca-Cola Company uses universal strategies in marketing its products, the marketing strategies identifies with acceptability, availability and affordability. It has been noted that acceptability is facilitated through effective marketing where Coca-Cola Company uses Coca-Cola brands as part and parcel of the consumer’s day to day lives, a model that has facilitated Coca-Cola brand to be the preference among the consumers in the world. Availability of the Coca-Cola products is realized after Coca-Cola Company makes sure that its products are easily available to the consumers, anywhere in the globe. The guarantee of availability is critical in fully penetrating the target market. Affordability of the Coca-Cola products focus at the best price attained for the products and that the customers are concerned by the value for their money.

Coca-Cola Company has developed well organized and extensive distribution network in the world, a practice that has encouraged ubiquity among the Coca-Cola products. The mission of the Coca-Cola Company is to quench the whole world. Coca-Cola Company has been committed in delivering concentrates and syrups with more than one thousand, two hundred bottling operations in the world. Marketing at Coca-Cola Company has enabled the organization to be one of the largest networks in the world, making Coca-Cola Company among the Fortune Companies in the United States.

Marketing Mix

Marketing mix is used by the marketing professionals as a tool of marketing (Mazzalovo & Chevalier, 2012). Marketing mix is influential in defining offer of a brand or a product; a practice in product industry that is mostly synonymous with price, product, promotion and place (4Ps). Reflecting on the service industry, 4Ps has been expanded to 7Ps and 8Ps (Arora, 2011). The concept of 4Cs identifies with consumer, cost, communication and conveniences according to Lauterborn and commodity, cost, communication and channel according to Shimizu (Aaker, 2004).

Considering a marketing mix at McDonald’s Restaurants, product is one of the important resources within the organization. McDonald’s Restaurants has indicated that customers have a choice and that customers have different ways of spending money in best ways of their choice. McDonald’s Restaurants develops a menu that is in accordance to the needs of the customers. Marketing at McDonald’s Restaurants involves monitoring the trends of the consumer preferences. The organization has been advertising through the internet, televisions and through other Medias.

The prices of products sold by McDonald’s Restaurants are pegged on the value perceptions on the side of the target customers. It is worth noting that different customers always display a mental value of the product being offered by the restaurant. McDonald’s Restaurants argues that there is more on the product other than the physical item, there are diverse psychological connotations experienced by the customers in defining the products. Low price may signal poor quality; setting of prices is done in respect to integrity and brand.

Promotions at McDonald’s Restaurants are facilitated by engaging diverse marketing communications in letting the target customers know on the products and services. Advertising is done through radio, televisions, sales promotions, merchandising, point of sale, direct mail, online, telemarketing, exhibitions, loyalty schemes, seminars, demonstrations, door drops, cinema, press and poster sites among others. Promotions are critical in developing a strong brand.

Place is part of the marketing mix used by McDonald’s Restaurants. The organization argues that a place is more than the physical location and that there is more than the distribution channels. McDonald’s Restaurants focus at management processes that influence the delivery of the products to the target consumers.

Advantages associated with marketing mix indicated that the tool enhances organizations to reflect at different marketing views and considerations in developing the best model of resources allocation. Marketing mix enables organizations to plan their budgets as pertaining to the marketing processes (Calkins & Tybout, 2005). Marketing mix is critical in developing a conclusive marketing plan, in the sense that marketing mix contributes in the research work needed in establishing the most influential marketing model within the budgets. Marketing mix contributes significantly in enhancing customer satisfaction. Marketing mix allows organizations to promote their services and products in the selected jurisdictions. Promotion practices involved identifies with designing offers to the customers, setting the desired practices and in building the brand image (Arora, 2011).

Branding

A Brand is a term, design, name, feature and symbol among others that identifies with distinction of the products and services from other products and services in the same market. The idea was borrowed from the concept of branding cows that made farmers differentiate their cows from others (Aaker, 2004). Branding has been engaged in marketing, business and in advertising. Accounting considers a brand as an intangible asset that is assigned a monetary value. Branding has a number of benefits to the target products and services, some of the benefits identifies with remembrance, loyalty, familiarity, premium price, image, extensions, greater company equity, lower marketing expenses and low risk associated with consumers. Branding enhances durable and distinctive perceptions of the products and services in the minds of the target customers (Aaker, 2004). A brand builds unique business identity and persistence to the customers in relating to the origin, personality and quality among others (Stine, 2008).

Memorability is enhanced by the brand in accordance with the good will and reputation. It has been noted that memorability is enhanced through sticking or using color combinations that are unusual (Aaker, 2004). An example is the Orange and Purple colors that are associated with FedEx, where ‘FED’ is in purple color and ‘EX’ is in orange color, such a combination has been critical in making more and more customers come for the courier delivery services in the world.

Brand loyalty is enhanced after customers had a positive experience with a brand, hence coming for repeat products and services. Consumers bond with the identity of the brand and brand enhances familiarity; it has been noted that branding contributes to liking of a product or service, and recommending the products and the services takes high probability, which effectually leads to sales (Aaker, 2004).

Brand builds on premium price and premium image, branding lifts the products and services to levels at which it influences the buying decisions. Brands encourage extensions of products and services to the target market, in ways that the brands influence the perceptions of consumers (Aaker, 2004). Branding also encourages greater company equity, an indication that if the owners of a branded organization decide to sell the organization, there are high chances that the organization will fetch better returns.

A strong brand contributes to lower marketing expenses since the products and the services are well known in the target market. Creating a brand is not a one day activity, but it takes processes that involve time and money. Consumers purchasing branded products and services are exposed to limited risks (Aaker, 2004). Consumers feel minimal pressure in choosing commodities to purchase. An example of a global brands well positioned in the target market is the Google and Apple brands.

Google and Apple are examples of valued brands in the globe, taking the top positions among the brands in the world. The technology companies have rose to the top positions with time. Taking a critical look at Apple, the brand has developed value attached to their commercials and to their products. Google on the other hand is associated with primary colored technologies and mental images of innovations in the information technology industry.  Google and Apple have built their products and services with design as pertaining to the target customers. The brands were developed through daily experiences that were constantly positive, Apple and Google has invested heavily in marketing their brands, it can be argued that leadership in Apple and in Google has been the main contributors in building the strong brands.

 

Segmentation

Market segmentation is part of the marketing strategy that is characterized with the subdivision of the target market with consumers displaying similar needs, and then implementing and designing personalized strategies. Market segmentation is critical in developing product differentiation in the target market. Market segmentation is classified under geographical segmentation, behavioral segmentation, segmentation by occasions and segmentation by benefits among others (Aaker, 2004). Market segmentation is divided into two categories identifying with consumer oriented category and business oriented category.

An example of market segmentation was noted with Virgin Atlantic owned by Richard Branson of the United Kingdom. The airline mostly operates between United States and the United Kingdom among other regions of the world. Virgin Atlantic has been used in the promoting tourism in the United Kingdom. Virgin Atlantic is a big brand in the United Kingdom; the product is the recent past has been designed in ways that it promotes international and local tourism within the region.

The first step engaged by Virgin Atlantic is to set the market and the target customers. Virgin Atlantic has been successful in tourism and travel industry. In one of the advertisements, it was noted that the organization engaged a beautiful woman who is like a goddess in the television advertisements that creates a first impression that is lasting, the advertisement invites the world in travelling. Color red in Virgin Atlantic has been influential in creating a lasting first impression, color red identifies with the passionate and considerate nature in which Virgin Atlantic manages its customers. Virgin Atlantic has engaged tourism as part of the marketing segmentation.

Successful marketing is characterized with capturing the insights of marketing, connecting with the needs of the customers, shaping market offerings, building strong and reliable brands, communicating and delivering value, creating growth in the long term and developing marketing plans and strategies (Aaker, 2004). Businessmen have the responsibility of enhancing brand management as way of building a competitive edge in the target market, it has been noted that brand management is more of planning and analysis of the brand positioning in the target market. It is worth enhancing a desired and effective reputation of the organization in accordance with the attributes of the brand. Brand management calls for developing sound relationships with the target consumers (Kapferer, 2012). The tangible attributes of a brand includes the looks, product itself, packaging and the price among others. Intangible elements of a brand include the relationship and the experience of the customers as pertains to the brand (Marconi, 2009).

References

Aaker, D. A. (2004). Brand Portfolio Strategy: Creating Relevance, Differentiation, Energy, Leverage, and Clarity. New York: Free Press.

Arora, R. (2011). 8 P’s of Luxury Brand Marketing. Bates Pan Gulf (BPG Group), Dubai, UAE , 2-8.

Calkins, T. & Tybout, A. (2005). Kellogg on Branding: The Marketing Faculty of The Kellogg School of Management. Hoboken, New Jersey: Wiley.

Kapferer, J. (2012). The New Strategic Brand Management: Advanced Insights and Strategic Thinking . London: Kogan Page.

Kapferer, J. & Bastien, V. (2012). The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands. London: Kogan Page.

Marconi, J. (2009). The Brand Marketing Book . New York: McGraw-Hill.

Mazzalovo, G. & Chevalier, M. (2012). Luxury Brand Management: A World of Privilege. Hoboken, New Jersey: Wiley.

Stine, G. (2008). The Nine Principles of Branding. Polaris Inc. Branding Solutions , 7-31.

 

 

 

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