Question

Recommendation for marketing mix in Walt Disney Company ?

Answer 1

Recommendation for Marketing Mix in Walt Disney Company

The term marketing mix is a foundation model for businesses centered around the 4 P's, which are Product, Price, Place and Promotion. It has been defined as a set of marketing tools that the firm uses to pursue its marketing objectives in the target market, where the product relates to the goods or services, the price means what the consumer pays, the place relates to the location, where the product is marketed and the promotion means the advertisement. It also includes the people process and physical evidence as important components of marketing a product.

The marketing mix in the Walt Disney Company can be based on the following strategies:-

1. Advertising:- This traditional strategy is the major contributor to Disney Marketing. For example:- Advertisement relating to special events and occasions for its movies, parks and resorts.

2. Direct Selling:- The effort of direct selling include direct communication with other firms for various opportunities offered by Disney. For example:- We can observe the brand exposure in Marvel and Pixar movies, Disneyland parks and resorts.  

3. Sponsorship:- This place plays a very important role in the marketing mix. The company's sponsoring various activities such as community development programmes of non- profit organizations, promotes the business of the company and helps the stake holders expectations to manage as per their wishes.   

4. Sales Promotion:- This is also an important marketing mix as the company uses sales promotion that come with discounts. For example:- We can see that discounds are provided in Disney outlet stores and packages.  

5. Public Relations:- Public relations builds a strong image for company's brand which requires efforts to maintain it. It is one of the most valuable relations in the global market. This part of Walt Disney Company's marketing mix presence a diverse approach that capitalizes on the products, deep pockets and network of business partners.

In order to increase the revenue, marketing mix recommendations can be taken in the following categories:-

1. Since the people today are more health concious, so it is very essential to maintain the quality of the product.

2. Regular inspection of the product should be done in order to check whether the product is in the good condition or not.

3. Price plays a very important role, so product line pricing would help the company in setting the price for multiple products i.e offered in coordination with other product.

4. The product line procing also increases the customer satisfaction level and the company can gain large productivity gains.

5. Competition is an another important aspect which provide better services to the consumer in terms of price and quality. It is also effective for the consumer to take the decision. `

6. Disney should introduce new products with the latest trend in the market. New products will help to create new opportunities.

7. It should extend benefits for purchasing its products which should include warranties, delievery and credit, after sales service etc.

8. It should also introduce products in test markets before starting on a large scale production.

9. It should introduce its product portfolio by widening it, offering new product lines in order to fulfil the needs of the customer.

10. It should improve its product packaging, so that it is more convinient to transport, use, visually appealing so that customers are attracted to it. It should also maintain discount and allowances for its prices.

11. It should focus on improving online websites, sell its product to large retailers and should open company operated retail shops.