Question

As you look back on the course, consider how marketing affects your daily life and how your understanding of marketing has changed. To illustrate some of the marketing components that you have learned, identify a specific product that could benefit from a new marketing strategy. Describe this product and explain how you could use the information from this course to recommend changes. Make sure to include what research strategies you would recommend the company use to inform the new strategies. 

Answer 1

Answer:

Description and strategies recommend the company use to inform the new strategies:

The marketing mix concept can be applied to any company in the world, to improve their outreach and impact.

In the following example, we will analyse a company using the 4Ps associated with marketing and suggest new strategies.

To ensure a marketing mix that is based in research and combines facts with innovation, you should go through the following systematic process:

1. Defining a Unique Selling Proposition
2. Understanding the Customer
3. Understanding the Competition
4. Evaluating Placement Options
5. Developing a Promotion Strategy
6. Cross-checking the Marketing Mix

Example:

1;NIVEA .

NIVEA is a well-known company that is in the high quality skin and beauty care product market.

NIVEA is one the brands manufactured and sold by Beiersdorf, which was established in 1882.

In UK, the company has always focused on ensuring availability of their products to as many people as possible.

In addition, the company has always strived to understand the varied needs of its vast consumer base and bring as many specific products to market as possible.

Market research revealed an opportunity in the market for a younger customer base.

This led to the launch of Nivea Visage Young in 2005.

This product was developed for girls in the 13 to 19 year age range.

For the eventual launch of the product, the company needed to develop a balanced and relevant marketing mix to appeal to its young audience.

Through its initial launch in 2005 to a subsequent re launch in 2007, the company focused closely on the marketing mix balance to help ensure that all elements of the product appeal to the target audience to achieve success.

2.MOBILE COMPANY

The one product which could change their Marketing Strategy is mobile company OnePlus which gives quality phones of flagship specs at less than half prices of them.

They may contract with a prominent celebrity which showcases their quality and the status symbol.

Instead of looking to replicate advertising tactics of Samsung, they may create a zone of their own.

3.Nike running shoes

here shoes have innovative design and are made with a technology which helps a person to run best.

There are different marketing strategies which help to find clients and customers for the business.

The four Ps of marketing are product, price ,promotion and place.

Good advertisement with celebrities ,help to promote the brand of the product.

When customers see that professional athletes are using the shoes , they purchase that product..

So marketing with professionals is good for promoting the product.Nike invests a lot in commercials and product promotion.

Nike should research to develop innovative manufacturing which would increase scale of production and reduce waste to zero.Nike should have sustainable innovation which will promote growth.