Marketing Analysis and Planning 1 Name one of each of the fo

Marketing Analysis and Planning.

1. Name one of each of the following from the marketing circle and identify a specific example of each. a. Element of the marketing mix: b. Element of the marketing environment: c. Component of the target market: 2. Give an example of a real business partnership that is not a strategic alliance and explain why it is not a strategic alliance. Write one strategic marketing goal and one tactical goal to support it. Remember to account for the criteria for writing good goals.

Solution

1 a) Element of the marketing mix : There are four elements of marketing mix : Product, Price Place and Promotion.

Product is the physical offering by the seller to the consumer. For ex.LG Washing Machine is a product.

Price : Value exchanged for the prodcut. For example the price of washing machine is INR 42000.

Place : Distribution channel at which the product is amde available.For example, the washing machine is available at Chroma Store, who is a retailer.

Promotion : Communication channel used by the manufacturer to reach the consumer. For example, Advertising and Sales Promotions are the promotional channels used by the company to reach the consumers.

b) Element of the Marketing Environment

Social and Cultural Environment : Marketers need to study the social and cultural environment properly before launching the product.It Includes the languages,festivals and other cultural values followed in a particular country. For example, McDonalds launched Mc Aloo Tikki specifically for Indian consumers as cow\'s meat is not being eaten popularly in India.

c) Component of the target market

Geographic Segmentation. Target Market is being targeted by the marketer based on similar characteristics and offering the maximum sales potential. For example Based on Geography the market is divided and the segment offering the maximum potential is being targeted by the marketer. UK Food Survey has shown that consumption of vegetables and beverages is much lower in Scotland compared to England and Wales. Thus the vegetable growers and beverage companies target the England popular to have more sales.