Arab Open University
Tutor Marked Assignment (TMA)
Academic Year 2014 - 2015 Semester: Second
Branch:Kuw Program: Business Studies
Course Title: Business functions in context I Course Code:B203A
Student Name: Ahmad Ismail Mohammed Mustafa Essa Student ID: 133264
Section Number:105 Tutor Name: Qutaibah ALHasan
Mark details
Allocated Marks Questions Q1 Q2 Q3 Total (100) Weight 30 35 35 Marks
Deduction Criteria Presentation
(0-4) Referencing
(0-4) Word Count
(0-4) E-Library
(0-4) Total deduction
(0-16)
Marks
100 Student’s Total Mark (total marks – total deductions)
Tutor’s Feedback
Tutor Name: Tutor Signature: Date returned:
Q1
Above-the-line method is so expensive and
…show more content…
Nowadays, organizations, efficiency improvements, enhancements internal expansions and synergistic acquisitions are also one of the sufficient sources of the growth in most of the industry segments that had grown hypercompetitive and crowded. The main point is to search for emerging "white space" opportunities, new business creations that could meet the unserved needs and requires of consumer in the …show more content…
It means that every good, service, idea, and event received in exchange is called a product. A product may be one of the tangible, or intangible products. Price is one of the important elements of the marketing mix, as it directly relates to revenue generation. Price is the thing that creates and makes sales revenue; all other type of marketing mix is very costs. Pricing has to be done whenever the new product is lunched, and this variant is launched, a product is launched in new geographies, to counter inflationary trends, or organizations bids for the industrial consumers. Place is also focused in making available the products at a place where it would be demand. So, it is concerned with the store where the goods shall be stored and sold, the channels of distribution and management by which goods will flow from marketer to the customers. Promotion relates to connecting with consumers. It will support information to help them in decision making to purchase a product and service. The cost associated with promotion always represents a proportion of the cost of producing the product. However, successful promotion assists and helps to build a long term relationship among each other. With increased the sales in order to promotion, costs are exist over a large
The promotional mix is a combination of tools that include direct marketing, advertising, personal selling, sales promotion and public relations. Appendix 2 shows the benefits of the promotional mix tools used. Integrated marketing communication is a concepts of marketing commutation from each promotional mix that combine and evaluate planned role of different communication (Naeem, Bilal &Naz, 2013, p.g. 125). There are factors that affect the marketing mix and there are nature of product(product characteristics such as the costs and risks and the social risk), stage in product life cycle and target market, type of buying decision , promotion funds and the push or pull strategy. Appendix 3 shows the push and pull strategy. There are many types of advertising that Masterfoods would use to deliver their message about the new Classic Marinara sauce. The main types of advertising are institution (enhance company image), advocacy (express its views) and product (promotes). The media type of advertising is an important aspect for Masterfoods as it includes advertising such as newspapers, radio, television, magazines and the internet. The 6 stages of pricing can varying from selecting the pricing objectives to selecting the final price.The six stages of pricing for the new product is an important aspect of this stage. The demand determinants of the
Place, intended as the firm 's distribution, and pricing are also important element of the marketing mix used by
Therefore, the organization should take a strategic growth-oriented and reverse type combine. On the one hand, the use of outsourcing and vendor competition to reduce costs in order to compensate for management and manufacturing inefficiencies, pay attention to controlling costs; On the other hand, combined with the advantages of their own technology, innovation, branding and marketing and other aspects of the product 's high school three grades are low pile of competitive products, consumer electronics growth to seize the opportunity to obtain efficient growth performance, and further expand market
Promotion is advertising to potential customers in and effort to create an awareness of your business. It is reasonable to believe that without the ability to advertise a company would have a difficult time generating new customers.
- The promoting idea focuses on that a firm ought to make a Marketing Mix that fulfills clients, accordingly need to break down the what, where, when and how shoppers purchase.
Promotion strategy: Information on product benefits and features, price and easy accessibility is communicated effectively and efficiently to the target audience. It involves determination of key messages and delivering these messages through communication channels such as advertising, public relations, events and word of mouth.
Promotion, one of the 4P’s in the Marketing Mix, is communicating with the customer about a particular product to the customer in such a way that makes the product attractive enough to fulfill a need or want. There are several components, which make up promotion, referred to as integrated marketing communications (IMC). IMC includes advertising, selling, sales promotion, and public relations (Boone & Kurtz, 2013).
The purpose of this paper is to explain the four elements of marketing mix which are: product, place, price, and promotion. I will also implement each element with the company’s marketing strategies. The organization which I will be using is Sandy’s Day Care. In my organization I had child care services for ages from new born to eleven years old. Hours of operation ranged from 5:30 am to 6:00 pm. Monday thou Friday and Saturday’s only upon request. I will explain the marketing strategies that were applied in my home business which succeeded for over five years, with an income of six thousand dollars a month.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
Pricing elements are assembling expense, commercial center, rivalry, economic situation, brand, and nature of item. Pricing is additionally a key variable in microeconomic value assignment hypothesis. Pricing is a crucial part of budgetary displaying and is one of the four Ps of the showcasing blend. (The other three aspects are product, promotion, and place) Price is the main income producing component amongst the four Ps, the rest being expense focuses. On the other hand, alternate Ps of promoting will add to diminishing price elasticity thus empower price increments to drive more prominent income and
Potential new entrants: With positive economic outlook, fine business environment, and increasing number of population growth rate, it is expected that there will be more companies coming in the industry;
Promotion. Finally comes promotion - informing the customer on the qualities and advantages of the product so that the potential buyer learns about the product, prefers it to those of the competitors, and has an opportunity to buy it at some place.
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
According to Shimp (2007), there are five important factors which determine the purpose of advertisement in terms of marketers’ communication with consumers. He listed these five factors as follows: “(1) informing, (2) influencing, (3) reminding and increasing salience, (4) adding value, and (5) assisting other company efforts.” (p.246). To clarify that, the first most important aspect is informing people which means company needs to enhance the awareness of the consumer about their products by mentioning its advantages and features. Advertising also affect the products in two ways. Firstly, by basic demand, which build consumer desires for old products of the company and secondly, refers to a new brand of the company. In addition, effective advertising can retain consumer’s mind fresh about the image of a brand which develops the trace of the memory where consumers have to choose between two or more products. Moreover, it may change the product quality, create new, well-designed and elegant product and change consumers view towards the product. Lastly, by effective advertising program, company may save money and time as s...
Price is what a buyer must give up to obtain a product. It is often the most flexible of the four marketing mix element that the price is the quickest element to change. A marketer can raise or lower prices more frequently and easily than they can change other marketing mix