M1 - Explain how promotion is integrated with the rest of the marketing mix in a selected organisation to achieve its marketing aims/objectives. Businesses may have several marketing aim and objectives which are met through the integration of marketing techniques e.g. promotion and the marketing mix. Companies like M&S operate on a global basis therefore their aims and objectives may differ for regions, however the main aim for each company would be to inform the market, increase demand and differentiate the product/service. Marketing objectives of Marks and Spencer is to ensure consumers are better informed about the products/services they provide.
We understood that businesses should continuously observe their goods and services to better assist customers. They have to understand what worked and generated earnings last year may not work as well this year. So therefore, product differentiation and positioning are key elements of a company's marketing plan and are fundamental of staying ahead of the game with competitors. Also knowing with including innovative concepts with careful analysis, product differentiation helps to join quality, or price, within a product to push the intended customers to observe it as different and desirable. Then the understanding in the next step is product
I have assumed that there is an increase in the sales due to the introduction of new product and an increase in the production capacity. With the increased sales, it will be possible to acquire fixed assets because of the excess cash that is available. In today’s business world it is very important to understand the business environment and create strategies according to market fluctuations. As the market fluctuates small, medium, and large corporations take short-term and long- term measures to remain in business and become profitable. Budgeting, forecasting, and diversifying are the main common measures companies take to increase market shares.
Fantastic Manufacturing, Inc This is my strategy below for the case Fantastic Manufacturing, Inc In my opinion, setting up monthly forecasts of the company’s financial statements and monthly cash budgets is much more beneficial to manage your company. It is a useful way for you to optimize expansion plans for you company. Preparing the monthly cash budgets would help you know the trend of revenue changes during and make better decisions about the future. Also, making forecasts of the cost of sales would make you more accurately decide what products you need. To create the cash budget, you should think of as many different aspects of your company as you can.
If you are regularly recruiting sales representatives, you will need to develop an induction training program. If your existing sales team is under-performing, you may need sales skills training to correct problems. When you are entering different markets or launching new products, training that's focused on the new products or markets will contribute to success. * Induction Training It’s essential for new sales representatives to be fully aware of your products or services, target markets, pricing, customers, and policies before they deal with customers and prospects. As part of an induction program, you must also introduce important contacts in departments, such as sales administration, marketing, customer service, accounts and technical support.
For an organization to achieve its marketing goals the company should possess a marketing strategy and that strategy must include different marketing elements. One main element is the marketing mix. The marketing mix is a combination of things used in the design, production, and sale of any product. The marketing mix focuses on the combination of elements in a specific way that will create a successful mix to fulfill consumer needs or wants and at the same time increase sales. Obtaining a company’s desired results often takes experimentation, research, and analysis.
Below is the first part of your Marketing Plan Report: QUESTION 1 You have to submit the first part of your Marketing Plan Report that covers among other things: 1. Situation Analyses, this will include: a) Situational environments (such as demand trends for your product/service; your customers; the decision makers; social and cultural factors involved; are demographic important here; state-of-art technology effects; politics and economic effects). b) Neutral environments, this has to do with groups or organizations. Media reports (favourable or unfavourable), consumer associations, and legislations. How do they have effect (if any) on your marketing plan for your product?
Is it possible to achieve the goals considering the market conditions? * Time- Is there enough time to complete the objective in? Is the deadline sufficient? Marketing process involves situation analysis. This analyses the internal and external environment in an effort to identify opportunities to satisfy unfulfilled customer needs http://www.netmba.com/marketing/process/ Once the opportunities have been identified the company needs to come up with a marketing strategy for their target market.
This is a more apropos take on the concept of integrated marketing communication. Integrated Marketing Communication (IMC) is more than just putting pieces together; it is for lack of better terms a ‘movement ‘and focus within the company. Integrated Marketing Communication (IMC) is important to the success of any business. Through ICM, businesses’ respond to feedback from their customers. Feedback is gotten from surveys, sophisticated tracking of purchases and other ways of determining customer satisfaction.
Companies that develop effective marketing strategies achieve high sales volumes at the desired profit margins. A key marketing strategy is the segmentation of the market into parts that the company can analyze. Since customers have different characteristics and various needs, it makes sense to group similar customers together. These groups have common characteristics and needs. The rationale behind implementing such a marketing strategy is that the company can better satisfy the needs of segments of similar customers.