Module: LV-4002
Marketing Mix
Submitted to:
Submitted By:
Daw Su Shwe Yi Win
Ms. Moe Pwint Khin
Level (4) Batch (1)
Digital Campus
Date of Submitted
6.7.2023
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Table of Contents
1.
Executive Summary................................................................................................ 3
2.
Introduction ............................................................................................................ 3
Task 1 ............................................................................................................................. 4
3.
The Use of Seven Elements of the Marketing Mix ................................................ 4
4.
Relationship Between the Different Elements of the Marketing Mix .................... 6
5.
Digital Tools and Techniques Within the Marketing Mix ...................................... 8
Task 2 ........................................................................................................................... 10
6.
Overview of the Marketing Mix ........................................................................... 10
7.
Case Study: Application of a Coordinated Marketing Mix and Digital Marketing
for "TechGear" Smart Home Devices .......................................................................... 11
7.1
Analysing the Application of Coordinated Marketing Mix .............................. 11
7.2
Analysing the Use of Digital Marketing Tools and Techniques ....................... 12
7.3 Analysing the Benefits of a Coordinated Marketing Mix ...................................... 13
7.4 Assessing the Benefits of Digital Marketing ......................................................... 13
8.
Conclusion and Recommendation ........................................................................ 15
9.
References ............................................................................................................ 16
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1. Executive Summary
This study thoroughly examines the marketing mix and how it applies to Hard
Graft Tools, a medium-sized power tool manufacturer. The corporation intends to
switch from selling through retailers to directly selling to customers via new stores
and online platforms in response to a change in strategy. Seven components make
up the marketing mix: the product, price, place, promotion, people, process, and
tangible evidence. Additionally, the research investigates the connections between
these components and the digital technologies and strategies that can be used to
improve the marketing mix. It also includes a case study that examines the
integrated marketing mix and digital marketing tactics used for a particular good or
service. The advantages of a well-coordinated marketing mix and digital marketing
are evaluated with an emphasis on their importance in attaining corporate goals.
2. Introduction
The business landscape is constantly evolving, necessitating companies to adapt
and refine their strategies to remain competitive. In this context, the role of
marketing becomes critical in driving customer engagement, enhancing brand
visibility, and achieving business growth. This introduction sets the stage for the
assignment, which focuses on the marketing efforts of Hard Graft Tools, a mediumsized company producing power tools.
In a substantial shift in business strategy, Hard Graft Tools plans to abandon
traditional retail channels to interact directly with customers through brand-new
stores and online platforms. The organization is seeking a freelance business
consultant with the necessary skills to help the Senior Management Team (SMT)
create a solid marketing strategy to ease this transition.
The marketing mix, encompassing the seven key elements of product, price,
place, promotion, people, process, and physical evidence, is a comprehensive
framework for guiding strategic marketing decisions. Understanding these
elements' relationships and cohesive integration is vital for developing a successful
marketing strategy. Additionally, digital marketing tools and strategies have
emerged as powerful assets in today's technologically driven world, enabling
organizations to use online platforms and communicate with customers in novel
ways.
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Task 1
3. The Use of Seven Elements of the Marketing Mix
A fundamental marketing idea, the "marketing mix," includes seven essential
components. Each component is crucial in forming a company's overall marketing
strategy. The purpose of each element is described below:
(1) Product: This element focuses on a company's tangible or intangible offerings
to its customers. It involves determining the product's features, design, quality,
and branding. The goal is to create a product that meets customer needs, stands
out in the market, and provides value.
For instance, a smartphone manufacturer might provide various products with
various screen sizes, camera features, and storage capacities to accommodate a
range of customer preferences.
(2) Price: Pricing involves determining the monetary value of the product or
service. It requires consideration of factors such as production costs, competitor
pricing, customer perceptions of value, and market demand. Setting the right
price ensures profitability, competitiveness, and customer-perceived value.
To position their products as exclusive and premium, a luxury car manufacturer
might charge a high price for their cars, whereas a low-cost airline might charge
less to entice budget-conscious passengers.
(3) Place: Place refers to the distribution channels and locations through which
products or services are made available to customers. It involves choices
regarding logistics, supply chain management, retail partners, and sales
channels. The goal is to ensure the product reaches the target market efficiently
and conveniently.
A multinational beverage company may distribute its products through various
channels, including supermarkets, convenience stores, vending machines, and
online platforms, to ensure broad accessibility.
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(4) Promotion: Promotion encompasses all activities communicating the product's
value to the target market. It includes advertising, public relations, sales
promotions, direct marketing, and personal selling. The purpose is to create
awareness, generate interest, and persuade customers to purchase.
For example, a company specializing in sports shoes could launch an
advertising campaign featuring professional athletes wearing their shoes to
promote their performance, durability, and style, to persuade consumers to make
a purchase.
(5) People: People refers to the individuals involved in delivering the product or
service, including employees, sales representatives, and customer service
personnel. It emphasizes the importance of hiring, training, and empowering the
right people who can provide exceptional customer experiences and build strong
relationships.
Hotel employees are essential to ensuring a satisfying experience for guests in
the hospitality sector. Proficient concierge services, attentive restaurant staff,
and well-trained, aimable front desk personnel can influence the level of
customer satisfaction.
(6) Process: Process represents the activities and steps in delivering the product or
service to customers. It includes everything from order processing to after-sales
service. Ensuring efficient and effective processes enhances customer
satisfaction and builds loyalty.
A fast-food chain may optimize its order-taking and food preparation
procedures to ensure prompt service and minimize customer wait times.
(7) Physical Evidence: Physical evidence refers to the tangible elements that
customers perceive when interacting with the company. It includes the physical
environment, packaging, branding materials, and other tangible cues that shape
customer perceptions. Strong physical evidence can reinforce the brand image
and create a positive customer experience.
For instance, to improve the overall customer experience, a cosmetics company
might offer appealing and educational product packaging, complete with clear
labelling, aesthetically pleasing designs, and product samples.
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Figure 3-1
The Seven Elements of the Marketing Mix
By considering and managing each element of the marketing mix, businesses
can create a cohesive and integrated strategy that aligns with customer needs,
effectively positions the product or service in the market, and ultimately leads to
customer satisfaction and business success (Makosiewicz, 2022).
4. Relationship Between the Different Elements of the Marketing
Mix
The different elements of the marketing mix are interconnected and interdependent,
meaning they work together to create a cohesive and effective marketing strategy.
The relationship between these elements can be summarized as follows:
(1) Product and Price: A product's features, quality, and positioning all affect how
valuable it is perceived to be, which impacts the pricing strategy. As a result, the
product and price elements are closely related. For instance, a high-end fashion
label that sells luxurious clothing with distinctive designs can charge more than
a retailer of clothes for the public.
(2) Promotion and Place: The elements of promotion and place are interconnected
because the marketing channels and distribution plans selected have an impact
on the promotional activities. To reach its target audience, which is more likely
to interact with digital channels, a technology company launching a new
smartphone might concentrate its promotional efforts on online platforms,
social media, and influencers.
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(3) People and Process: The people and process components work together to
create seamless customer experiences. This is because the effectiveness of the
people involved in providing a service is essential to this. For instance, to ensure
smooth patient appointments, effective billing procedures, and top-notch patient
care, a healthcare organization's medical staff and administrative staff should
collaborate.
(4) Physical Evidence and Promotion: Promotion activities can emphasize
tangible features of a good or service to build trust and credibility. To entice
potential guests, a hotel chain, for instance, may highlight elegant room designs,
cutting-edge amenities, and breathtaking views when marketing its luxury
accommodations.
(5) Price and Promotion: Since pricing strategies can impact the promotional
system, price and promotion are frequently linked. For instance, a retail store
offering a limited-time discount or a "buy one, get one free" promotion can
engender a sense of urgency and persuade customers to purchase.
(6) Place and Process: The place and process components are intertwined because
the distribution channels chosen to determine how efficiently and effectively a
good or service is delivered. For instance, a grocery store that implements an
online ordering system with a home delivery service streamlines the purchasing
process and offers convenience to customers.
These illustrations show how the various components of the marketing mix are
interdependent and need careful consideration for a successful and cohesive
marketing strategy. The relationships between these components should be
examined and matched to ensure consistency, customer satisfaction, and overall
business success (UKEssays, 2017).
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5. Digital Tools and Techniques Within the Marketing Mix
Digital tools and techniques play a crucial role in modern marketing strategies.
They offer numerous opportunities to reach and engage target audiences effectively.
Here are some digital tools and methods that can be included within the marketing
mix:
Social Media Marketing: Platforms like Facebook, Instagram, Twitter,
LinkedIn, and YouTube provide opportunities to connect with and engage a wide
range of audiences. Businesses can build brand awareness, generate leads, and drive
customer engagement through targeted advertising, content creation, and
community management.
Search Engine Optimization (SEO): SEO strategies increase a website's
prominence in search engine results. By optimizing website content, meta tags,
keywords, and backlinks, businesses can increase organic traffic and improve their
website's ranking, leading to higher visibility and potential customer acquisition.
Pay-Per-Click Advertising (PPC): PPC campaigns like Google Ads allow
businesses to display targeted ads to specific audiences. Advertisers pay only when
their ads are clicked, making it a cost-effective way to reach potential customers.
PPC campaigns can drive website traffic, generate leads, and increase brand
visibility.
Content Marketing: Content marketing involves creating and distributing
valuable, relevant, consistent content to attract and engage a target audience. Blogs,
articles, videos, infographics, and e-books are content formats used to provide
information, solve problems, and build brand authority.
Email Marketing: Email marketing enables businesses to communicate
directly with their audience, nurturing leads and building customer relationships.
Companies can deliver relevant content, promotional offers, and updates through
personalized and targeted email campaigns, encouraging customer loyalty and
driving conversions.
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Influencer Marketing: Influencer marketing involves collaborating with
influential individuals or social media personalities with a large and engaged
following. By leveraging their influence and credibility, businesses can reach their
target audience, build brand awareness, and drive customer engagement.
Website and User Experience Optimization: A well-designed and userfriendly website is essential for effective digital marketing. Optimizing website
structure, navigation, load speed, and mobile responsiveness enhances the user
experience and increases the likelihood of conversions.
Data Analytics and Tracking: Digital marketing tools provide extensive data
and analytics to track and measure the performance of marketing campaigns. By
analysing metrics such as website traffic, conversion rates, engagement, and
customer behaviour, businesses can gain insights and make data-driven decisions
to optimize their marketing efforts.
These digital tools and techniques allow businesses to target specific audiences,
measure campaign performance, and adapt marketing strategies in real-time. By
incorporating these tools within the marketing mix, companies can effectively
reach, engage, and convert customers in the digital landscape (HILLIER, 2023).
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Task 2
6. Overview of the Marketing Mix
The term "marketing mix" refers to a company's combination of tactical and
controllable marketing tools used to elicit the desired response from its target
market. It consists of every strategy the business can use to increase demand for its
products and/or services (Armstrong, 2008). The ultimate objective of any business
is to provide a good or service that will stand out to potential customers to get their
preference over rival brands. Marketers can combine the four main ingredients in
this unique selling proposition (USP) in various ways to get varied outcomes.
Usually referred to as the "4Ps," these four components are product, price, location
(distribution), and promotion (Fig 6-1).
Fig 6-1
Marketing Mix (Adapted from Armstrong, Kotler, & Silva 2006)
In addition to the traditional 4Ps, digital marketing tools, and approaches are
crucial in the digital era. Businesses can improve their marketing efforts and reach
a wider audience by utilizing digital platforms, social media, content marketing,
search engine optimization, email marketing, and other digital channels.
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Overall, the marketing mix acts as a map for businesses to travel through the
complicated marketing world, allowing them to successfully meet client wants, set
themselves apart from rivals, and accomplish their corporate objectives.
7. Case Study: Application of a Coordinated Marketing Mix and
Digital Marketing for "TechGear" Smart Home Devices
A made-up firm called ‘TechGear’ specializes in creating smart home appliances
including smart speakers, thermostats, and security systems. The company now
sells its goods through retailers, but it intends to change its approach and start selling
to customers directly through new stores and online marketplaces. The use of a
coordinated marketing mix as well as digital marketing tools and tactics for
TechGear's smart home products will be examined in this case study.
7.1 Analysing the Application of Coordinated Marketing Mix
(1) Product: For homeowners looking to automate their homes, TechGear's smart
home gadgets provide cutting-edge functionality, easy integration, and
convenience. The products' user-friendly interfaces, connectivity with well-known
smart home ecosystems, and regular software updates are built into the design to
ensure peak performance.
(2) Price: TechGear has a competitive pricing approach based on research and
analysis of the market. The pricing strategy strives to provide customers with value
while retaining the company's profitability. Depending on the product and its
features, prices may change.
(3) Place: TechGear intends to open additional retail stores in prime areas to display
its smart home gadgets. Additionally, the business will establish an online presence
through its website and e-commerce platforms to reach a larger audience and
support direct sales to clients.
(4) Promotion: TechGear will use various promotional techniques to increase
consumer interest and demand for its innovative home products. These tactics may
consist of public relations efforts to obtain media attention, influencer, and industry
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expert involvement, participation in trade events and exhibitions, and targeted
advertising campaigns through digital platforms.
7.2 Analysing the Use of Digital Marketing Tools and Techniques
TechGear will make use of digital marketing tools and strategies to connect and
interact with its target market:
(1) Search Engine Optimization (SEO): TechGear can increase its organic search
exposure and draw potential consumers actively looking for smart home gadgets by
optimizing the company's website and product pages for relevant keywords and
guaranteeing a user-friendly experience.
(2) Pay-Per-Click (PPC) Advertising: TechGear can execute tailored PPC ads on
search engines and social media platforms to target demographics and increase
traffic to its website or product pages. This type of advertising makes it possible to
target audiences precisely and measure the outcomes.
(3) Social Media Marketing: TechGear will create a significant presence on wellknown social media sites, including Facebook, Instagram, and Twitter. The business
may raise brand awareness and promote user engagement by providing interesting
content, sponsoring sponsored posts, and cultivating a community of innovative
home specialists.
(4) Email Marketing: TechGear can create a database of past and present clients
to send them niche emails. To foster client relationships and encourage repeat
purchases, these campaigns may include product updates, special deals, and tailored
recommendations.
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7.3 Analysing the Benefits of a Coordinated Marketing Mix
Benefits of the integrated marketing mix for TechGear's smart home products
include:
(1) Consistent Brand Messaging: A coordinated marketing mix ensures that all
communication channels transmit a similar brand image, messaging, and value
offer. Customers' brand identification, trust, and loyalty are increased due to this
consistency.
(2) Targeted Reach: TechGear may better target its marketing initiatives to reach
and engage potential customers by being aware of the target population's
preferences, needs, and demographics. This focused strategy improves conversion
rates and client satisfaction.
(3) Enhanced Customer Experience: TechGear can provide a seamless and
integrated customer experience thanks to a coordinated marketing mix. Customers
will have a seamless experience from product research and purchase to post-sale
support, increasing their happiness and advocacy.
(4) Increased Sales and Revenue: A well-coordinated marketing mix can enhance
TechGear's sales and revenue when adequately implemented. The business can
bring in new clients, keep hold of its current clientele, and encourage repeat
business by effectively utilizing several marketing components.
7.4 Assessing the Benefits of Digital Marketing
The following benefits of digital marketing are exclusive to TechGear's smart home
products:
(1) Broad Reach and Targeting: TechGear can target demographics, regions, and
interests using digital marketing platforms which have a broad reach. Through
precise targeting, marketing initiatives are made to reach those more likely to be
interested in and benefit from smart home technology.
(2) Cost-Effectiveness: Digital marketing provides cost-effective solutions with
improved measurement capabilities compared to traditional marketing strategies.
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Based on real-time data, TechGear may more effectively manage money, monitor
the success of campaigns, and optimize marketing initiatives.
(3) Interactivity and Engagement: TechGear may engage with customers directly
through social media, comments, and feedback, thanks to digital marketing. This
two-way communication encourages participation, develops connections, and
offers insightful information for enhancing products and consumer pleasure.
(4) Data-Driven Decision Making: TechGear can measure the success of
marketing initiatives, spot patterns, and make data-driven decisions thanks to the
rich data and analytics digital marketing solutions provide. This allows the business
to improve plans for improved outcomes and return on investment.
TechGear may successfully switch from selling through retailers to directly
marketing its smart home gadgets to customers by implementing a coordinated
marketing mix and utilizing digital marketing tools and tactics. Consistency,
targeted reach, improved customer experience, and more sales and revenue benefit
the well-coordinated marketing mix. Digital marketing, on the other hand, offers a
broad audience, cost efficiency, interaction, and data-driven decision-making. By
combining these strategies, TechGear can efficiently sell its smart home products,
draw clients, and establish itself as a market leader.
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8. Conclusion and Recommendation
In conclusion, the switch of Hard Graft Tools from retail sales to consumer
direct marketing creates an exciting opportunity for the business to grow its market
presence and profitability. Hard Graft Tools can engage with clients, add value, and
increase sales by utilizing a coordinated marketing mix approach and digital tools
and approaches.
To ensure a successful implementation, it is recommended that Hard Graft
Tools:
(1) Conduct in-depth market research: Develop a full grasp of consumer
preferences, market trends, and the competitive environment to guide product
creation, pricing strategies, and marketing initiatives.
(2) Create a strong brand identity: Invest in branding initiatives that convey the
company's values, quality, and dependability to foster trust and set the business
apart from rivals.
(3) Enhance customer engagement: Improve customer engagement by using
digital marketing tools like email campaigns, social media, and content marketing
to build strong relationships with clients, share insightful information, and solicit
feedback.
(4) Optimize the online shopping experience: Enhance the online shopping
experience by designing intuitive and aesthetically pleasing online stores where
customers can browse, make purchases, and get help for a seamless and pleasurable
buying journey.
(5) Monitor and analyse performance: Performance should be regularly tracked
and evaluated, including website traffic, conversion rates, client comments, and
sales statistics. Make data-driven decisions, find areas for improvement, and adjust
strategy using these insights.
By implementing these suggestions, Hard Graft Tools will better manage the
transition to direct marketing, draw in and keep clients, and forge a competitive
edge in the marketplace. The company may unlock new development potential and
experience long-term success in the power tool sector by coordinating its marketing
mix and strategically utilizing digital tools.
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9. References
Armstrong, K. &. (2008). Kotler, P. & Armstrong, G. (2008). Fundamentos de
marketing 8va edición. Pearson Educación México. Retrieved from
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HILLIER, W. (2 January, 2023). 12 Digital Marketing Tools You Should Know About
in 2023. Retrieved from careerfoundry.com:
https://careerfoundry.com/en/blog/digital-marketing/digital-marketing-tools/
Makosiewicz, M. (6 April, 2022). Marketing Mix: 7 Ps, 4 Cs, & Other Things You
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UKEssays. (16 May, 2017). www.ukessays.com. Retrieved from Relationship Between
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