BUMKT5902 Marketing Mix Strategy Report Sample
You are required to demonstrate your knowledge of marketing concepts and theories and your skills in researching and critically analysing solutions to provide practical marketing strategy recommendations. This assessment relates to the content we cover in Topics 7-12, use these lectures and resources as a guide to what you need to consider in your assessment. You will perform better in the assessment if you are able to integrate marketing theory into your analysis and use academic theory to justify your proposals. Your scenario for Assessment 3: Following on from your two previous consulting jobs for your chosen company, your client has now asked you to prepare a Marketing Mix Strategy to help them take their new product/service to market.
You are required to prepare a 2000 word report which includes an integrated and justified plan for the product launch and first year of sales. The client is very keen to have a comprehensive understanding of why they would take one approach over another – so where possible, include discussion about why the strategies you suggest are better suited to the client than others, and/or why the strategies might be more successful than other possible options. In preparing this Assessment, you need to demonstrate you have built on your ideas and any feedback received in Assessments 1 and 2, use your research from Assessments 1 and 2 to justify decisions about your integrated marketing mix, and similarly, justify the decisions you make for your launch and marketing plan of the new product/service with this evidence. Of course, you should also bring in new research where relevant.
For this assessment, as you are building on research from Assessment 1 and 2 and developing further in this assessment, you should include a minimum of 20 academic references and a minimum of 12 contemporary reputable industry sources. Also – remember we want to communicate as professional marketers would, so draw on your experiences of developing infographics from Assessment 1 to push yourself to present relevant information in figures, graphs or with iconography.
Report Structure - Use the following structure to organise your report:
Title page
Executive Summary
Table of Contents
1.0 Introduction
2.0 Scope of Report – summary of consulting work so far (i.e. a few key points from Assessment 1 + 2, and include any responses to feedback or refinements in your thinking) and purpose of report
3.0 Objectives and KPIs
3.1 Include relevant subheadings
4.0 Marketing Mix
4.1 Include relevant subheadings
4.2
5.0 Conclusion
References
Appendices (if applicable)
Solution
1.0 Introduction
With rapid growth in globalization, companies are now facing increased competition in the international markets. They need to expand their services, offer quality goods, pay for satisfying buyers’ needs and reduce their costs for running a successful business (Išorait?, 2016). This has made it essential for aligning and effectively using the marketing mix elements to achieve such effectiveness. Proper use of such marketing mix elements can increase the effectiveness of product promotion to potential customers of the organization, thereby reducing the arising problems (Thabit & Raewf, 2018). Such efficient management helps the marketers in managing the company’s budget for achieving desired objectives.
2.0 Scope of Report
Rad Eddie Fashion Company offers high-quality, sustainable and ethical clothing with a street wear inspired edge to its customers in the market. The company also provides customization options with the help of its online personal styling service that helps in offering customers exactly what they want. It also offers a wide range of clothing options at affordable prices by understanding the importance of affordability in fashion (Clarke, et al., 2019). In this regard, the team of personal stylists provide its customers with various recommendations and personalized outfits for meeting their fashion styles and needs, preferences and budget. In addition, the company has been intending to exploit the opportunity of integration more technologies into its business by enhancing its website design and increasing e-commerce visibility (Hur & Cassidy, 2019). Now, the purpose of this report is to develop effective marketing mix strategies for Rad Eddie Fashion company based on developed marketing objectives.
3.0 Objectives and KPIs
3.1 SMART Objectives
Rad Eddie Fashion Company can undertake this SMART technique for setting up specific marketing goals or objectives that will enable both managers and employees in better creating, tracking and accomplishing the short-term and long-term goals (Chatterjee & Corral, 2017). Here, specific, measurable, achievable, rare and time-bound objectives are provided for ensuring growth and success of the company.
.png)
Fig 1: SMART Goal
The marketing objectives for Rad Eddie Fashion Company are:
• To offer high-quality, affordable, sustainable and ethical apparel products inspired from street wear,
• To provide customers with personalized designs through online personal stylist service,
• To enhance the revenues by 10% in the first year of the operation,
• To gain around 30% customers from the identified target market in the first six months,
• To increase brand awareness by 20% amongst the target customers in the first nine months,
• To gain around 25% net profits from the sales in the first year of operation
3.2 Key Performance Indicators (KPIs)
Key performance indicators (KPIs) include specific and numerical metrics that help in measuring the progress towards defined goals within the marketing channels (Gartner, 2023). These quantifiable measurements are useful for gauging the long-term marketing performance of the company. It can further measure the success based on the above mentioned objectives, targets or industry peers (Saura, et al., 2017).
Some of the standard measures of marketing performance that Rad Eddie can use for evaluating its progress are brand awareness, brand equity, sales, market share and marketing return on investment (ROI). Marketing ROI can help in measuring the amount of revenue that has been generated from specific marketing campaigns against the costs incurred for running those campaigns (Oracle, 2023). It is one of the most important indicators for monitoring and assessing the marketing performance. Increase in revenues and market share of Rad Eddie can also display the progress its marketing activities are making (Farris, 2016). In addition, increasing brand awareness and equity amongst the target market are also essential indicators of improved marketing performance.
On the other hand, some customer-centred measures of marketing performance are customer acquisition, customer retention, customer lifetime value, customer loyalty and others. Rad Eddie can use customer retention metric for measuring its marketing activities’ effectiveness in retaining target customers for a longer period instead of engaging new customers (Formstack, 2020). Here, cost per customer acquisition can also be used for determining the costs involved in convincing a potential customer to close the sale. In addition, customer lifetime value can be applied for measuring how valuable a customer is for the company across the whole relationship. Thus, it helps in enhancing the value of existing customers for driving growth.
4.0 Marketing Mix Strategies
4.1 Product
This refers to the goods or services being offered by a company to its customers. Products include different variety, quality, design, features, packaging, brand name and services (Morgan, et al., 2019). Here, Rad Eddie offers fashion apparel and items to its customers in the market. In this regard, Kotler’s five product levels can be used for analysing how the products are being offered to the target customers (CGMA, 2023).
.png)
Fig 2: Kotler’s Five Product Levels
Core Benefit- The fundamental needs or wants of having clothes are satisfied by providing the core benefits through different apparel items to the customers.
Generic product- Here, Rad Eddie provides different apparel items like shirts, t-shirts, tops, jeans, trousers, denims, winter wear, summer wear and inner garments for the target customers.
Expected product- Furthermore, these are attributes or characteristics like different sizes, colours and styles of apparel items that are offered to customers including both men and women of the target market (CGMA, 2023). These also involve products of different price ranges and high quality based on the needs and preferences of the customers.
Augmented product- These include the additional features, attributes, benefits and other related services that different Rad Eddie products from the competitors in the market (Duan, et al., 2018). The company offers sustainable and ethical fashion apparel products to the customers at affordable prices that are not easily offered by rival firms in the market.
Potential product- Here, Rad Eddie intends to undergo various transformations in its existing product categories based on the changing demands of customers and expected trends in the street wear fashion market (Duan, et al., 2018). In this regard, various advanced technologies will also be integrated into the company’s business operations for tracking consumer behaviour, market trends, competitors’ offerings and improving website design.
4.2 Price
Rad Eddie fashion which is operating in the fashion industry is facing intense competition and challenges within the industry. Thus, it is the responsibility of the marketers to choose competitive pricing strategy to cope with the competition. When the price points of the product or services of an organisation is chosen based on the price point of the competitors, operating in the similar industry it is known as competitive pricing. In the competitive setting, price is marked as the natural method that determines the value of the product within the market (Abrate, et.al., 2019). The marketers of the company must research on the price points of other competitors in the market. Once extensive research is done then the company can charge slightly higher prices than the competitors. This higher pricing strategy is recommended because it can help the firm to adjust the Customer acquisition Cost (CAC). A slightly higher prices can also help customers perceive that the product is exclusive (YUSUF, et.al., 2019). CAC is known for developing strategies that can further acquire customers and enhance sales (Jayathilaka, 2021). For a newly launched company like Rad Eddie Fashion acquiring customers is of great importance and therefore budgeting the CAC is equally important. Finally, this pricing strategy is easy to implement and it can help the firm to drag the attention of the customers.
.png)
Fig 3: Online Penetration in UK Apparel and Fashion Industry
(Source: Balchandani, et al., 2021)
4.3 Promotion
Rad Eddie will undertake integrated marketing communications (IMC) for reaching the target customers and communicating about its brand, products and services instead of relying on any one promotional channel. IMC is a unified and holistic approach for combining different elements of marketing communications like direct marketing, advertising, personal selling, public relations and social media marketing for consistently undertaking the marketing activities across different media channels (Barger & Labrecque, 2013). This helps in continuously communicating the brand messaging to the target customers across different channels by staying connected with them. Thus, IMC can be undertaken by the company for achieving the desired marketing objectives and building long-term relationships with the customers.
Rad Eddie will undertake a pull marketing strategy for increasing the number of customers willing to buy its affordable, sustainable and ethical fashion apparel products. This will be better than push marketing strategy company will focus on convincing the customers to seek for the products through direct marketing campaigns (Yim, et al., 2022). It will help the customers in understanding the real value of the company’s products. Thus, this will encourage them to make efforts and reinvest in the products and services for the long run.
In addition, digital and social media marketing channels will be used as they are capable of reaching large number of potential customers at lower costs as compared to traditional media like television, billboards, print media and others (Stephen, 2016). These will include influencer marketing, content marketing, search engine optimization, email marketing and others.
4.4 Place
Products are required to be sold to the end customers, thereby it is essential for Rad Eddie to make them available at suitable places for them (Davari & Strutton, 2014). Rad Eddie will undertake direct distribution strategy in its online sales for offering and selling products directly to the customers. Besides, indirect distribution strategy will be used for offline or physical stores like supermarkets or hypermarkets (Amazon Business, 2022). In this regard, selective distribution will be applied for delivering the products through few chosen retailers instead of exclusive or intensive strategies because the company can have more control over the selling process.
4.5 People
The marketers of the company should hire more sales people and marketers who can develop strategies and reach out to customers to compete with substitutes and new entrants in the fashion industry. Communication is the most important skills that sales people should have. This can help them to interact with buyers and understand their needs (Koponen, et.al., 2019). Moreover, negotiation with customers is important. A highly skilled sales person can influence the negotiation and can win the best deal for the company (Ahearne, et.al., 2022). Moreover, highly skilled marketers who can develop viral contents and campaigns are also required. Social media can create brand awareness but marketers who have critical thinking skills can develop contents that can go viral and reach to large number of customers across the world (Ansari, et.al., 2019).
4.6 Processes
Here, the products are sold are various supermarkets, hypermarkets and other retail outlets for reaching the target customers. Alongside these physical stores, the company will also offer the online ordering and delivery service to the customers through its website (Zhang, et al., 2017). This shows that both online and offline channel structures can be used by the fashion company. Here, online personal stylist services are also offered for guiding the customers about customized products based on their needs, style, affordability and preference and providing superior experience.
4.7 Physical Evidence
Here, the brand can also collaborate with fashion influencers. These influencers who have a large volume of followers are experts in providing fashion tips. Collaboration with these influencers will not only help Rad Eddie to reach a greater number of customers but influencers can also help them promote their products with effective demonstration. Thus, this will further help in convincing customers about the authenticity of the company and its products or services.
5.0 Conclusion
This marketing report for university assignment help aimed at recommending marketing mix strategies that the marketers must develop and implement in order to increase their share in the market and create brand awareness. The findings of the report suggest that the marketers of the company are trying to grab the attention of young Australian women who are intrigued towards fashionable products. The organisation must provide fashion tips that are trendy, classy and chic to attract these women and enhance customer loyalty. Moreover, it is highly recommended to choose competitive pricing strategy in order to increase customer base and retain shares in the market. The report also concludes that in the era of high internet penetration, social media marketing and creating viral contents to enhance brand awareness is important. To do so, sales and marketing people with high-level of communication, critical thinking and negotiation skills must be hired by the company.
References
Abrate, G., Nicolau, J. L., &Viglia, G. (2019). The impact of dynamic price variability on revenue maximization. Tourism Management, 74, 224-233.https://doi.org/10.1016/j.tourman.2019.03.013
Ahearne, M., Atefi, Y., Lam, S. K., &Pourmasoudi, M. (2022). The future of buyer–seller interactions: a conceptual framework and research agenda. Journal of the Academy of Marketing Science, 1-24. https://doi.org/10.1007/s11747-021-00803-0
Amazon Business. (2022). Distribution Strategy and Distribution Channels: What They Are, Types, & Examples. https://business.amazon.in/en/discover-more/blog/distribution-strategy
Ansari, S., Ansari, G., Ghori, M. U., & Kazi, A. G. (2019). Impact of brand awareness and social media content marketing on consumer purchase decision. Journal of Public Value and Administrative Insight, 2(2), 5-10.https://doi.org/10.31580/jpvai.v2i2.896
Balchandani, A., Lau, B., Nguyen, H. & Toma, B. (2021). Six vectors of success in online fashion. https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/six-vectors-of-success-in-online-fashion
Barger, V. A., & Labrecque, L. (2013). An integrated marketing communications perspective on social media metrics. International Journal of Integrated Marketing Communications, Spring.
CGMA. (2023). Kotler’s Five Product Level Model. https://www.cgma.org/resources/tools/cost-transformation-model/connecting-products-with-profitability.html
Chatterjee, D., & Corral, J. (2017). How to write well-defined learning objectives. The journal of education in perioperative medicine: JEPM, 19(4). https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5944406/pdf/i2333-0406-19-4-1a.pdf
Clarke, J. S., Cornelissen, J. P., & Healey, M. P. (2019). Actions speak louder than words: How figurative language and gesturing in entrepreneurial pitches influences investment judgments. Academy of Management Journal, 62(2), 335-360. https://hal.archives-ouvertes.fr/hal-02276704/document
Davari, A., & Strutton, D. (2014). Marketing mix strategies for closing the gap between green consumers' pro-environmental beliefs and behaviors. Journal of Strategic Marketing, 22(7), 563-586. https://doi.org/10.1080/0965254X.2014.914059
Duan, B., Arcodia, C., Ma, E., & Hsiao, A. (2018). Understanding wine tourism in China using an integrated product-level and experience economy framework. Asia Pacific
Journal of Tourism Research, 23(10), 949-960. https://doi.org/10.1080/10941665.2018.1512506
Farris, P. W. (2016). Marketing metrics. Pearson Education India.
Formstack. (2020). 8 Sales and Marketing KPIs to Track. https://www.formstack.com/resources/blog-sales-marketing-kpis-to-track
Gartner. (2023). Marketing Key Performance Indicators (KPIs). https://www.gartner.com/en/marketing/glossary/marketing-key-performance-indicators-kpis-
Hur, E., & Cassidy, T. (2019). Perceptions and attitudes towards sustainable fashion design: challenges and opportunities for implementing sustainability in fashion. International Journal of Fashion Design, Technology and Education, 12(2), 208-217. https://doi.org/10.1080/17543266.2019.1572789
Išorait?, M. (2016). Marketing mix theoretical aspects. International Journal of Research-Granthaalayah, 4(6), 25-37. : https://doi.org/10.29121/granthaalayah.v4.i6.2016.2633
Jayathilaka, U. R. (2021). Investigating The Relationship Between Pricing Strategies And International Customer Acquisition In The Early Stage Of SaaS: The Role Of Hybrid Pricing. ResearchBerg Review of Science and Technology, 1(1), 84-100.https://researchberg.com/index.php/rrst/article/view/58
Koponen, J., Julkunen, S., & Asai, A. (2019). Sales communication competence in international B2B solution selling. Industrial Marketing Management, 82, 238-252.https://doi.org/10.1016/j.indmarman.2019.01.009
Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy. Journal of the Academy of Marketing Science, 47, 4-29. https://doi.org/10.1007/s11747-018-0598-1
Oracle. (2023). What is marketing ROI? https://www.oracle.com/in/cx/marketing/marketing-roi/
Saura, J. R., Palos-Sánchez, P., & Cerdá Suárez, L. M. (2017). Understanding the digital marketing environment with KPIs and web analytics. Future Internet, 9(4), 76. https://doi.org/10.3390/fi9040076
Stephen, A. T. (2016). The role of digital and social media marketing in consumer behavior. Current opinión in Psychology, 10, 17-21. https://doi.org/10.1016/j.copsyc.2015.10.016
Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4), 100-109.
Yim, B. H., Lyberger, M. R., & Song, D. (2022). Push–pull analysis: the mediating role of promotion types relative to visit intention to a sports museum. International Journal of Sports Marketing and Sponsorship, 23(2), 346-368. https://doi.org/10.1108/IJSMS-12-2020-0240
YUSUF, M., NURHILALIA, N., & PUTRA, A. H. P. K. (2019). The Impact of Product Quality, Price, and Distribution on Satisfaction and Loyalty. Journal of Distribution Science, 17(10), 17-26.http://dx.doi.org/10.15722/jds.17.10.201910.17
Zhang, P., He, Y., & Shi, C. V. (2017). Retailer's channel structure choice: Online channel, offline channel, or dual channels?. International Journal of Production Economics, 191, 37-50. https://doi.org/10.1016/j.ijpe.2017.05.013
Would you like to schedule a callback?
Send us a message and we will get back to you
Highlights
Earn While You Learn With Us
Confidentiality Agreement
Money Back Guarantee
Live Expert Sessions
550+ Ph.D Experts
21 Step Quality Check
100% Quality
24*7 Live Help
On Time Delivery
Plagiarism-Free
81 Isla Avenue Glenroy, Mel, VIC, 3046 AU
