Due date: 18-Oct-2015
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The final stage of the marketing audit is for you to evaluate how well the marketing mix of the organisation is performing for your chosen organisation. NB: as before, if you have a large range of product offerings, it is a good idea to focus on just one.
Incorporating theoretical concepts into your discussion from chapters 7-14 and with the use of other theoretical sources and secondary research, please discuss the following:
1. Outline and describe the 8 marketing mix concepts theoretically and apply the components to one of your products offerings. As part of your application be sure to explain and evaluate all of the 8ps’ of marketing (product, prices, promotion, distribution, partnerships, people, processes and physical evidence).
2. Given your evaluation of your overall marketing strategies, the competition and broader contemporary issues facing marketers today, provide recommendations for your organisation. Your recommendations should focus on each of the 8ps and illustrate how contemporary issues may impact on your organisation and its marketing strategy.
More information on how to complete this assessment will be provided on Interact 2
This assessment assesses the following learning outcomes:
- be able to apply the marketing mix and aspects of branding and positioning to a specific target market and be able to evaluate competitors’ programs; and
- be able to discover and evaluate how contemporary issues of environment, social media and other technology, society and Corporate Social Responsibility (CSR) might affect marketing.
- STRUCTURE FOR ASSIGNMENT 4 Question 1 What is the current product strategy of your company? Would you recommend any product modification? Why?Are there any new products worth adding? Question 2 What is the current company pricing strategy? Question 3 What is your company current promotional strategy? What recommendation can you make? Question 4 What is your company current distribution strategy? How can this be improved? Question 5 How is the company using the expanded marketing mix to improve the performance of the organization (People, Processes, Physical Evidence)? Structure for Question 1 •Assessment of the current product offering: –You can refer to the TPC –And at the tangible and intangible elements of your offering Assessment of the current product matrix –Look at the different product lines – note that a line might have sub-lines –Look at the depth of each line – note that if your company offer a very broad range of product lines you might chose to narrow down the analysis to a specific line only Recommend if there are some quality, functional, or aestheticsmodifications that can be done. For example, adding some extra features, or additional services It is important that you justify potential modifications based on your Ass 3 – ex: socio-cultural factors, competitors, changing customerneeds, industry factors, technological factors Recommendations in relation to adding a new product line or expanding the current lines adding items It is important that you justify potential line or products extensions based on your Ass 3 – ex: socio-cultural factors, competitors,changing customer needs, industry factors, technological factors Structure for Question 2 1.Determine Price Objectives 2. Determine Price Situation Demand Elasticity – linked to market structure (Ass 2) Competitors prices (Ass 2) Value perceived by the customers (Ass 1 – company core strategy if itsmore likely to be differentiation or low cost) Costs – fix and variables, economies of scales 3. Select Price Strategy Value-based, cost-based, competitors based. 4. Determine specific pricing policies Ex: skimming and penetration for new products, product line strategy, psychological pricing Structure for Question 3 What are the current IMC elements the company is using? What kind of image/positioning are they trying to convey? Are these tools the right one for your target market, product and objectives? What do you think your company should change in their IMC strategy? Structure for Question 4 Distribution objectives – Intensive – Selective – Exclusive Distribution channels – how many channels, how many intermediaries per channel Retailers – Type of retailer. Justify in relation to the location, store image (atmospherics).
The Commonwealth Bank of Australia (CBA) is one of the chief financial organizations in Australia and has developed branches in other countries around the world (Commonwealth Bank of Australia, 2014). The bank offers a variety of financial services such as bank accounts, loans, credit cards, insurance, financial planning and online banking (branches in other countries around the world (Commonwealth Bank of Australia, 2013). Services offered by the financial institution are the primary marketing mix element that fulfills a client’s desires and necessities and provide the main link between the business and its customers ( Burnett, 2008).
Services as a product are reflected to be more exceptional, hence they require more attention because of their significance in the world economy ( Dang, 2004). Services include actions, profits, or fulfillments offered for trade that are fundamentally intangible ( Dang, 2004). The product strategy of the Commonwealth Bank of Australia organization focuses on raising the profile of the services provided to the consumers. The banks’ product strategy is based on significant reflections on the environment, community and governance in a considerably hastily changing commercial environment (Commonwealth Bank of Australia, 2013). Sustainability of the organization is upheld by structuring a successful business at the moment while fashioning long lasting value for the consumers, investors, and the larger community.
In May 2013, the financial institution came up with a new vision fabricated on the bases of an objective to excel at safeguarding and improving the financial well-being of individuals, enterprises, and communities (Commonwealth Bank of Australia, 2013). Through the objective, the current product strategy is focused on the following policies.
Sustainable Business Practices
Sustainable practices guarantee well-organized financial management with efforts on productivity, transparency and liability. The attitude created by sustainable business practices targets at ensuring a long-term viable delivery of products and services (Commonwealth Bank of Australia, 2013). The practices carried out by the bank to ensure there is sustainable business include:
A strong balance sheet. The organization takes a cautious approach to its balance sheet review with concerns on investment, funding and liquidity. This supports the provision of sustainable total shareholder returns over the long term. The capability to maintain a resilient balance sheet empowers the bank to deliver the full range of commercial services through the highs and lows of the economy (Commonwealth Bank of Australia, 2013).
Focus on productivity. Productivity is dire for the realization of the bank’s business objectives and development plans. Productivity is analyzed with respect to the increased competition and global financial insecurity. Productivity programs are meant to create a positive influence in motivating efficiency, amassing staff commitment and delivering better products for the clients (Commonwealth Bank of Australia, 2013).
Transparent reporting. Transparent and comprehensive reporting revolves on the desires of a widespread variety of stakeholders. Reporting is achieved through the publication of online reports and annual reports that provide stakeholders with a complete assessment of the monetary and non-monetary performance of the group (Joshi, Cahill, & Sidhu, 2010)…