Demonstrate an understanding of the marketing mix.

Marketing:

            Marketing is defined as the profitable field of business which is used for meeting the short term and long term business goals. It maintains the steady flow of the service and product placement. Marketing is an activity which requires a strategy of effectively communicating, and exchanging offers for value of the customers, stakeholders and social partners. (Norman, 2011)

            The best product service strategy used in marketing mix is 7p’s, which is used for creating value for the customer. These 7 p’s are dig into product, price, place promotion, people, processes and physical evidence. This marketing strategy is subjected to both the internal and the external marketing environment, and all these tactics are used to value the demands of the customers. This is a ‘tactical marketing mix’. The marketing mix starts up with the product selling focusing on different stages of selling from growth face to decline phase. Place then refers to informing the customers, along with the distribution of these products to the targeted audience. It also involves persuading the customers by strategizing the distribution. The price is the foremost component of the marketing mix, and it can also impact on the sale of the product. So, at first, the price must be tempting enough that it values the products you are offering. Also,the high price will value your brand as well as the quality of the product. For promoting the sales brand recognition, targeting the right audience, and using the effective strategy to grab the attention of the customers is highly necessary. (Kemppainen et al., 2008)

Explain how marketing helps business and address challenges in a competitive market.

            Business competitions are quite common and fierce in markets, especially in the case if there is an aggressive competitor of yours. Marketing plays the utmost role here to grab the attention of the customers. Marketing requires dealing with multiple business challenges all of a sudden, especially by its efficient 7 p’s strategy. If this strategy works effectively, then it will help the business deal with specific challenges. (Rafiq & Ahmed, 2010). But for this purpose, the business must define its unique policy for dealing with the ups and downs. Keeping an eye on the internal and the external environment is highly essential. Also, business must know its competition, customers, differentiation of its products, setting up the distinctive marketing strategy, and looking over the existing customers. All these will help to stay competitive in the market. (Rafiq &Ahmed, 1995)

            SWOT analysis is also used by business to stay competitive in the market. It is an abbreviation of strengths, weaknesses, opportunities, and threats. Here strengths and weakness link with the internal environment while the other two are for the external environment. SWOTanalysis helps the business to define its strategy and to keep it up to darted. In strengths, the business focuses on the strengths, unique resources and the strengths with respects to others in the market. Weakness leads to improvement while focusing on the fewer resources, and the areas of improvement. (Piercy & Giles, 2015). It also involves the people’s arguments and criticism as well. Opportunities involves the business sectors in which they are open up and what strengths can be served as opportunities. In contrast, threats are about the competitors that can harm you or can expose your weakness. (Helms & Nixon, 2010)

Identify marketing solution to address a particular business challenge.

            Ansoff’s growth matrix is also categorized as product expansion grid. It allows the business to significantly introduce their strategies for potentially growing the business along with the comparison of risk situations with it. It is used for developing the understanding of the risk of different strategies in the market. This grid is useful for growing the business on a longterm basis and for making it successful on a long run. It also helps in defining a unique market development strategy that a firm must own. (Meldrum & McDonald, 1995)

            Ansoff matrix is used in the business to make it a successful one by the involvement of all four strategies in the business. These four criticalpoints of Ansoff matrix involves market penetration, market development, product development, and diversification. If a business focuses on all these four points, then it will help the business to grow fast as it is targeting the maximum audience. It involves selling the existing business products to the existing as well as the new markets. While on the other hand, it also involves selling new products to existing and new markets. So, it the strategy of a business is strong and competent enough, then it will help reach maximum number of customers at one time. This matrix helps the business to select the tactics that are beneficial to reach the markets. Also, it assists in digging out the overarching strategy. Collectively all these strategies and tactics will help to make a business successful.

Describe the impact on globalization on competitive markets.

            Globalization and digital marketing strategies are interlinked with each other to stand in the competitive market. Different business sectors are using this strategy to help their business grow. With the advancement of technology, digital marketing is also incorporating into the business, and it is now included in the foremost business demands. Globalization is increasing the market competition and requires technological adaptation and quick production by the business firms. All these strategies will help in increasing the market share, which, as a result, will grow up the business. (Madsen & Wu, 2014). Digital marketing targets a large number of audience as it helps in increasing the technology and innovation. Also, it helps assess the new market as well as the capital flows. All these strategies collectively help to give a tough competition to others present in the market. Other digital marketing strategies that help grow out the business involve online marketing services, analyzing the SEO situation, creating the valuable and attentiongrabbing content, using social media to introduce and raise your business campaigns, payperclick, and creating a strategized lead magnet. All these digital marketing strategies collectively help the business reach the maximum marketing channels for the promotion of products. (Knight, 2000)

            Digital marketing is now embracing the technology to provide the best return of investments, and it is a way much better way to deal with the competitive environment. It helps in growing the business with a steady flow while targeting the audience and conversion of their sales into the leads. (Luostarinen &Gabrielsson, 2006)

References:

Helms, M. M. and Nixon, J. (2010) Exploring SWOT analysis – where are we now? A review of academic research from the last decade, Journal of Strategy and Management. Emerald Group Publishing Limited. Available at: https://www.emerald.com/insight/content/doi/10.1108/17554251011064837/full/html (Accessed: October 22, 2020).

Kemppainen, K., Vepsäläinen, A. P. and Tinnilä, M. (2008) “Mapping the structural properties of production process and product mix,” International Journal of Production Economics, 111(2), pp. 713–728. DOI: 10.1016/j.ijpe.2007.03.020.

Knight, G. (2000) “Entrepreneurship and Marketing Strategy: The SME under Globalization,” Journal of International Marketing, 8(2), pp. 12–32. DOI: 10.1509/jimk.8.2.12.19620.

Luostarinen, R. and Gabrielsson, M. (2006) “Globalization and marketing strategies of Born Globals in SMOPECs,” Thunderbird International Business Review, 48(6), pp. 773–801. DOI: 10.1002/tie.20122.

Madsen, E. S. and Wu, Y. (2014) Marketing and Globalization of the Brewing Industry, SpringerLink. Palgrave Macmillan, London. Available at: https://link.springer.com/chapter/10.1057/9781137466181_3 (Accessed: October 22, 2020).

Meldrum, M. and McDonald, M. (1995) The Ansoff Matrix, SpringerLink. Palgrave, London. Available at: https://link.springer.com/chapter/10.1007/9781349138777_24 (Accessed: October 22, 2020).

Norman, O. G. (2011) “Marketing Reference Services,” The Reference Librarian, 23(4950), pp. 45–60. DOI: 10.1300/j120v23n49_04.

Piercy, N. and Giles, W. (2015) Making SWOT Analysis Work, Marketing Intelligence & Planning. MCB UP Ltd. Available at: https://www.emerald.com/insight/content/doi/10.1108/EUM0000000001042/full/html (Accessed: October 22, 2020).

Rafiq, M. and Ahmed, P. K. (1995) Using the 7Ps as a generic marketing mix: an exploratory survey of UK and European marketing academics, Marketing Intelligence & Planning. MCB UP Ltd. Available at: https://www.emerald.com/insight/content/doi/10.1108/02634509510097793/full/html (Accessed: October 22, 2020).

Rafiq, M. and Ahmed, P. K. (2010) “Using the 7Ps as a generic marketing mix,” Marketing Intelligence & Planning, 13(9), pp. 4–15. DOI: 10.1108/02634509510097793.