Week 5 – Individual Assignment

MBA717-Strategic Development

Frieda Ndahambelela Shilumbu

R2006D10941683
Senior Accountant
Master of Business Administration - Finance - ZM UU-MBA712
Marieta Efthymiou
25/04/2021
Introduction

Since the marketing mix or marketing approach is a mixture of elements required to prepare
and execute the entire marketing campaign, it is one of the main categories related to
decisions and evaluations of a firm's marketing. Selecting one of the options, on the other
hand, can have an impact on the operation of the others, particularly if the marketing mix
components are effectively combined. A marketing strategy is a strategy or plan devised by
an organization to set itself apart from its rivals by using its strengths to increase customer
satisfaction with its product. Marketing strategy has become a relevant tool in the world for
any organization to remain in the competitive market environment and become stronger than
others competitors (Daniel, 2018). In this assignment I am going to elaborate how marketing
mix align with company long term strategy.

Product

Product refers to the goods and services offered by the organizations, in simple words,
product can be described as a bundle of benefits which a marketer offers to the consumer for
a price. According to The Chartered Institute of Marketing (2009), the perfect product must
provide value for the customer which means that the company should give their customers
what they want not what they think their customer want. The first element of marketing mix
which is product is what is being sold by the company.

It is more than a simple set of tangible features; it is a complex bundle of benefits that satisfy
customer needs (Ivy, 2008). Products are goods produced by manufacturers to end users. The
products can be categorized two types of tangible products and intangible products
(services).(Suherly , Affif, Arief , & Guterres , 2016)

Kotler & Armstrong (2012) defined a product as anything that can be offered to a market for
attention, acquisition, use, or consumption that might satisfy a want or need. They also stated
that a consumer product is the product bought by the final consumer for personal
consumption.
Consumers purchase goods on a regular basis, after careful consideration and comparison of
brands based on price, quality, and design. A company's product strategy applies to all of the
products and services it provides to its target market in order to meet their needs.

In marketing, the product is important component of the marketing mix because it’s
determines whether the organization survives or dies.(Daniel, 2018) Product strategy consists
of elements such us packaging, branding labelling and product attributes that are of good
quality, style, features and design. Strong brand preference is an added feature to the
product.(Muchiri, 2016

The organization must ensure that the first impression is good, so that consumers see the
product, and product plans must be carefully planned. The company will attract a large
number of consumers to purchase their product as well as improve revenue and
organizational efficiency by using the right and appropriate product strategies. As a result, the
organization must standardize the output. As a result, if a company wants to sell their product
widely while also ensuring that consumers obtain the same measurement quality of the
product without any defects, the company must standardize the quality of their product.

Price

A product's or service's price is the sum paid for it. It is the marketing mix's second most
important component. Fixing the product's price is a difficult task. Many factors, such as
product demand, cost, customer willingness to pay, prices paid by rivals for similar goods,
government regulations, and so on, all play a role.

The price is a tool used by the customer to pay for the products or services offer by the
company. Generally, the price of the service involves considerations related to fixed costs
(overheads) and variable costs (including labour and materials costs), element consists of the
determination of the price discount, the determination of the commission to channel
cooperation and credit (term to sell products and services)(Suherly , Affif, Arief , & Guterres
, 2016)

Price, consumer value, and competitors all play a role in the pricing strategy. However, the
world's leading e-commerce companies' experience suggests the emergence of truly unique
methods of versatile and personalized pricing..
Place

Goods are made to be marketed to the general public. They must be made available to
customers in a convenient location where they can buy them. Woollens are produced on a
large scale in Ludhiana, and you can buy them at a store in your town's market. As a result,
the commodity must be sold in your town's stores(Suherly , Affif, Arief , & Guterres , 2016)

The company must determine whether to sell directly to the retailer or through dealers,
wholesalers, and other intermediaries. It might even consider selling it directly to customers.
The decision is influenced by a number of factors, which you will read about later in this
chapter.

The specificity of the introduced product category has an effect on the sale growth strategy in
e-business. So, while the time and costs to fulfill orders for information products are limited,
the costs for goods in physical performance will be determined by the product's shelf life, the
chosen process, the volume, and the speed of delivery .(Suherly , Affif, Arief , & Guterres ,
2016)

It is important for the company to ensure that the product is available for sale in markets in
strategic places where potential customers can find it. In order to find the most effective
positioning and distribution networks that can specifically speak with their target market,
companies must also have a deep understanding of their target market, or who they want to
target to purchase their product.

Promotion

If a product is designed with the needs of the customer in mind, is reasonably priced, and is
available at outlets convenient to them, but the consumer is unaware of its price, features, or
availability, the marketing attempt can fail. As a result, promotion, which refers to the
process of educating, persuading, and manipulating a customer, is an essential component of
the marketing mix. Promotion is a variety of strategies and ideas implemented by marketers
to encourage end users to be aware of the brand. Sale service is not easy because of its
intangible services. There are two ways of sale used by the service industry in which
advertising and marketing activities of mouth.(Suherly , Affif, Arief , & Guterres , 2016)
Personal selling, advertisement, publicity, and sales promotion are all used to promote a
product. It is primarily done in order to educate potential customers about a product's
availability, features, and applications. It piques a potential customer's interest in the product,
allowing him to compare it to competitors' offerings and make a decision. Print and mobile
media proliferation. Promotion is distinguished by the greatest variety of tools and features in
the electronic environment. The promotion activities allow consumers to be engaged in a
communication process(Suherly , Affif, Arief , & Guterres , 2016)

I have decided to employ a differentiation strategy to set a product or service apart from
similar products offered by rivals in the industry. Instead of focusing on cost, the company
will adopt this strategy to deliver a unique product or service to consumers in terms of design,
functionality, brand image, quality, or customer service.. As a result, the company will charge
a higher price for their product than their rivals, but will also have unique features that set
their product apart from the competition, allowing consumers to recognize the added value in
their purchase. Aside from that, businesses must assess demand for their products in each
country to ensure that they are priced correctly.

Conclusion

Marketing strategy has become a relevant tool in the world for any organization to remain in
the competitive market environment and become stronger than others competitors (Daniel,
2018). Product refers to the goods and services offered by the organizations, in simple words,
product can be described as a bundle of benefits which a marketer offers to the consumer for
a price. The price is a tool used by the customer to pay for the products or services offer by
the company. Generally, the price of the service involves considerations related to fixed
costs. Goods are made to be marketed to the general public. They must be made available to
customers in a convenient location where they can buy them.
Reference

Daniel, C. O. (2018). Effect of Marketing Strategies on Organizational Performance.

International Journal of Business Marketing and Management (IJBMM) Volume 3

Issue 9, 1-9.

Ivy, J. (2008). A new higher education marketing mix: the 7Ps for MBA marketing.

International Journal of Educational Management Vol. 22 No. 4, 288-299.

Kotler, P., & Armstrong, G. (2012). Principles of Marketing 14th Edition. New Jersey, USA:

Pearson Hall

Muchiri, M. N. (2016). The effectiveness of Marketing Mix Strategies on Performance of

Kenol Kobil Limited. Research Project of The Requirement for The Award of The

Degree of Master of Business Administration, School of Business, University of

Nairobi, 1-44.

Suherly , H., Affif, F., Arief , H., & Guterres , A. D. (2016). Marketing Performance as The

Impact of Marketing Mix Strategy (7P) with Determination of Market Attraction and

Company's Resources. International Journal of Economics, Commerce and

Management Vol. IV, Issue 9, 569-587

Yakhneeva, I. V. & Podolyak, M. I. (2009). Metrics of Success: How to Assess the Results of

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