Marketing Management

April 2022 Examination

Answer 1.
Introduction
Those working in marketing strategy are familiar with the STP model. This is a common marketing
approach, and many marketers see its potential to simplify and facilitate interaction by using it. In
order to concentrate on the most lucrative groups, STP Marketing reorganises a company's
advertising mix, placing a strong emphasis on the financial advantages of product categorization and
product placement. Additionally, with the introduction of Martech, new potential for segmentation
and focus have emerged. No matter if they are new to STP or a seasoned professional, they must
take a step back and seize every opportunity to contact with and connect with their customers.
When used as a foundation for developing your marketing communications strategy, the STP model
assists you in categorising your messages and providing information that is tailored to the interests
and requirements of your target audience. Among the phases in a three-step goal-achieving method
are market segmentation, market concentration, and placement tactics. Market segmentation is the
first step in the operation.

Concept and analysis

Segmentation is a critical initial stage in any process. This is accomplished by the identification and
categorization of clients on the basis of common characteristics. Depending on their price sensitivity,
customers are divided into two groups: those who are concerned about prices, and those who are
not. Customers with a high price sensitivity must make adjustments on a tight financial budget.
"Concentration" is the term used to describe the practise of narrowing in on and focusing on one
specific client organisation at this phase of the process. This is decided by the group and is based on
the preferences of the members of the section. A firm must be big enough to sustain its target
market, lucrative enough to compete, and well-positioned to satisfy the demands of its target
audience in order to be considered appealing to them. I have, in fact, done so. In the third phase,
you determine how you will deploy your company in order to attract your desired customer base.
Segmentation approaches that are most often utilised include geographic, demographic,
psychological, behavioural, and profit reasons. Personal information regarding a customer's lifestyle,
hobbies, political opinions, and other characteristics is known as psychographic consumer
information. Customer behaviour has an impact on the judgments made about what to buy. B. The
frequency with which the product is shown and utilised. Those values, on the other hand,
emphasised desirable features such as simplicity of use, cheap cost, and a clear social standing.
When it comes to market segmentation organisations, client behaviour analysis may be a
challenging but necessary task. Businesses want to know what products and services their
consumers have bought in the past so that they may plan for future purchases more effectively and
efficiently.

As a consequence, businesses are able to target the most appropriate clients. The buying behaviour
of these companies reveals what they are interested in selling to their clients. Businesses may be
interested in ways for categorising data that include measures of relative worth, frequency, and
monetary value, among other things. These three indicators may be used to assess how often
customers make purchases at your company, how much they spend, and how long they spend on
each sales visit to your establishment. Consumers' worth and loyalty are measured by firms in order
to assess their worth and loyalty. Customers may be readily classified depending on who is utilising
publicly accessible data on this problem, which can be done with relative ease.

Mass marketing works best in areas where there is minimal distinction between products. The
choice to segment the market is influenced by three considerations. To begin, the organisation
assesses the section's overall operation and effectiveness. The boom rate and phase
competitiveness are two variables to consider. As the second aspect to be considered, the
organization's capacity to respond to the demands of the sector. A large mouthful of food, for
example, has a lot of benefits over smaller mouthfuls. In order to remain competitive in large,
rapidly increasing industries, it is vitally important to reduce margins.

Conclusion

Among the steps in the approach process are evaluations of the product, price, messaging, and level
of customer service. The goal of a marketing strategy is to raise the perceived value of a product
among customers. As an alternative to purchasing the costliest items first, providing a diverse range
of commodities at varied price points is a viable method. In order to reach your target market, you
may use either a paid or an unpaid pricing strategy. A straightforward advertising communication
strategy that makes use of content and distribution channels attempts to reach a specific target
demographic. Products aimed toward a younger audience, for example, are more likely to be
advertised on virtual platforms such as Google and Facebook than traditional media.

Answer 2.
Introduction
In the marketing world, this is known as "tictoc marketing," and it involves using the TikTok
application to advertise a business, product, or service. Marketing strategy, ticktock promotion, and
the production of inherently viral content are just a few of the techniques available. In addition to
Charli D'Amelio, Addison Rae, and Zach King, there are a slew of other positive megastars who have
made substantial contributions to the success of their respective agencies. Some areas do not need
celebrity endorsements in order to discover new stars and influencers. Utilizing the hashtag
#vancouvermakeup, for example, you may uncover local celebrities like Sarah McNabb, who owns a
tiny cosmetics business in Vancouver and is a local celebrity. Using TickTok to promote your business
in the same manner you would Instagram or Facebook, it is possible to make a miscalculation. The
TickTock Corporate Mastering Center is a great place to brush up on your TikTok abilities.

Concept and analysis

A variety of marketing techniques have been used to promote a company's goods and services, and
the word "promotional mix" refers to a mixture of these efforts to get the best results. Customers'
awareness and willingness to make their first buy are the primary goals of advertising, which is the
fourth pillar of the marketing mix. Advertising is concerned with boosting consumer awareness and
convincing them to make their first purchase The phrase "promotional mix" refers to a company's
collection of marketing strategies and approaches. Markets, personal sales, promotions, public
families, and direct mail are all part of the overall advertising mix. The following questions must be
addressed by marketers in order to produce a well-balanced campaign:

Sales Promotion: A variety of marketing techniques have been used to promote a company's goods
and services, and the phrase "promotional mix" refers to the culmination of all of these efforts. Sales
Promotion: Customers' awareness and willingness to make their first buy are the primary goals of
advertising, which is the fourth pillar of the marketing mix. Advertising is concerned with boosting
consumer awareness and convincing them to make their first purchase The phrase "promotional
mix" refers to a company's collection of marketing strategies and approaches. Markets, personal
sales, promotions, public families, and direct mail are all part of the overall advertising mix. The
following questions must be addressed by marketers in order to produce a well-balanced campaign:

Advertising: In exchange for a fee, authorised sponsors provide and advertise publications and
services in an impersonal manner on behalf of their clients. Pull techniques are established by
marketers through the use of advertisements. Consumers are obligated to expose their items to
comprehensive testing before purchasing them. Customers are provided with the information they
require about their services and products, as well as visually appealing graphics that encourage them
to make a purchase. Products and services are advertised without the involvement of a single human
being (or robot). Advertisement is the only way for brands to increase brand awareness. Advertisers
may reach millions of people via email, the web, banner commercials, television, and radio.
Throughout this one-on-one encounter, prospects talk with income advisors concurrently.
Direct advertising: Instead of relying on middlemen and paid media, firms may use technologies to
interact directly with their customers. Email, text messaging, and faxing are all examples of effective
mail and marketing technology. Customers who wish to be kept informed about new products and
special offers can opt to receive communications via email and SMS from businesses.

Non-public selling: A more traditional advertising method in which sellers make every effort to meet
in individual with their clientele. The engagement of the organisational consultant with the customer
is intended to persuade the customer to purchase the company's products or services.

Members of the public family: Marketers create links with the general public and work to generate a
good brand image in the marketplace. In order to garner the broadest possible support, it was
determined that public relations responsibilities should be outsourced. Exposure can be used by
businesses as a form of public relations to communicate important information to a large number of
potential customers. It is critical to recognise that the word "public" refers to any and all of these
various organisations.

Conclusion
Short-term strategies include sports that drive impulsive purchases and other activities. Clients are
attracted to promotional services by offering incentives such as discounts and coupons. These
incentives help to maintain existing customers as well as attract new ones. In spite of the fact that it
is, for some, the most terrifying means of communication, it is an important component of many
organisations' marketing efforts. This marketing tactic has an effect on how clients view the image of
a company that employs it. Some reviews and websites may cast an unfavourable light on the brand,
despite the firm's attempts to keep its public image under control. Customers are more inclined to
suggest a firm that is capable of quickly resolving an issue on their behalf.

Answer 3a.
Introduction

Developing new items for current customers or potential customers (PLE) who have never bought
from you before are two examples of product line expansion techniques that are employed. Rather
of creating a whole new brand, you should focus on adding new features to your existing one in
order to grow your product line.

Concept and analysis

In order to create a new product line, you must first evaluate your present offering and compare it
to that of your rivals. The choice may be between bigger rivals who provide more features and
product versions for various specialised markets, or smaller competitors who are less expensive.
Consider the ability of your rivals to assist you in dealing with future repercussions that the present
ones will be unable to accomplish. Furthermore, by selling your items at a cheaper price than your
rivals, you may be able to get a larger part of the marketplace. It is essential if you want to grow your
product line that you be flexible enough to respond to changing client preferences. It is possible that
you may need a lesser or bigger pack size. Your company may need a variety of performance levels,
depending on the unique operating requirements of your company. Furthermore, technical
advancements allow for the production of the same product with greater outcomes. To ensure that
your present product line fulfils the demands of consumers, request that your sales team do an
analysis to see if there are any chances to extend your product range. Adding new goods to your
product line may aid your company in its efforts to extend its reach into new areas. Engineering
organisations, for example, might broaden their product offers by merging knowledge from a variety
of industries, such as the automobile or aerospace industries.

Additionally, product line expansion plans assist organisations in developing partnerships with
seasoned suppliers across a wide range of sectors and industries. In order for a company to grow
and prosper over the long term, it must build and maintain customer loyalty. Extending a current
service or product line has two advantages: it increases income while simultaneously lowering
advertising expenses. If you use the same package designs, logos, and advertising themes as you do
with your present product, customers and prospective consumers will recognise the brand value of
your new product.

Conclusion

Brand extensions are a promotional method that large corporations may use to enhance the number
of branded items offered to customers. The fundamentals of brand extensions have not changed, no
matter how they have been articulated by industry professionals. When a company introduces new
or updated items under an existing brand name into a new category, this is referred to as brand
extension.

Answer 3b.

Introduction

Britannia has concentrated the majority of its efforts and resources on the development of new
goods as well as the promotion of a healthy diet and way of life. Across the United Kingdom, the
advertising and media sectors are placing an increasing emphasis on the importance of taste,
cuisine, and everyday activities. Celebrities often feature in marketing ads for Britannia.

Concept and analysis

Britannia is a biscuit and dairy product producer based in the United Kingdom. Among the items sold
by Britannia are biscuits, bread, dairy products, confectionary, and rusks, among other things. Multi-
element biscuits are marketed separately from other baked goods such as cakes and loaves of bread.
Britannia provides a variety of sugar-free choices, as well as creamed and jammed cookies. The
Britannia Tiger Biscuits are the most well-known of them. Tigers cookies are now offered in three
countries: Australia, Malaysia, and Indonesia.

Currently, the retail network serves as Britannia's primary distribution route. As a result of
collaborations with large e-commerce companies, we have been able to include online components
to make up for a drop in income. In India, Britannia products are widely and continuously available in
a broad range of cities of various sizes. The rural market, on the other hand, has a distribution
system that is much behind that of the urban market. The food manufacturing industry is a failing
enterprise.

The price strategy used by Britannia is primarily driven by competition in the advertising mix. As a
result, the bulk of Britannia's customers are Center magnificence consumers who are price sensitive,
forcing price competitiveness. Britannia is excited about cost-effective packaging items, as seen by
the popularity of family-pack packaging products. They will gain from their price discrimination
strategies because they will attract customers who are prepared to pay a premium for healthier
goods and improved earnings.
Conclusion

Britannia advertises on television, on billboards, and in print to raise awareness of the company.
Britannia has recommended that well-known people promote the brand, however each agreement
is customised to a single item. Prospective buyers are intrigued by the Britannia symbol, which has
been in use for more than a century and is thus more likely to be remembered by them. In their
favour, as a result of this.