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In this unit, we will discuss the marketing concepts of EE limited. It will start with the discussion of the marketing mix of the two companies.
Later we will discuss the development of the marketing plan of EE limited. Just so you know that the marketing plan of any company helps marketers to take proper decision in regards to its marketing strategies.
All the marketing plan of the company has been discussed and below are given some recommendations which help the company to augment its operations.
LO 2. How an organization achieves its overall business objectives using the elements of the marketing mix? Explain.
To move ahead, let's discuss first the marketing and the marketing mix.
A market is a common platform accessible to all sellers and buyers commonly. A seller uses numerous strategies to create awareness about the product among the buyers.
The strategies used by sellers are known as marketing strategies that are practiced in order to make people aware of any particular products and services.
The concept of the marketing mix is one of the most essential elements in the marketing mix. From the manufacturing of a product to its sale, it includes all the elements which are essential for an organization.
Primarily, the marketing mix has consisted of 4 Ps, and now with the change in the marketing scenario, the 4 Ps get extended to 7Ps
The marketing plan of any product includes numerous decisions which are taken by the marketers after analyzing elements such as product, price, place, and promotion. These are also called 4Ps.
The time changes and it has been observed that merely these 4Ps are not sufficient in calculating the marketing plan. There are more elements which are associated with a product in order to build a perfect marketing plan.
Hence, 3 more Ps get added and these are people, process, and physical evidence (Malhotra 2007).
In this marketing essential of assignment help, we will first discuss the 4 Ps of the marketing mix. To start with the first P that we have is:
Product: Product is all about a particular good or a service which is offered by a company to the targeted market. Product is further classified into 3 categories namely core product, actual product, and the augmented product.
Price: As you know, it is referred to the amount of a good or service which you will pay in exchange of good and services.
Place: This element states that a product should be available to the targeted market and to the targeted customers. It also emphasizes strengthening the distribution channel and intermediaries. It focuses on making the product available to as many places as possible where the company has targeted customers.
Promotion: It involves all the activities that deal with the advertising of a product. There are numerous advertising tools available to create awareness about a particular product in the market.
People: By people, we mean every individual who is involved in the manufacturing to sale process of a particular product. It is a vital element in the marketing mix, as it is because of the presence of the people who make every process available.
Process: All the activities and practices that make a particular product available in the market is termed as a process. In the marketing mix, the process, taken into account by the people should be smooth and well-planned.
Physical Evidence: Physical evidence here referred to all the material part of a product that gives the testimony of the presence & existence of a particular product. These material parts are as follows: logos, signs, packaging, etc.
A systematic approach to make a product or service available to the market and the targeted customers is called a marketing plan. Following are the steps that needed to be taken in order to create a perfect marketing plan:
Analysis: It is the foremost step in the process of making a perfect marketing plan. It tells us to do a thorough analysis of the business environment in terms of marketing & current business situation.
Planning: Analysis is followed by planning, a step that guides marketers to take every marketing step in an orderly way. Various decision tools such as pricing strategies, marketing tools, marketing time & marketing methods are an integral part of planning.