Evaluate and determine marketing mix free essay sample

At age 16 Smith had a vision to establish mini motocross Superlight MX in Australia. In 2004 he identified the need to develop an affordable Superlight pit bike which could be ridden and jumped confidently by adults. Evermore determined Smith set about designing his own bikes and researched the market extensively. He frequently travelled to mainland Australia where he participated in motocross events to build his reputation and accumulate knowledge from the best motocross riders. At the time Smith was a provisional driver and could not hire rental cars, so to overcome this limitation he sponsored riders to participate in the events he was unable to attend. Through these experiences Smith ascertained the requirements to build mini bikes capable of rivaling the American models. Lacking the means to produce them he saw no choice but to visit China and source a manufacturer capable of building mini bikes to his specification. Smith aims to provide young people with an outlet to receive adrenaline rushes through stimulating activities like trail bike riding rather than drugs, alcohol or crime. Smith established Adrenalin Plan during 2010 to divide the cost of purchasing a motorcycle into affordable weekly payments. Mostly known for its redundant $3 a day marketing campaign, Adrenalin Plan has proven a tremendous success and propelled braaap’s year on year growth. 2. Key characteristics of their products and services and their significance to the market. The products sold in the Braaap store have the characteristics to ensure the highest quality in the world. The Braaap’s online market is the biggest market around Australia. That brand Baap’s have many partners all over the world to develop and sell their products. They must manage the products and brands To create the customer relationship. Product is a key element in the overall market offering. The Braap brand offers a lifetime warranty for their products so that their customers can trust on them. They make several tests in their equipments and ensure the durability, occupational health and safety issues. Moreover, they produce the many sizes, variety, colors so that the customers attracts to buy their products. In Australia, all bikes are designed and tested, also. Because it is an online shop they got a well organize and a good services. The customers can select their colors. Customers will get free learn to ride lessons, that can give much more information about their products and make customers like this product because they learn more can know more and they will have a good impression on the braaap’s product and services. The entire bike have disk brakes, it’s make the bike more safety and easy to maintains and repairs, and this will make customers more comfortable with braaap’s product, more safety means life will go longer when you use their products. There have no weight limit, so that’s means every one can ride. The bikes have adjustable set high, if you buy it for your kids, they can ride for a very long time. Also if customers don’t know about how to ride their bike, they are providing lessons to teach people how to ride your own bike, this is very good services because people always want to try new things for this braaap can make people have confidence. 3. Review pricing policy and analyses pricing variables to determine their effect on demand. Pricing, Promotion, Products, Channels of distribution and Customer Serviced are the key ingredients at Braaap. The report would give the samples approaching to customer. A big store online with 4 big stores around Australia which offer the best equipments for motorcycles around the world, highest quality, the best designs and brands make themselves the biggest business in Australia in that specific market. It is assembled by Braaap’s mechanics base in Australia. There are 4 superstores branches around Australia. The Braaap’s are not selling only bikes, they sell other fashion accessories like riding gear, helmets, T-shirts, shoes, jeans ,and spare-parts of bikes as well. The pricing policy on Braaap suppliers are based on dealership and manufacture prices with and inclusion of Braaap overheads, this determines final price that is displayed throughout the website and store, these prices range over the number of products that are in stock with Braaap, from clothing, motocross equipment and motocross bikes themselves. This allows flexibility with Braaap to meet to demand in stock without wastage when ordering in large quantity. 4. Analyze the impact and importance of the braaap elements to market outcomes: A. The promotional methods: IDENTIFY CONSUMER PRIORITIES AND PREFERENCES AND THE IMPACT Whilst there are a lot of mini-bikes and motorcycle developers and distributors in the country, what makes a Braaap bike special and stand apart from their competitors is not online the pocket friendly price, but it is very simple to customize your Braaap mini bike and affordable. That may well be one of the main reasons why the Braaap brand and bikes grown in popularity and recognition in leaps and bounds. Not only are their minis and superlite bikes a splendid result of craftsmanship and machinery, but is well within most consumers’ yearly budget. Customers always appreciate speedy assistance with their purchases. B. the channels of distribution: The main key characteristic of this organization is dirt bike, high significant for â€Å"racing†. Their significance to the market is metal test, customizes, designed in Australia and having franchise. This product is non- perishable and is for racing. The product features and benefits are for those who love racing. This product is made on demand. The promotional methods for this organization are internet testimonials and word-of-mouth. The channels of distribution are on-line and in store. One of the four major elements of the marketing mix is price. Pricing is an important strategic issue because it is related to product positioning, as pricing alone can affect other marketing mix elements such as product features, distribution, and promotion. To compete and excel in the market Braaap have shown the use and benefit of pricing variables to their business and market position. Some of this variable in use by Braaap are competitive ownership for customers, discounts percentages, finance arrangements, psychological elements of advertising. The web is a digital marketing channel. The task of searching product, categories, brands, price comparisons and more is made easier in the digital world. C. The level of customer service provided: Customer value is the key ingredient in the marketer’s formula for success. Although marketing plays leading role, it can be only a partner in attracting, keeping and growing customers in Baaap. We now take a closer look at the concepts of a company value chain and a value delivery network. 5. Identify Braaap’s potential customer base and key pressure points for success in reaching them. The better the data you have about your market, the better equipped youll be to make informed decisions about your business. Good market research will help you establish the most important objective of all: your sales targets. Your investors, lenders, key staff, and other stake holders also have a vested interest in your sales potential and believe that you can realistically achieve. Before you can estimate the share of the market you want to attain, you first need to research the overall size of the market—the number of customers and potential customers, the aggregate total of annual sales dollars spent, the number of competitors already present, and the markets long-term outlook. This article will help you do that. Your achievement will be comprised of groups of businesses, groups of individuals, or both. Calculating the size of this overall market—the number of people who will buy from you—first requires knowing who these groups and individuals are, where they are located, and their distinctive or unique characteristics. Whatever your business objective, you need to know if location or proximity is a critical factor in attracting a target audience. This will help you to scope the potential size of your market, especially as you study your customers buying characteristics. Such knowledge enables you to tally the number of customers you think your marketing can reach. Help the staff understanding of assessment, planning, improvement of learning and the budget. Shared goals, developed through an inclusive process, with a common idea of where the organization is going, could help the individual to understand they are part of something greater than themselves. 6. Establish the components of the marketing mix: Environmentally friendly products can increase and decrease production costs; environmentally friendly production may increase costs for organizations and their suppliers but this may be offset by lower fuel bills through energy efficacy measures or an increase in sales caused by a positive product image. An organization may able to pass increases in production costs (caused by Environment Friendly products) to consumers. However this will depend on the level of increase, type of customers, competitor prices and the strength of the economy. For example during times of recession consumers will place price above many of the other factors making up the marketing mix. Some products will need to reach the consumer shortly after production, for example, fresh food in order to retain freshness, taste or nutritional value. The fastest method of distribution may damage the environment. Conversely a more environmentally friendly method e. g. via canals may impact on speed of distribution and consequently quality of the product. A method of distribution that combines speed with â€Å"environmentally friendliness† may increase distribution costs as some of these processes are still under development e. g. electric bikes. After reviewing internal distribution methods of the company will need to review supplier and subcontractor distribution as consumers and the media expect organizations claiming environmental credentials to work with other environment friendly organizations. 7. External environmental factors and accesses their potential impact on the marketing mix: External factors are under the control of a company, its achievement depends to a huge extent on its production to the environment. The supplier is not obliged to contend with other substitute products for sale to the buyer group. The buyer is an important customer. The suppliers’ product is a most input to the buyer’s business and finished product. The supplier poses a real threat of forward integration. Competitors are those who sell the goods and services of the great equality description, in the same market. Apart from competition on price, there are like product variability. Therefore, it is required to build an efficient system of marketing. This will bring power and good response. It is responsibility of the company to satisfy the people at large along with its competitors and the consumers. It is need for the growth. The action of the company do appreciate to the other groups forming the normal public for the company. A public is defined as ‘any group that has an actual or potential interest in or impact on a company’s ability to result its objective. ’ Public relations are certainly a broad marketing operation which must be fully taken care of. 8. Identify customer properties, needs and preferences and the way they impact the marketing mix: Customers are gradgually recognised as important co-developers of innovations, often developing new functions for technologies, solving unforeseen problems and demanding innovative solutions. The central research question of the paper is: How to under the consumer needs, and preferences in the context of new product development in order to improve the success of emerging innovations, such as functional equipment. Important variables appear to be domestication, trust and distance, intermediate agents, user representations and the consumer- and product specific characteristics. Using survey and focus group data, we find that customers need and prefer easy-to-use new products, transparent and accessible information supply by the company, independent control of efficacy and safety, and introduction of a quality symbol for functional equipment. Intermediate agents are not important in information diffusion. Producers should concentrate on consumers with specific needs, like athletes, women, obese persons. Marketing builds greater loyalty and repeat purchasing by considering customer needs. Differentiated marketing creates more total sales with a concentrated marketing effort in selected areas. Market strategy also includes the distribution channels for the product, pricing and terms of sale, promotion and advertising plan, marketing budgets, inventory selection and management, visual merchandising, customer relations and an evaluation of the marketing strategy. The marketing plan provides information on what the market will be (retail, wholesale) and what specific customer groups will be targeted, what will be sold, where it will be sold, and how wide the area of distribution will be. Preferences are the desires by each individual for the consumption of goods and services that translate into choices based on income or wealth for purchases of goods and services to be combined with the consumers time to define consumption activities. Consumption is separated from production, logically, because two different consumers are involved. In the first case consumption is by the primary individual; in the second case, a producer might make something that he would not consume himself. 9. Evaluate new products or services against marketing objectives, target market characteristics and desired positioning: -75% of the retail bike shops attend at least one trade show a year. The shows provide retailers an opportunity to view upcoming products and chat with representatives from the companies as well place pre-season orders. Advertisements: Wheelie Deals will be advertising in bikes Retailer, THE industry magazine. Ninety-eight percent of the bikes shops in America receive a copy of bikes Retailer making the advertising opportunities especially valuable. Website: Wheelie Deals will develop a website that includes a current catalogue of their offerings. This will be the most up-to-date source of product information and availability.. Compare your prospects for future sales with either past performance, or a general industry performance report. By analyzing the industry average as well as your own performance you will demonstrate to the reader that you can look beyond your borders to the competition to give yourself an idea of how well you are performing, or what general difficulties the whole industry may be facing. Identify industry wide problems and create strategies to challenge them. This will also demonstrate that you have the necessary foresight to allow you to recognize problems in the future. Set benchmarks for your sales objectives by using quarterly reports as a way of evaluating the success of your overall marketing approach. Indicate how much market share you intend to collect over the next 5 years, to show that you expect to advance your position against your competitors using your individual approach. increase your promotional spending introduce minor innovations perhaps by adding extra features or updating the design Seek new markets. test lots of ideas at the start of a project it costs relatively little to assess which are most promising, but make sure you stop work on ideas that dont meet your criteria before committing a lot of time and resources ask your best customers what they think of your plans consider the regulatory framework within which your new product or service will operate dont overlook the environmental impact of your plans Look beyond a new product or services immediate potential and consider the longer term. 10. Assess the marketing mix in relation to the organization, strategic and operational marketing objectives select the most appropriate mix and explain your decision: To compete in a competitive marketplace To identify and anticipate consumer requirements and then satisfy these requirements To make a profit. As a market-orientated organization adidas continuously identifies and reviews consumers’ needs to ensure its products meet these needs. It aims to exceed customer expectations by adapting its product portfolio to meet the changing needs of consumers. It is this focus on its customers, teamed with product and marketing innovation, that plays a key role in adidas’ success. Every organization must look at its marketing in relation to the marketing mix. The marketing mix, often referred to as the 4Ps, is a means of assessing how to balance the elements of the mix in order to meet customers’ needs. The elements include: The right product Sold at the right price In the right place Using the most suitable form of promotion. 11Write a report covering all the above points. Braaap has its roots in the motocross and supergrass industry. We’ve all heard that distinctive Braaap as a dirt bike’s engine revs to push it down the track and out of corners. The sound has a primal association with speed and acceleration and the goal of Braaap is to accelerate athletes’ inner engines, jump starting their journey and no matter their adrenaline packed sport. â€Å"Braaap covers all the aspects of ‘get up and go! ’ It’s the sound of ‘Let’s go do this! ’† says president and co-founder Shauna Sledge. â€Å"Giving our motivation, athletes, encouragement, and superior nutrition when they’re competing gives us the satisfaction that we’re a part of what helps them to succeed. † From personal experience, we can confirm they do exactly what they set out to! The whole Boo crew has been relying on Braaap since the season began to keep their energy stores topped off and stomachs happy. The bus is stocked and our racers as well as support staff keep grabbing Braaap bars out of the boxes almost faster than we can replace! We’re on the move constantly, driving between potential dealers and races, flying to races, fitting training in before or after work, and having reliably good food on hand is crucial for us, especially in those times when we have little time to prepare our own snacks and ride fuel. No anyone can put it better than Rote Is hay: â€Å"I’m always between workouts, or working, traveling to races, and do not always have the time to prepare all my meals in advance. Having a Braaap bar handy, or on the BooBus, is always a great choice, tastes good, gluten free, provides steady energy and, most importantly for an endurance athlete, it is also super easy on the stomach. † We’ve been happy to smile wryly at all those other poor racers complaining of cross gut after races as we eagerly reach for another bar! A big store online with 4 big stores around Australia which offer the best equipment for motorcycles all over the world, highest quality, the best designs and brands make themselves the biggest business in Australia in that specific market. The pricing policy on Braaap are based on dealership and manufacture prices with and inclusion of Braaap overheads, this determines final price that is displayed throughout the website and store, these prices range over the number of products that are in stock with Braaap, from clothing, motocross equipment and motocross bikes themselves. The product features and benefits are for those who love racing. This product is made on demand. The promotional methods for this organization are internet advertisements, testimonials and word-of-mouth. Environmentally friendly products can increase and decrease production costs; environmentally friendly production may increase costs for organizations and their suppliers but this may be offset by lower fuel bills through energy efficacy measures or an increase in sales caused by a positive product image. The fastest method of distribution may damage the environment. Conversely a more environmentally friendly method. Identify industry wide problems and create strategies to challenge them. This will also demonstrate that you have the necessary foresight to allow you to recognize problems in the future. Set benchmarks for your sales objectives by using quarterly reports as a way of evaluating the success of your overall marketing approach. Indicate how much market share you intend to collect over the next 5 years, to show that you expect to advance your position against your competitors using your individual approach. Recognize the Market product or service by what it is, who will buy it, how much they will pay for it and how much it will cost for you to produce it, why a consumer demand exists for your product, and where your product sits in comparison to similar products/services now available. Describe the marketplace rationale for the differences between your product and a competitors. Look at quality, price, new ideas/approaches, and how your product appeals to a specific customer base both existing customers and new customers you hope to attract to the market. Be specific about how your product/service improves upon those already existing, your use of quality control, post purchase evaluation and the scope of service you will provide: responsibilities, liabilities and expectations. Provide budget sheets for advertising campaigns, sales promotions, and expenses such as uniforms, business cards, logo designs, banners, flyers, billboards, etc.