Marketing Principle [University] SECTION 1 Identify and analyze the individual elements of the extended marketing mix. Extended marketing mix is considered to be different combination of different marketing activities that are undertaken by a firm in order to meet the need of the market it is planning to cater…
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There has been an extension in this marketing mix adding more elements to it. 3 Ps have been added to this traditional marketing mix. These Ps are: Physical Layout: Initially the physical appearance of the production unit prepared in the factories were not given much significance but now as the customers purchase a product from the retail store their expectation with the presentation of the product has increased. Provision of Customer Service: In the heart of the modern service industry lays customer service. The firms that serve their customers will succeed in gaining their loyalty. The firms need to give their best shot whether it be listening to the customers queries on phones or interacting with them face to face. “Have a nice day” approach works better than the “I don’t care” attitude of the firm’s employees that come in contact with the customers. Processes: There are a lot of processes related to customer services that make the marketing effective for any organization. These processes may include handling the complaints received by the customers, identifying the needs and requirements of the customers and the processes related to handling of the orders. Now the extended marketing mix involves Place, price, product, promotion, physical layout, processes and Provision of customer service. 1.1 In the relation of the "product" elements of the marketing mix, say how "Tip Top Accessories" product can be developed to sustain competitive advantage. The firm must try to position its product quite effectively among its target market. It must first understand the demand and then accordingly set the price of its product. Product differentiation is another aspect that must be kept in mind in order to fix the price of the product. Making the product attractive helps firm gaining more customers. Tip Top Accessories must develop effective promotional strategies in order to communicate their objective to the customers. (Marketing theory, 2013). 1.2 Explain how appropriate distribution policies can provide convenience for Tip Top Accessories’ customers. The distribution policies of Tip Top Accessories should directly be associated with its marketing mix. The firm can exhibit its objectives through different activities. Several activities related to distribution such as in-store demonstration of a product, distributing samples and other can be a source of delivering the objective of the firm to its consumers and it is also convenient for the customers to judge the product based on its different features. It is also useful for the firm to arrange giveaways and sell products at a low price for at the initial stage of the launch of a product it can be quite effective strategy for a firm (CHANNELS OF DISTRIBUTION, 2013). 1.3 Explain how prices for "tip Top Accessories" product should be set to achieve the organization’s profit and growth objectives, bearing in mind market conditions. The price strategy of Tip Top Accessories must be related to its strength. Low price and product differentiation can be the critical elements in maximizing the profit of Tip Top accessories. Tip Top pricing must be based on the level of differentiation it is providing in its products. The higher the differentiation the higher the price set by the firm. Customers are willing to pay higher price for the product whose features are different from those of others. There are often times when the sales revenue of the
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