Marketing Mix Analysis - Case Study Example

Marketing mix analysis The understanding of the framework that will be used in the development of the business is dependent on the preparation of a sufficient marketing mix analysis. Through this, the factors that will operate around the functioning of the business will be analyzed. The marketing mix strategies follow the four guidelines of the four Ps of marketing. Through the implementation of the marketing mix strategies by a given company, it is able to impact on the world at large. Brand recognition is also fostered. The company due to this attains greater levels of returns and profitability is ensured to the company in its operations. This is therefore to the better of the operations of the company. The growth process will also be enhanced by this. They are namely; a. Product / service b. Price c. Place d. Promotion a. Product The company focuses on the development of event planning business in the city of Canberra. With this, the main products of the company are events management services. On the part of the tours, the company seeks at ensuring that the highest levels of quality are offered to the people who choose the events management of the company. With this, they intend to improve service delivery. This will be through such things as the use of professional events management and planning. Through the ensuring of quality, we will seek to improve the level and number of people who recommend us to their friends. With improving the quality of the items that are offered, there will be an increase in the number of people who will prefer the services of the company. The effect of this is that it will result to an increase in the returns that are made by the company. Event management services are aimed at seeing to it that there is maximum and utmost order in the flow in the services and order of activities in the events. As pointed out, the events include parties and other similar happenings in the localities. Through increase in the levels of order in the activities that are rendered to the people, the guests would be encouraged to come back for more of the services of the company. This would increase the profitability levels that would be attained in the end of the company. The company also seeks to prepare events themes from all the corners of the world. Through this, it would sell to all the tribes and people from all the parts of the world. This would also foster the expansion process. People have a liking for places where their local themes are factored in. b. Price Prices of service that are rendered by companies raise questions and act as pointers as to the levels of services that the companies will be able to offer. Prices are key determinants to the success of any given firm. This is mostly so because very high and exaggerated prices discourage the customers from consuming the products of a given company. This in turn reduces the levels of sales that are made by the company. This is mostly so where the services that are rendered do not match the prices that are charged for them. On the other hand, extremely low prices also discourage customers from the products of a given company. This is because they raise doubts as to the quality of services that are rendered based on the extremely low prices. This on the part of the company brings few returns from the services that are rendered by the company. Based on this, the company has set prices that will be attainable and affordable by the people. With this, they are neither too high nor too low. They are sustainable for business growth and for the fostering of the relationships with the customers. Through this, the customers will accord utmost confidence to the business. This will be translated in the levels of profitability and returns that will be made by the company from its operations. Adequate pricing will also aid in the countering of the competition levels that are posed by the competitors. This is through price competition where companies compete for the prices of their services. c. Place The location of the business is pivotal in its success strategies. The company has selected the city of Canberra as the location within which to set up the business. With this, it seeks to derive several advantages from the location of the business. This is through such things as the young population of the people in the city. The young population and the families in the city are the target markets and population for the products of the company. Through this, the company will have increased returns from the operations in a promising potential. The people in the city also have another benefit that is attached to them. This is where they have the highest amounts of disposable incomes in the country. With this, their ability to spend in the tours and other services that are rendered by the company are high. This will therefore boost the returns that are made by the company from its processes. The company has also pointed out other target markets where it will expand to in the future. Returns accrue to a business, which is located at the core of the market niche. This is where the actual and potential customers can access it with much ease. This is to the better of the company and its returns. The company with its location in the city of Canberra will be able to influence to the people of the city and the neighbourhoods. This will also aid in the creation of a following for the company. Through this also, the company will be able to attain great levels of achievements. The returns that will be made from the operations will also increase to great levels. This will be to the better of the people who work within the company, the management and the shareholders of the company. d. Promotion This is the process through which, the company is able to sell its products and services to the world. Promotion is concerned with the marketing techniques that the company will put in place to boost the operations. The company has placed special focus and attention on social media marketing to foster the selling of its products. Social media marketing focuses on the use of social media platforms in the advertising purposes. The social media platforms include Facebook, Twitter, Google+ and Tumblr among many others. Some of the benefits that will accrue from the use of the social media platforms include the fact that it is a cheap alternative to the usual marketing techniques. The second benefit that they have is that they have more reach across the borders as compared to any other means of advertising. The third benefit is that it will reach many people in the young age, as they are more prone to using the social media platforms as compared to other populations. The company in its promotion campaigns also focuses on putting into full use the other tools of marketing. They include the televisions and radio broadcasts. The other platform that will be used is the use of posters and leaflets. They will be given to people and posted in public places. Personal selling is also a technique that will be used. This is where there will be the use of the word of mouth to pass the information to the people. The company believes that through the putting in place of adequate promotion methods, it will be able to reach people from all the corners of the world. Through them, it will be able to impact on the lives of the people. Knowledge about the company will be passed to the world. This will aid in the increase of the returns and the profitability levels that will be attained by the company. Over the recent past, the appeals of the marketing and promotional tools that are employed by the companies in the world determine the levels of returns that they will make from their operations. This has been enhanced by the use of promotional videos and pictured of the services that are being offered. This is to the better of the company as it is at liberty to show the pictures and videos of the venues where the events will be hosted and the various thematic concepts that have been applied. They will act as the attractive component of the services of the company. This will also aid in the boosting of the returns that are made by the company. Promotion in the social media also has the ability of making the company known by the billions of users in the social media platforms. This will be to the better of the company and its future growth and prosperity. The management of the company has therefore put in place several measures. They are all aimed at fostering the marketing mix tools of the company. They begin with the creation of superiority of the product. The price has also been placed in a competitive level. The location that has been selected is also good for the expansion. Promotional tools that will also be put in place will also aid in boosting the growth of the company. Through this, the company will excel in its operations. IMPLEMENTATION PHASE For utmost project completion and the attainment of the set goals, there are several derivatives and assumptions that should be factored in the implementation phase of the project. In this phase, there is the determination of the number of days that it will take for the business to begin the undertakings and operations in the market. DAYS ACTIVITITY % COMPLETION ATTAINED 10 Market analysis This is where the market will be analyzed and the measures as to the establishment put in place. It will also involve meeting the required provisions of the law will be undertaken. 20% 20 Renovation and restructuring of the events venue. Under this, the adequate decorations will be put in place. 30% 20 Pre opening promotion of the business. This is where the business will be advertised in all the media sources before its launch. This is aimed at creating of awareness of the existence in the market. It is in this phase that the recruitment of the staff and training is carried out. 30% 10 Opening up procedures and beginning of business operations 20% 60 days TOTAL 100% Evaluation Following the establishment, there are several metrics that will be used to perform an analysis on the returns that are derived from the operations of the business in the market. They are as shown below; a. Customer satisfaction analysis The feedback that will be received from the customers as to the qualities of the services that they have received is very important in the undertaking of future business. This feedback will be received through such things as the employing feedback receipt mechanisms in the operations. They include suggestion boxes and one on one interviews and discussions with the customers. Through this, they will be able to point out the areas that they have not been pleased on and that should be improved on. This will aid in the aligning of the business to meet the market expectations that have been set and placed on it. b. Return on investments The return on investment is a measure of the efficiency of the operations of a given investment in the market. It is calculated through the analysis of the returns and the costs that are incurred in the investments. In short, it is formulated as; ROI = (gain on investment – cost of investment) / cost of investment CONCLUSION AND RECOMMENDATIONS Based on the analysis, it can be inferred that the operations of the business are in line with the meeting of the demands in the market. The business should therefore embark on adequate pre and post opening up marketing and promotion. Through this, it will be able to sell itself to the world population. This will be to the better of its performance. Through adequate marketing, it will be able to counter the competition that it faces in the operations in the market. This will therefore be in line with the meeting of the operational requirements as laid down before it. As earlier pointed out, social media marketing has been on the forefront in the boosting of the operations of the businesses as it comes to promotion. It should in respect to this capitalize on it. Through the putting in place the measures that have also been laid down in the marketing mix of the company, it will be able to attain all the levels of success as is required of it. This will be crucial in the fostering of the levels and the degrees of the market reach and impact of the company. References Allen, J. (2000). Event planning: The ultimate guide to successful meetings, corporate events, fundraising galas, conferences, conventions, incentives, and other special events. Toronto: John Wiley & Sons Canada. Allen, J. (2002). The business of event planning: Behind-the-scenes secrets of successful special events. Toronto: J. Wiley & Sons. Armstrong, J. S. (2001). Planning special events. San Francisco: Jossey-Bass. Boehme, A. J. (1999). Planning successful meetings and events: A take-charge assistant book. New York: AMACOM. Harris, A. L. (1998). Special events: Planning for success. Washington, DC: CASE Books. Hukins, C., & Gender, J. (2004). Events planning. Edenbridge, Kent: Wiremill Pub. Levy, B. R., & Marion, B. H. (1997). Successful special events: Planning, hosting, and evaluating. Gaithersburg, Md: Aspen Publishers. Yellow Pages, 2016, Yellow pages, Retrieved on 14th April 2016, from; http://www.yellowpages.com.au/. 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