Bsbmkg502 establish and adjust the marketing mix assignment

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Reference no: EM133047773

BSBMKG502 Establish and Adjust the Marketing Mix

1. Evaluate each component of marketing mix

2. Determine marketing mix for specific markets

3. Monitor and adjust marketing mix

Identify key characteristics of products or services and estimate their significance to the market
Review pricing policy and analyse pricing variables to determine their effect on demand
Analyse promotional methods to determine their importance to marketing outcomes Identify internal and external stakeholders and their issues
Review channels of distribution and estimate their significance to marketing outcomes
Identify and analyse level of customer service provision to determine its significance to marketing outcomes
Identify potential customer base and key pressure points
Analyse and test effect of components of marketing mix on each other, and establish their relative importance to customer base
Identify and assess environmental factors, and their impact on marketing mix
Identify consumer priorities, needs and preferences affecting marketing mix
Consider product, pricing, promotional, distribution and service variations, and evaluate these against marketing objectives, target market characteristics and desired
positioning
Select marketing mix that best satisfies target market and meets marketing objectives
Ensure marketing mix decision meets organisational, strategic and operational marketing objectives

Monitor marketing mix against marketing performance and isolate components for testing
Evaluate implications of altering one or more components of marketing mix in relation to market factors and consumer
response
Adjust components of marketing mix in response to test results and market-response evaluation
Ensure adjusted marketing mix meets budgetary requirements
Ensure adjusted marketing mix continues to meet organisational, strategic and operational marketing objectives, and desired positioning

Procedure

1. Research the Braaap organisation at Braaarp, viewed June 2010,

2. Identify the key characteristics of their products and services and their significance to the market.

3. Review pricing policy and analyse pricing variables to determine their effect on demand.

4. Analyse the impact and importance of the following elements to market outcomes.
a. the promotional methods
b. the channels of distribution
c. the level of customer service provided.

5. Identify Braaap's potential customer base and key pressure points for success in reaching them.

6. Establish the components of the marketing mix. Include information on how each element of the marketing mix has been used, their significance to each other and their relevance to the customer base.

7. Identify external environmental factors and assess their potential impact on the marketing mix.

8. Identify consumer priorities, needs and preferences and the way they impact the marketing mix.

9. Evaluate new products or services against marketing objectives, target market characteristics and desired positioning.

10. Assess the marketing mix in relation to the organisational, strategic and operational marketing objectives. Select the most appropriate mix and explain your decision.

11. Write a report covering all the above points.

Attachment:- Establish and Adjust the Marketing Mix.rar

Reference no: EM133047773

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