Efficient business marketing-Ben Sherman Company case study
- Concept and process of marketing
- Market oriented approach
- Individual elements of the extended marketing mix
Marketing process is an act of carrying out analysis on marketing opportunities, choosing target markets, nurturing the mix of marketing and managing the effort of marketing. Potential customers are usually at the centre of the process of marketing. The process of marketing is composed of the following processes: selecting the target markets, managing the mix of marketing, analysing the opportunities of marketing and managing the marketing effort.
Marketing audit is a detailed, independent, systematic and regular scrutiny of the firm's environment, goals, activities and strategies to determine areas that show potential opportunities and the one likely to exhibit problems. The overall aim of market auditing is to give a recommendation of a plan of action to better the marketing performance of the company. The plan should cover all major components of marketing. The implementers of the plan should not limit themselves to just troubleshooting of problems. For the market auditing to be effective, it should be done by an external party who has a vast experience.
Marketing integration is a series of actions which convert marketing plan into action. This is done with the objective of trying to realize strategic marketing goals. The process of marketing integration tries to address the questions of ?who,''when,''where' and ?how.' Actualization of the process would determine whether a company would succeed in its operation or not. Successful integration would mainly depend on the program action that attracts all of the activities and individuals together.
[...] In the year 2007, the theme for the product was 'This Sporting Life' and the marketing theme was 'British music and style.' Concerning price mix, Ben Sherman has to gauge which markets its products are geared to and fix a price to match. There are several pricing strategies that a company can apply for its products, for example, cost grounded pricing where the marketing price is fixed to cater the manufacturing cost and market-based pricing. Ben Sherman yields mostly medium-price array products 5.2 -MARKETING TECHNIQUES There exist a major difference between marketing to the consumer and marketing to business. This is because purchase by a business is premised more on logic. [...]
[...] Chicago: University of Chicago Press Print. Miller, Richard, and Pieter S. K. Jong. Multinational Direct business Marketing: The Methods and the Markets. New York: McGraw-Hill Print. [...]
[...] Currently, marketing has been made easier. This is because the economies of countries are feeling the effects regional integration as EU and NAFTA. Globalization has also brought a situation where marketing has been made easier. Ben Sherman products have to be marketed differently in different countries. This is due to the existence of differing conditions in various countries. The management of Ben and Sherman should consider adopting modern methods of advertising like the social media CONCLUSION In conclusion, efficient marketing is paramount for the success of any business firm. [...]
[...] For example in some situations, it is forced to use cost based pricing. This happens where the set price is determined to cover the manufacturing cost. Ben Sherman also uses market-oriented pricing. This is where a new product or brand is set at low prices with the aim of attracting a large volume of sales. This is known as psychological costs. It also entails product pricing where the firm makes a product that is unique with an aim of setting high prices. This principle is known as discriminatory strategy. [...]
[...] In my opinion, Ben Sherman Company is headed for a greater future CONCEPTS OF BUSINESS SEGMENTATION, TARGETING AND OVERALL POSITIONING 3.1 MICRO AND MACRO ENVIRONMENT CHANGES THAT INFLUENCE MARKETING DECISIONS There are contemporary changes in micro and macro environment that affect the decision made by marketers. The micro-environment factors include the firm itself, marketing intermediaries, the suppliers and competitors. The issue of the firm itself means the internal environment part of the firm. These contemporary changes include among other research and development, accounting policies adopted by the firm, etc. [...]