Question

Need detailed and elaborated answers to the following questions. Remember each question is of 25 Marks

Question 2) (a)Discuss how a company's financial strength may have a bearing on the kinds of products it produces? Will it have an impact on other P's as well? If so how? Use an example in answer.

(b) Suppose you have been appointed as a marketing manager of a newly developed retail chain store and they have a group of trainees to whom you are supposed to address. Pleases develop a brief note of your address including these points: i. Philosophy of Marketing; ii. Environment analysis for marketing strategy; iii. Strategic marketing plan.

Answer 1

a) The company's financial strength plays a key role in deciding and improvising not only the product but other elements of the marketing mix which are place, price and promotion. Having a financial strength like Apple or Google simply means that you have funds to create and market your products accordingly.

Taking the example of Apple, Apple has a very strong financial strength. Because of the same strength, the maximum amount of money is put into the Research and Development section of the company instead of marketing. This is because Apple believes that quality is everything. If you are providing the customer quality, you don't need to market and customer would be attracted by the same charm. Thus, the same financial strength enables Apple to design the most innovative and the most technological differentiated products in the market which have the most value and the quality assigned to itself.

Having the same financial strength makes the Apple to provide best features and higher costs of producting, thus making the Price go higher which customers are readily and happy to pay because of the quality offered. Because of the same financial strength, direct channels of distribution are used where you can only buy an Apple product at few selective areas and not anywhere in the market. And the same strength helps in promoting and self endorsing the product making the Apple enjoy every element of the marketing mix because of having a higher financial strength.

b) Being appointed as the Marketing Manager, I would like to talk about three important concepts while addressing the employees in the retail stores which are Marketing Philosophies, Marketing Environmental Analysis and Strategic Marketing Planning.

Marketing Philosphies are the concepts made which twlk about how the marketing efforts could be guided to make the businesses work and adapt accordingly. These philosphies are related to how the business can identify and fulfill its needs of the customers and the company by searching for the best concept which could be based on various ideas like producing more and more under production concept, marketing based under marketing concept, selling more under selling concept, working on product quality under product concept and working for both market and the society's betterment under societal marketing concept.

Another important thing is the Market Environmental Analysis. This is an analysis tool which helps to identify the external as well as internal factors in the business environment which affects the organisation's abilities to work in the best manner. Having understanding what is happening in the Market around, you would develop the best of company's structure, politics, policies and thus give clear guidelines and the best direction to the employees to work for the best of the company.

At last, the strategic marketing planning is the last but not the least important thing which a marketer should always be aware of. This involves how are involving yourself into setting the goals and objectives of the company, analysing the various factors, communicating the best practices, planning the product, implementing the same design and process and tracking the progress to make sure you are acheiving the standards set in the market and creating a strong brand equity.