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A Comparison of the different approaches to the marketing mix utilisation in the consumer market compared to the farming market.

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Introduction

HNC BUSINESS Mary Dineen Report Assignment 2 Contents 1. A Comparison of the different approaches to the marketing mix utilisation in the consumer market compared to the farming market. 2. The possibilities of providing a company operative to oversee the application of a farmers first batch of product identifying: a. How this service could be used as a marketing tool b. What differences would be encountered in marketing this service from marketing the product itself. 3. An analysis of the differences in marketing the product abroad compared with the UK. The Marketing Mix The marketing mix is also know as the 4P's The first element of the mix we will look at is the Price element: Key points to consider at each stage of the pricing process are: The external influences on price: * Competitor's prices * Supplier and distributor power/expected profit margins * Government Policy The Internal Influences on Price: * The objectives of the business * Costs * R & D expenditure * Prices of other products in the range * Feedback from salespeople Pricing Objectives Pricing objectives have to be liked to product quality. However, there are other issues, each of the following has its own objectives: * Sales Maximisation: where large sales turnover is achieved, normally through reduction in price. * Profit Maximisation: Where the emphasis is on increasing profit margins * Survival: Where prices are pitched extremely competitively in order to help the business stay in business. * Return on investment: Where the price is set in order to achieve as swift a payback on investment as possible. ...read more.

Middle

The types of retail outlet that we could sell Ground Clear to the consumers and also to agriculture would be: * Multiple Retailers * Producer owned retail outlets * Mail Order * Franchising * Internet Wholesalers Wholesalers anticipate consumer needs, and have knowledge of both buyer and sources of supply. They have a sales force, which enables producers to reach many small scattered, retail institutions. Wholesales also perform the activity of breaking bulk. Industrial Wholesalers Wholesalers are in theory industrial stockists they buy from the producer and sell to other organisational buyers who require these goods. In these cases both producer and buyer are unwilling to maintain large stocks. Industrial wholesalers exist where manufacturers prefer long production runs and buyers purchase in comparatively small quantities. The key benefit of intermediaries in a consumer and agricultural market is that they can often provide a specialist service and experience that you may well not possess yourself. They will help to facilitate the process of selling Ground Clear. The problem is that they want a slice of the profits and the more intermediaries there are, the less profit we will make. The next element of the mix we will look at is the promotion element: We can use specific ingredients of the promotional mix to target the agricultural market and consumer markets. The Promotional Mix Within the agricultural market personal selling is likely to be the best approach. Where as in the consumer market advertising and sales promotion could possibly be the most important tools. Each target market will need its own balance of the promotional mix. ...read more.

Conclusion

* Constant monitoring & evaluation of the marketing process and its results. * Regular correction of the marketing strategy in the light of the evaluation. When thinking of Marketing Abroad we need to ask ourselves the following questions: * Do we Market Abroad or not? * Which Markets shall we enter? * Mode of Entry * Marketing Programmes * Marketing Organisation * Marketing Mix We should decide whether to be an: Ethnocentric company - Stay as we are and sell abroad as we would sell in the UK. Polycentric Company - Adapt our product/service to the local market we are entering Geocentric Company - Take the best benefits of both of the above and develop them to the best advantages of the market. When Marketing Abroad we should always remember the risks: * Political Risks - Government Changes etc. * Business Risks - The firm fails to understand the overseas market * Financial Risks - Will we get paid * Currency Risks - Volatility of exchange rates When entering a foreign market there are 5 alternatives routes we could take: 1) Exporting - Minimum cost, risk and effort and we could do it though an agent 2) Licensing - Small capital outlay "Franchising" (another company produces our product under licence -we receive royalties. 3) Joint Venture - Collaboration with foreign companies this can help distribute our product through their distribution channels. 4) Trading Companies - They will buy our product in one Country to sell it in another 5) Direct Ownership - This involves major investment and involves opening a factory to manufacture goods abroad. ...read more.

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