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CC Marketing Ethical Considerations for A Company Essay

CC Marketing Ethical Considerations for A Company Essay

ANSWER

Marketing Strategy vs. Marketing Mix:

Marketing Strategy: A marketing strategy is a comprehensive plan developed by a company to achieve its long-term goals and objectives. It serves as a roadmap for how a company intends to position itself in the market, create a competitive advantage, and satisfy customer needs. It involves making high-level decisions about which target markets to serve, how to differentiate the company from competitors, and what overall direction the marketing efforts should take. Marketing strategy focuses on the big picture and guides the company’s overall approach to achieving its goals.

Marketing Mix: The marketing mix, often referred to as the “4Ps,” is a tactical framework that outlines the specific elements a company uses to influence consumer buying decisions and meet its marketing objectives. The four components of the marketing mix are:

  1. Product: This refers to the tangible or intangible goods and services a company offers to its customers. It involves decisions related to product design, features, quality, branding, and packaging.
  2. Price: This relates to the pricing strategy a company adopts for its products or services. It includes setting the initial price, discounts, promotions, and overall pricing structure to maximize profitability and market share.
  3. Place (Distribution): This aspect deals with how a company makes its products or services available to customers. It involves decisions regarding distribution channels, logistics, retail locations, and online presence.
  4. Promotion: Promotion encompasses all the activities a company undertakes to communicate with and persuade its target audience. It includes advertising, public relations, sales promotions, social media marketing, and other promotional efforts.

Example:

Let’s take the example of Apple Inc. to illustrate the difference between marketing strategy and marketing mix:

Marketing Strategy (Apple): Apple’s marketing strategy revolves around innovation and premium positioning. They target tech-savvy consumers who value design, simplicity, and cutting-edge technology. Apple’s long-term goal is to maintain a loyal customer base and drive brand loyalty.

Marketing Mix (Apple):

  • Product: Apple’s products include the iPhone, MacBooks, iPads, and various software services. They focus on sleek design, user-friendly interfaces, and continuous innovation.
  • Price: Apple adopts a premium pricing strategy, positioning its products as high-end and exclusive, which helps maintain a perception of quality and luxury.
  • Place (Distribution): Apple products are distributed through Apple Stores, authorized resellers, and online channels, creating a strong global presence.
  • Promotion: Apple’s promotion strategies include minimalist and iconic advertising campaigns that highlight product features and design. They also use a strong online and offline presence to engage with customers.

In summary, while the marketing strategy sets the overall direction and goals for a company’s marketing efforts, the marketing mix represents the tactical elements that contribute to achieving those goals. In the case of Apple, their marketing strategy focuses on innovation and premium positioning, while the marketing mix includes product design, pricing, distribution, and promotional activities to execute that strategy.

CC Marketing Ethical Considerations for A Company Essay

QUESTION

Description

 

 

Choose ONE of the 3 Following Questions below.

Week 1 Assignment

1A. Give an example of a recent purchase experience in which you were dissatisfied because a firm’s Marketing Mix did not meet your expectations. Indicate how the purchase fell short of your expectations –and also explain whether your expectations were formed based on the firm’s promotion or something else.

1B.Distinguish clearly between a Marketing Strategy and a Marketing Mix. Use an Example to illustrate the concepts.

1C. What are the social and ethical issues a company should consider when entering a foreign market?

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