COLLEGE OF BUSINESS AND ECONOMICS

DEPARTMENT OF ACCOUNTING AND FINANCE

PRINCIPLE OF MARKETING INDIVIDUAL
ASSIGNMENT

Work done by: Kalid Jemal

ID: 068/14

Submitted to: Mr. Remedan

Submission Date: 17 November, 2023
 1. You are a marketing manager at any Co. Your company has asked you to redesign their
segmentation strategy. So, you will apply the theory you have learned on
Segmentation, Targeting and Positioning using relevant examples where necessary.
 Then how to segment the Market, Targeting the Market and Market Positioning.
 Provide an advantage for using segmentation, targeting, and positioning in developing
marketing strategies.

To redesign the segmentation strategy, start by identifying distinct market segments based on
demographics, psychographics, and behavioral factors. For instance, if your company sells
fitness trackers, segments could include fitness enthusiasts, health-conscious individuals, and
tech-savvy consumers.

Next, target the most viable segment(s) based on factors like size, growth potential, and
compatibility with your products. For example, if your fitness trackers offer advanced health
monitoring features, target the health-conscious segment.

Market positioning involves creating a unique image for your product within the chosen
segment. Emphasize the distinctive benefits of your fitness tracker, such as accurate health
metrics, to establish a competitive position.

Advantages of segmentation, targeting, and positioning include more effective resource

allocation, tailored marketing messages, and increased customer satisfaction as products align
with specific needs. This strategic approach enhances competitiveness and fosters brand loyalty.

2. Marketing Mix
 What is the Marketing Mix?
 The 7Ps of Marketing Mix
 Why is the marketing call Controllable?
  Analysis of the marketing mix of Coca Cola factory?

The Marketing Mix refers to the set of tactical, controllable marketing tools that a company
blends to produce the desired response from its target market. Traditionally, the Marketing Mix
comprises the 4Ps: Product, Price, Place, and Promotion. However, an extended version, known
as the 7Ps, includes People, Processes, and Physical evidence.

The 7Ps of the Marketing Mix:

1. Product: The offering or service provided by the company.

2. Price: The amount customers pay for the product or service.

3. Place: The distribution channels through which the product is available to customers.

4. Promotion: The methods used to communicate and promote the product.

5. People: The personnel and customer service representatives.

6. Processes: The systems and methods used to deliver the product or service.

7. Physical evidence: Tangible elements that help customers evaluate the service.

The marketing mix is considered controllable because businesses can actively manage and
adjust these elements to influence consumer behavior and achieve their marketing objectives.

1. Product: Coca-Cola offers a diverse range of beverages, including carbonated soft drinks,
juices, sports drinks, and bottled water. The company continually introduces new products and
variations to meet changing consumer preferences.

2. Price: Coca-Cola employs various pricing strategies, including competitive pricing and
psychological pricing. It considers factors like production costs, competitor pricing, and
perceived value when determining its pricing structure.

3. Place: Coca-Cola has an extensive global distribution network, ensuring its products are
widely available. The brand is accessible through various channels, including retail stores,
vending machines, restaurants, and online platforms.
4. Promotion: Coca-Cola is known for its iconic advertising campaigns. It invests heavily in
promotional activities through television, digital media, sponsorships, and events to maintain
brand visibility and engage with consumers.

5. People: The company emphasizes the importance of its workforce and customer service
representatives. Ensuring positive interactions between consumers and staff contributes to
building a strong brand image.

6. Processes: Coca-Cola focuses on efficient manufacturing processes, supply chain

management, and distribution logistics to deliver products in a timely manner.

7. Physical Evidence: The brand’s red and white logo, packaging design, and the overall visual
identity serve as tangible elements that contribute to Coca-Cola’s recognition and brand image.

3. Determine an advantage for using a product life cycle mode?

One advantage of using a product life cycle model is that it provides a structured framework for
understanding the various stages a product goes through, namely introduction, growth,
maturity, and decline. This model helps businesses make informed decisions at each stage:

 Strategic Planning: Businesses can tailor their strategies based on the product's life cycle
stage. For example, during the introduction phase, focus might be on building awareness
and gaining market share, while in maturity, efforts may shift to differentiation and cost
efficiencies.
 Resource Allocation: Companies can allocate resources more effectively by
understanding where a product is in its life cycle. During the growth phase, increased
production capacity or marketing efforts might be warranted, whereas in the decline
phase, resources could be reallocated to more promising products or innovations.
 Marketing Adjustments: The life cycle model aids in adjusting marketing strategies. Early
in the life cycle, emphasis might be on creating demand, while later stages may involve
defending market share or rejuvenating interest through rebranding or product
enhancements.
  Risk Management: By anticipating the stages of the product life cycle, businesses can
better manage risks associated with market saturation, changing consumer preferences,
or technological advancements. This foresight allows for proactive measures to mitigate
potential challenges.
 Product Portfolio Management: The product life cycle model facilitates portfolio
management. Companies can maintain a balanced portfolio by introducing new
products to replace declining ones, ensuring a continuous stream of revenue.

In essence, the product life cycle model is a valuable tool for strategic planning, resource
optimization, and risk management, offering businesses a systematic way to navigate the
complexities of the market and product dynamics.

4. Identify Key aspects of affective consumer buying and Business buying behavior?

Consumer buying behavior and business buying behavior differ in several key aspects:

Consumer Buying Behavior:

 Decision-Making Unit: In consumer buying, decisions are typically made by individuals

or families. The influence of friends, family, and social groups can play a significant role
in the decision-making process.
 Motivation: Consumer purchases are often driven by personal needs, emotions, and
preferences. Emotional factors, such as brand loyalty and lifestyle choices, can strongly
influence buying decisions.
 Purchase Frequency: Consumer buying behavior is characterized by more frequent and
smaller purchases. Consumers may make decisions based on immediate needs or
desires.
 Information Sources: Consumers rely on various sources of information, including
advertisements, reviews, and social media, to gather information before making a
purchase decision.

Business Buying Behavior:

  Decision-Making Unit: Business buying decisions involve a more complex process and
often include multiple individuals or departments within an organization. This is known
as the buying center, which may include influencers, users, buyers, and decision-makers.
 Motivation: Business purchases are typically rational and objective, driven by factors
such as cost-effectiveness, efficiency, and meeting organizational goals. Emotional
factors play a lesser role compared to consumer buying.
 Purchase Frequency: Business purchases are generally less frequent but involve larger
quantities. Businesses often engage in long-term relationships with suppliers and make
decisions based on long-term benefits.
 Information Sources: Businesses rely on detailed information, technical specifications,
and a thorough evaluation of suppliers. Relationships with suppliers, industry reports,
and product demonstrations are crucial in the decision-making process.

In summary, while both consumer and business buying behavior involve decision-making
processes, the complexity, motivations, and factors influencing these processes differ
significantly between the two. Understanding these distinctions is crucial for businesses to tailor
their marketing and sales strategies effectively.

5. Critically Analyze and Evaluate consumer and customer management practices adopted
by the company and how consumers react to individual consumer organization
interaction?

To critically analyze consumer and customer management practices adopted by a company, and
how consumers react to individualized consumer-organization interaction, consider the
following key aspects:

Consumer and Customer Management Practices:

 Customer Relationship Management (CRM): Evaluate how the company utilizes CRM
systems to manage customer information, preferences, and interactions. Effective CRM
helps in personalizing customer experiences and tailoring marketing efforts.
  Multi-Channel Engagement: Assess the company's approach to engaging consumers
across various channels (online, offline, social media). A seamless and integrated
experience across channels enhances customer satisfaction.
 Personalization: Examine the level of personalization in the company's interactions with
consumers. Personalized recommendations, targeted marketing, and customized
communication contribute to a positive customer experience.
 Feedback Mechanisms: Analyze the company's methods for collecting and acting on
customer feedback. Regular feedback loops are essential for identifying areas of
improvement and demonstrating a commitment to customer satisfaction.

Consumer Reactions to Individualized Interaction:

 Customer Satisfaction: Assess consumer satisfaction levels through feedback, reviews,

and surveys. Positive feedback indicates that consumers appreciate and value the
individualized interaction.
 Brand Loyalty: Evaluate if individualized interactions contribute to building and
sustaining brand loyalty. Repeat purchases and customer retention are indicators of a
positive relationship between the company and its consumers.
 Customer Retention Rates: Examine the company's ability to retain customers over
time. High retention rates suggest that consumers find value in the personalized
approach and are likely to continue their relationship with the company.
 Social Media Sentiment: Monitor social media channels for consumer sentiments.
Positive mentions and engagements on social platforms can reflect the success of
individualized consumer-organization interactions.
 Customer Advocacy: Assess whether consumers actively advocate for the brand.
Consumers who share positive experiences and recommend the company to others
demonstrate a high level of satisfaction with individualized interactions.

In summary, a critical analysis of consumer and customer management practices should focus
on the effectiveness of personalized strategies, customer satisfaction, and the impact on long-
term relationships. Consumer reactions, reflected in loyalty, positive feedback, and advocacy,
provide insights into the success of individualized consumer-organization interactions.

6. Discuss potential trends in buyer behavior in the bank industry over the next ten years.
Identify companies in this sector which are of responding well to the trends, and make
recommendations how bank industry can update the way it engages with current and
potential customers?

Predicting specific trends in buyer behavior over the next ten years involves some uncertainty, but we
can identify potential areas of evolution in the banking industry:
1. Digital Transformation: Increased reliance on digital banking and mobile apps for transactions,
account management, and customer service. Banks need to ensure seamless, user-friendly digital
experiences.
2. Personalization: Growing demand for personalized financial products and services. Banks can use data
analytics to understand individual customer needs and offer tailored solutions.
3. Financial Inclusion: Emphasis on reaching the unbanked and underbanked populations. Innovative
approaches, such as mobile banking and partnerships, can enhance financial inclusion.
4. Eco-Friendly Banking: A rise in environmentally conscious consumer behavior may drive demand for
eco-friendly banking practices and investments. Banks can align with sustainability goals.
5. AI and Chatbots: Increasing use of artificial intelligence (AI) and chatbots for customer interactions.
Banks should invest in AI-driven solutions for efficient customer service and problem resolution.

Companies Responding Well:

- Ally Bank: Recognized for its user-friendly online platform and commitment to customer-centric digital
banking experiences.
- JPMorgan Chase: Invested significantly in technology to enhance digital offerings, mobile banking, and
innovation labs.
- Revolut: A fintech company known for its agile approach, offering innovative digital banking services
globally.

Recommendations for the Banking Industry:

1. Invest in Technology: Embrace emerging technologies like AI, blockchain, and data analytics to
enhance operational efficiency and customer experiences.
2. Enhance Cybersecurity: As digital transactions increase, prioritize robust cybersecurity measures to
protect customer data and build trust.
3. Collaborate with Fintechs: Partner with fintech companies to leverage their agility and innovative
solutions. Collaboration can lead to faster adaptation to changing consumer needs.
4. Education and Transparency: Proactively educate customers about digital banking tools, risks, and
benefits. Transparency in fees and policies fosters trust.
5. Sustainable Practices: Integrate sustainable and eco-friendly practices into banking operations,
reflecting a commitment to environmental responsibility.
6. Agile Customer Service: Implement agile and responsive customer service models, including AI-driven
chatbots for quick issue resolution.

By anticipating and adapting to these potential trends, banks can stay ahead in meeting the evolving
needs of customers and maintaining a competitive edge in the dynamic financial landscape.