- Provide an example of a recent purchase experience in which you were dissatisfied because the firm’s Marketing Mix did not meet your expectations. Indicate how the purchase fell short of your expectations. Be sure to explain whether your expectations were formed based on the firm’s promotion or something else. Finally, how would you advise the firm for the future, based on adjustments to their marketing mix?
- Distinguish clearly between a Marketing Strategy and a Marketing Mix. Use Kangen K8 to illustrate the concepts (use some of the information in your own words from the uploaded document).
- What are the social and ethical issues a company should consider when entering a foreign market? Use a specific product/service example to illustrate the concepts.
- Also use 3 sources in this assignment.
Marketing Strategy:
This refers to the overall plan a business creates to achieve its marketing goals. It defines the target audience, positioning, and key objectives, such as increasing brand awareness, driving sales, or entering new markets. A marketing strategy provides the “why” and “what” for the business's marketing efforts.
Example (Kangen K8): The marketing strategy for Kangen K8—a water ionizer—might focus on targeting health-conscious consumers who are seeking innovative ways to improve their hydration quality. The strategy could emphasize the benefits of ionized water for detoxification and wellness, positioning Kangen K8 as a premium solution for customers who value health and eco-friendly technology.
Marketing Mix:
This is the tactical execution of the marketing strategy and involves the 4Ps: Product, Price, Place, and Promotion. It answers “how” the strategy will be implemented and covers specific actions to market the product or service.
Example (Kangen K8):
· Product: Highlighting the Kangen K8’s features, such as its multi-stage filtration, ionization capabilities, and touchscreen interface.
· Price: Setting the price point to reflect its premium quality while ensuring competitiveness within the health-tech industry.
· Place: Distributing Kangen K8 through online platforms, health-focused stores, and direct sales representatives.
· Promotion: Running campaigns that educate consumers about ionized water's benefits through social media, influencers, demonstrations, and wellness events.
Key Distinction:
· Marketing Strategy provides the vision and goals (the blueprint).
· Marketing Mix is the execution plan—the tools and methods used to bring the strategy to life.
When applied effectively, they ensure the product (like Kangen K8) is marketed to the right audience in the right way.