Essay Example for Everyone: Main Principles of Marketing Mix

Published: 2022-05-26
Essay Example for Everyone: Main Principles of Marketing Mix
Type of paper:  Essay
Categories:  Marketing
Pages: 7
Wordcount: 1715 words
15 min read

The main principles of the marketing mix are categorized into 4 which comprise the four vital marketing elements used to market the products and services of a firm. It facilitates buyers' interests for the firm to gain profits. They are inclusive of the 4 Ps namely product which refers to the services and goods available for sale to the potential buyers. Price, which is the amount of cost the product or the service would cost and how it is determined. Place, which is the manner in which the goods and services are availed and distributed to the clients. Promotion entails the activities established to enhance the products and services visibility and to draw the attention of prospective clients.

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The Strength and Weaknesses Of The Marketing Mix as Applied to Construction Project Businesses

The strength of marketing mix in construction project business includes enhancing product's marketability which is the constructed facility. It increases competitive advantage through offering best prices for quality products. It avails new markets through which contractors can develop and expand their business. Weakness comprises a complex framework to sustain rivalry competition. Also, it is a costly initiative as the business has to set aside funds to establish an effective promotional unit. The premise also can risk losing control of what other people may portray about the products.

Principles of Relationship Marketing

The Fundamental Principles of relationship marketing are inclusive of identifying potential clients, showcasing relevant knowledge and expertise, establishing a rapport with the customers, conducting a comprehensive follow-up, emphasizing the need for good customer service, offering awareness on the benefits and advantages of the services and products offered, focus on delivering high-quality products.

Main Elements Comprising an Effective System for Relationship Marketing

A customer-oriented strategy is one element which depicts an effective system for relationship marketing. A highly effective strategy would attain business sustainability and security. The right people would help in placing the business strategy in a manner which achieves results. An effective communication channel is an essential element which steers proper content delivery and promotes feedback generation. Implementation of nurturing initiatives which people would easily develop an interest in without asking and raising issues is key. Clients should also be rewarded for their loyalty to the brand. Moreover, knowing the customer is an important element. It also entails valuing customers' needs and feelings. Using customer data, a business can build on clientele database which can enhance business intelligence. Through this, one can gain great insight that informs the decision-making process.

Actions for Strategic Agenda as Part Of Corporate Social Responsibility Policy

For the construction firm Corporate Social Responsibility policy would entail looking into a broader view of offering quality services and products in the construction of facilities but also emphasizing its values to the society. The future Policy framework for the firm future strategic agenda would comprise actions such as dissemination of good practices and improving the visibility of CSR. It includes the creation of reward channels to award the community members for their goodwill in sustaining the environment regardless of the development of constructions facilities. Secondly, improvement of the status of trust in the firm is fundamental. The business would establish a forum through which citizens are engaged on matters of business trusts through surveys. Leveraging the policies in the field of constructions and public constructions to enhance market rewards for proper business conduct. Also, the firm would work closely with other construction firms to co-regulate and establish a code of good construction practices. The action would also improve firms' exposure to social and environmental aspects. Integration of awareness and education campaign of the safety and development of research in the field of construction to promote community wellbeing.

How to Work Effectively Across Cultures and Ways in Which Cultures Affect Firms Operations.

In the contemporary world, businesses have set their premises in various parts of the world. Working across cultures can be challenging and exciting at the same time since firms get to be influenced by other cultures across the globe. To effectively work across cultures, firms need to first identify their actions and know their worth. It is important to ascertain what the business impacts might have on other cultures. Various cultures may influence how a business operates because they have diverse demand which causes a cycle of production extensively. Secondly, a firm has to establish objectivity in its operations. It entails having a clear background of anticipated challenges and knowing the limits of the company through the use of various approaches. A firm has to be in a position to exercise flexibility and adaptation. A company also has to develop an effective rapport with other cultures.

Schein's Definition of Culture

Schein posits that culture is a trend of common presumptions which people learn in the event of solving their challenges of external adjustment as well as internal incorporation. It is precisely an impact of learning jointly. There exist four features of culture according to Schein which are microcultures, macroculture, structural and subculture.

The Iceberg Model

It is a framework which attempts to elaborate the different levels of the conception of situations of a business, from the noticeable occurrences to the underpinning trends which are commensurate to these, to the structures which support the firm. An example would be in business performances. When a business makes a loss would be an event, making the same loss more than once becomes a trend, a systemic occurrence such as bad governance and lack of market analysis may be due to lack of intelligence. The business is caught up in making losses and the management does not come to realize it is part of the trend of these events which causes the underpinning trends of the poor governance and other factors.

Differences Between Project and Operations

Operations are actions which are set and are sustained which gives similar outcomes consistently, on the other hand, projects are initiative which is special and sometimes just operates temporarily for a specified period. Moreover, projects tend to have a rigid budget while operations generate activities which in turn offer gains that fuel its continuity. For every business, the two aspects are vital for the sustainability of activities. Operations help with the long-term objectives while projects propel short-term undertakings. To attain the daily results, same tasks are done over and over by employees. For the long-term channel, managers create activities which are basically geared towards achieving operations, and also sometimes for services and products to meet new demand as well as offer a responsive mechanism to new market needs.

Five Major Trends in The Contemporary Business Environment, and Discuss The Impact They Have on The Construction Industry

Business environment can make or break a firm. It influences the manner in which constructions industry shapes from time to time. Some of the trends in the contemporary business environment are inclusive of technological advancement. Technology has changed how the construction of facilities is done. Workers have to adapt to the dynamics of technology to meet the complex needs of mankind. Employees who believe in the traditional ways of handling activities have lost their jobs since some of them fail to adopt new skills. Application of Building Information Modelling has increased. The complexity of projects, in the construction industry environments, projects have become more sophisticated in design. Firms have had challenges in the projects they choose to work on since these projects have been abandoned by the workforce. It has slowed the operation of the construction industry. There is also a trend of security and privacy; with the advancement of technology many businesses face cyber-attacks by malicious people, also there is an urgent need in developing a reinforced system to safeguard companies' information. Clients also need assurance of their safety which affects the industry since it becomes hard to gain rapport with some clients. Globalization and dislocation many countries experience slow growth of construction industry due to globalization. Socialization and technology have made social and economic disparity to become predominant. It is hard to stay on the course of business without necessarily offending others today.

How Firms Grow From Domestic to Global And The Challenges Faced. Options for Structuring Globally Operational Firms and Their Implications to The Firms.

Once a domestic firm has established a local reputation, going international can be next breakthrough. Going from domestic to global business may entail first, expanding the scope of operation. This is the process of producing more and establishing activities in other countries. Secondly, the firm has to create a prospective customer base in other countries through marketing and production of quality services and products which would, in turn, keep them coming back for more at affordable prices. Another element is looking into markets which share synergies with the firm's mode of operations, services, and goods distribution, coupled with familiarity with the market. Sometimes going global can just rely on finding rightful partners who may be in the form of mentors or those who participate in the business and share the gains. It is fundamental to conduct due diligence when going global, to ensure all the expansion requirements are within the stipulated regulations of other markets to avoid violations. Challenges the firm would encounter are cultural barriers since the needs of customers from other countries are different from the local people. Compliance matters and tax structure can be detrimental to a business if they are not learned and applied. Another primary challenge is stiff competition from already established firms in those new markets.

Once a company is on the global market, the way it organizes its activities have a significant effect on its effectiveness. The global firms tend to experience challenges when they standardize the options for their structure. Therefore, the options that global firms have to structure its operations are as follows: Creation of small corporate units which facilitates reporting and upholding business' brand image, establishing of frameworks to manage emergent complexities, division of logic to split the regional structures and clearly state what needs to be local and what is needed at the international markets. These options coupled with rebalancing towards emerging trends would create new options for structural development and integration.

Globalization is the when a company, an organization or a business develop a progression and influence in other countries to the extent that it starts its activities in those countries.

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