Complete Guide to Marketing Strategies: 7Ps, SWOT Analysis & Ansoffs Matrix

Introduction to Marketing Assignment

Marketing is an essential aspect of any business or organization that seeks to promote its products or services and build its brand. Effective marketing strategies can help to focus for new customers and retain existing ones, which can lead to increased sales and revenue. The report will discuss about marketing mix and extend of marketing mix and will address each of the 7Ps. The report is made to illustrate how SWOT analysis can be used to appreciate competitive position within market (Desai and Vidyapeeth, 2019). The objective of the report is to clarify how Ansoff’s matrix can be use by the business when ingoing a new market to offer solution to study their growth strategies.

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Marketing

Define Marketing

Marketing refers to the procedure of anticipating, identifying and satisfying the requirements and wants of consumers through the formation, promotion and distribution of goods and services. It involves researching and analyzing customer behavior and market trends, developing strategies to reach target audiences and implementing tactics to promote and sell products or services (Nikbin, et. al. 2022).

Marketing Mix 7 Ps

The marketing mix is a composition of tools and tactics that businesses use to encourage their products and services in the market (Lahtinen, et. al. 2020). These 7 Ps of Marketing mix are:

• Product: This refers to the physical good or service being offered to customers. This includes the design, quality, features, packaging and branding of the product.

Example: Apple's iPhone is a product that has been designed with a sleek and modern look, high-quality materials, and advanced features such as a high-resolution camera and facial recognition technology. Apple's branding and packaging also help distinguish the product from its competitors.

• Price: This refers to the cost that customers pay for the product or service. Pricing strategies can vary, such as premium pricing, discount pricing or dynamic pricing.

Example: Nike's pricing strategy is to use premium pricing for its athletic footwear and apparel, based on its brand reputation for high-quality and stylish products.

• Promotion: This refers to the methods used to communicate with customers about the product or service, such as advertising, public relations, and sales promotions.

Example: Coca-Cola's promotion strategy involves creating memorable and emotional advertisements that focus on sharing moments of happiness with family and friends (Deepak and Jeyakumar, 2019).

• Place: This refers to the supply channels used to make the service or product available to customers, such as retail stores, online shopping or direct sales.

Example: Amazon's place strategy is to offer a variety of distribution channels for its products, such as online shopping, physical stores, and Amazon lockers for pick-up and delivery.

• People: This refers to the employees who interact with customers and provide customer service. This includes their skills, training, and attitude.

Example: Ritz-Carlton hotels are known for their exceptional customer service, which is achieved through rigorous employee training, personalized service, and attention to detail.

• Process: This refers to the processes and systems used to deliver the product or service to customers, such as order fulfillment, customer support, and returns.
• Physical evidence: This refers to the physical aspects of the product or service that customers experience, such as the store layout, packaging, and customer service interactions (Blythe and Martin, 2019).

Example: Starbucks' physical evidence includes its cozy store ambiance, high-quality coffee beans and beverages and personalized customer service.

Marketing and Competition

SWOT Analysis

A competitive environment refers to the business landscape in which a company operates and competes with other firms in the same industry. SWOT study is a strategic planning tool used to appraise a business weaknesses, opportunities, strengths, and threats (Benzaghta, et. al. 2021). Internal elements refer to factors that are within the control of a company, such as its strengths and weaknesses. External elements refer to factors that are outside the control of a company, such as opportunities and threats.

Strengths that an organization may possess:

• Strong brand reputation: An organization with a strong brand reputation is often viewed as a trusted and reliable provider of goods or services. This can help the organization gain a competitive advantage by attracting customers
• Innovative technology: An organization with innovative technology can gain a competitive advantage by offering unique and better products or services that are not simply replicated by competitor (Teoli, al. 2019).
• Highly skilled workforce: An organization with a highly skilled workforce can gain a competitive advantage by providing superior customer service, developing more effective marketing strategies, and creating innovative products or services.

Opportunities in the external business environment:

• Growing demand for environmentally-friendly products: As consumers become increasingly environmentally conscious, there is a growing demand for products that are environmentally-friendly.
• Emergence of new technologies: The emergence of new technologies, such as artificial intelligence, virtual reality, and block chain, presents an opportunity for organizations to create new marketing opportunities by leveraging these technologies to create innovative products or services (Amirshenava and Osanloo, 2022).

Ansoff Matrix

Explain Ansoff Matrix

The Ansoff Matrix is a tactical planning tool used by businesses to recognize potential growth strategies for their products or services. The Ansoff Matrix is based on two factors: products and markets (Chintalapati, 2020). It was urbanized by Igor Ansoff in 1957 and is sometimes refer to as the Product/Market expansion grid.

Using Ansoff’s Matrix to analyze growth strategies

According to Pearson Blythe and Martin, (2019) the matrix is based on two key factors: markets and products. The 4 quadrants of the matrix represent four diverse growth strategies:

• Market Penetration: This approach involves selling further of the existing products to existing consumers in the same market. This can be achieved by rising marketing and advertising efforts, humanizing consumer service or contribution promotions and discounts.
• Market Development: This approach involves increasing into new markets with the accessible products or services (Clarissia, 2020). This can be achieved by identifying new customer segments, entering new geographical regions, or targeting new distribution channels.
• Product Development: This approach involves rising and introduction new products or services for existing markets. This can be achieve by leveraging existing customer relationships, using market research to identify customer needs, or developing new product lines.
• Diversification: This approach involves ingoing new markets with new products (Zanjani, al. 2020). This can be achieved by acquiring or partnering with other businesses, developing new capabilities or technologies, or exploring new business models.

By using the Ansoff Matrix, businesses can evaluate their growth opportunities and choose the most appropriate strategy for their products or services (Kotler, et al. 2019).

Digital Marketing

Explain how an organization can use digital marketing to raise on a global scale

Digital marketing is a effective way to make use digital channel, such as social media, email, search engines, and websites, to sponsor a product or service and reach a target audience. It is a type of marketing that leverages the power of digital technologies to communicate with potential and existing customers in a more personalized and effective way.

Digital marketing has several core components, including:

• Search engine optimization (SEO): This entail optimizing a website and its substance to rank superior in search engine results pages (SERPs). The aim is to increase visibility and traffic to the website, which can lead to higher conversions and sales.
• Pay-per-click (PPC) advertising: This comprises placing ads on search engines or social media platforms and paying every time users click on the ad (Saura, 2021). This is a mode to reach a definite target audience and drive traffic to a website.
• Content marketing: This engage distributing and creating valuable content, like blog videos, posts or social media posts, to draw and engage viewers. The goal is to set up the brand as a consideration leader in the business and construct trust with potential customers.
• Social media marketing: This comprise of using social media platform, such as Instagram, Facebook, and Twitter, to endorse a product or service and connect with consumers (Desai and Vidyapeeth, 2019). Social media marketing can help increase brand awareness and loyalty, as well as to drive website traffic and conversions.

Digital marketing is essential for businesses in today's digital age. As more consumers rely on the internet to research products and services before making a purchase, businesses that don't have a strong digital presence are at a disadvantage.

Conclusion

It is concluded from the above report that, marketing is a critical aspect of any business. It is a process that involves identifying and satisfying customer needs through various strategies and tactics. Effective marketing enables businesses to increase their brand awareness, attract new consumers, and maintain existing ones. In today's digital period, businesses must embrace digital marketing, as well as social media marketing, search engine optimization, and content marketing among others, to reach a wider audience and remain competitive. Marketing play a vital task in the accomplishment of any company, and businesses must invest in it to achieve their growth and profitability objectives.

References

• Amirshenava, S. and Osanloo, M., 2022. Strategic planning of post-mining land uses: A semi-quantitative approach based on the SWOT analysis and IE matrix. Resources Policy, 76, p.102585.
• Benzaghta, M.A., Elwalda, A., Mousa, M.M., Erkan, I. and Rahman, M., 2021. SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), pp.55-73.
• Chintalapati, S., 2020. BankBuddy. ai—Business Expansion and Marketing Dilemma: A Case Study to Discuss the Ansoff Growth Matrix Concepts Combined with Business Expansion Strategies for Expanding into Emerging Markets. Emerging Economies Cases Journal, 2(1), pp.44-53.
• Clarissia, S.M.S., 2020. A study on Ansoff Matrix Technique: As a growth strategy and an adaptive learning technique adopted in the leading brand of products. BIMS Journal of Management, p.18.
• Desai, V. and Vidyapeeth, B., 2019. Digital marketing: A review. International Journal of Trend in Scientific Research and Development, 5(5), pp.196-200.
• Desai, V. and Vidyapeeth, B., 2019. Digital marketing: A review. International Journal of Trend in Scientific Research and Development, 5(5), pp.196-200.
• Lahtinen, V., Dietrich, T. and Rundle-Thiele, S., 2020. Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context. Journal of Social Marketing, 10(3), pp.357-375.
• Nikbin, D., Iranmanesh, M., Ghobakhloo, M. and Foroughi, B., 2022. Marketing mix strategies during and after COVID-19 pandemic and recession: a systematic review. Asia-Pacific Journal of Business Administration, 14(4), pp.405-420.
• Saura, J.R., 2021. Using data sciences in digital marketing: Framework, methods, and performance metrics. Journal of Innovation & Knowledge, 6(2), pp.92-102.
• Teoli, D., Sanvictores, T. and An, J., 2019. SWOT analysis.
• Zanjani, S., Iranzadeh, S., Khadivi, A. and Feghhi Farahmand, N., 2020. Designing a Corporate Growth Strategy Based on Ansoff Matrix Using Fuzzy Inference System. Innovation Management in Defensive Organizations, 3(2), pp.151-178.

Bibliography

Blythe, J. and Martin, J., 2019. Essentials of marketing. Pearson UK.

Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.

Blythe, J. and Martin, J. (2019) Essentials of Marketing. 7th Edition.

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Harlow: Pearson Kotler, P. et al. (2019) Marketing Management: European Edition. 4th Edition. Harlow: Pearson. Edit