Marketing Actions and Functions

Question: Write a report on any small or medium size company of Australia. It should include the followings: This assignment is in report form with the following headings:- Executive summary- Clear and concise target market, segments and positioning (includes positioning mapping) followed by the company- Comments on both Micro and Macro environmental forces affecting the company- Brief analysis of consumer perceptions and behaviour about the brand/company- Marketing Mix Answer: Introduction The marketing management assists the actions and functions, which are occupied in the distribution of commodities and services. In order to meet the increasing competition, the need for marketing management had increased. The significance of marketing mix has also augmented due to the need for enhanced techniques of distribution in order to decrease cost and to enhance profits. The importance of marketing mix is also due to the introduction of new products in the market. An effective marketing management in order to increase the base of the customer as well as to improve the opinions of the customers uses the resources of a company. This in turn increases the professed value of the company. The marketing management is mainly concerned with the chalking out of a specific program after the cautious analysis of the marketing condition. Aramac Food Pty Ltd is the small enterprise of Australia which has specialize its product in extracting flavor and syrup. The company adopted some unique marketing policies which made them to earn revenue better than other companies of Australia (Kotler 2012). Target Market Age The age for the customers lies from 1-100. They specialized in flavoring extract and the syrup. The target market covers all the age group who has a liking for syrup and flavoring extract. (Hollensen 2015). Gender The company covers the market of all age along with all gender. Though, mainly it covers the children and the women. Children gets attracted as the products could add flavor and chocolate in their milk. They even target the women as they could include the syrup as well as the flavoring extract in their recipes (Wrigley 2014). Interest The company covers the market of all age and gender. They mainly target people who like to add chocolate and flavoring extract in their food (Hollensen 2015). Geographic Location The company targets are in the Australian market. They mainly target the market of New South Wales of Australia (Hollensen 2015). Occupation Aramac Food Pty Ltd does not cover people according to any particular occupation. It can be brought to any family because of its low price and fine taste (Wrigley 2014). Segmentation Aramac Food Pty Ltd segmented the market into various groups. They segmented each group according to their choice of taste, preference and likings (G. Budeva and. Mullen 2014) Geographic Segmentation The company sells its product in the Australian market. It has its main focus on the New South Whales market (Cross et al. 2015). Demographic Market The company segmented its market according to different Age. The company segmented its product for different age. The syrup can be used for the children to add in their food to make it more. However; it creates a demand for the product. On the other hand women would like to add flavor with the product. It would add an extra advantage for their recipes (McDonald 2012). Psychological segmentation Aramac Food Pty Ltd segmented the product according to various attitude and interest of the people. The company segmented according to various lifestyles. The customers are there who would buy more of its product than its necessary. The segmentation of the customers also depends on their interest for the use of it. Like people with hobbies in cooking would like to use the syrup and the flavoring extract in their food. The company further segmented its product according to the taste. It has customers with different taste so the company made different flavors to satisfy the taste of each customer (Wrigley 2014). Behavioral Segmentation The company is established in the year of 1982 they have customers who are using their syrups and flavoring extracts for long time. They are the loyal customers of the company. The company specializes in manufacturing as well as in wholesaling. However, they give extra advantage of their customers through discount. While the company also has customers who started to use the product recently are the potential and the first time users. The company tries to capture their market through the usage of varies in terms of taste and flavor (McDonald 2012). Segmentation by benefits The company further segmented its product according to the quality and the image. A child of 7years has totally different image than that of his mother. The child would like to buy the product to add taste to his foods. However, the mother wants to make innovative recipes through the usage of it (Cross et al. 2015). Positioning The Aramac Food Pty Ltd is positioned as one the small enterprise of Australia. The company though shares a profit which I same comparing with the average company of the country. It manufactures the product and wholesales it to dealers. The company attracts a huge number of customers through their innovative process manufacturing and targeting their product. The product positioned for manufacturing the low cost product with high in quality. The company has a very low budget but earns more revenue comparing with its investment. The company is marketing the product through establishing an image in front of the customers. It is created through its unique process of marketing mix. It utilizes its price, product, place, promotion and people. The position of the market enables it to gain importance from its customers (Dulea Iulia - Andreea 2014). Target Market Analysis The best way to position its company is though a vivid analysis of its potential market. A company needs to develop the position strategy through the use of the target customers. The people, who want, need and has interest on the product. Aramac Food Pty Ltd utilizes the above strategy in positioning their product. The company consists of target audience of all age. But it has mainly children and women as their potential customers. So, they capture and utilize the market in terms of its position. The children want to have their product in their daily food. The company positioned it as they introduce variety of flavor for them. Naturally the parents are getting the product in a low cost. So, to meet their childs demand they used to buy them and use it regularly (Tompson and Kennedy 2013). Positioning in Advertisement Advertisement acts as an important factor to determine the position. Though, because of low investment of the company cannot invest in the advertisement. Though, they are using the online sites to position their product in the market (Slack 2015). Online sites offer search engine which is the most popular way to search the product for new generation. It enables them to position their produce in the market in much cost effective way. Positioning through price The company has its customers of all occupation. The product is used by most of the families. So, people with low income would have tough if the product is of high cost. Moreover the customers are mainly children. However, the company strategies lie to make the position in the market through its low price. It enables even the children to but the product with its low price. The low price strategy helps them to get a competitive advantage. People with low income groups prefer the brands of Aramac Food Pty Ltd rather than any other high price product of other brands (Handfield 2015). Positioning through Sales location The company targets mainly the market of North South Whales. It has numerous markets like Byron Bay market, The Bondi Market etc. the location consists of wide variety of customers along with the tourists. The company tries to capture the market of it. The company gets a wide variety of customers from the market. It has wide options of transportation so that it can be distributed to other markets. The good transport availability helps the customers to visit in the market of New South Wales. However, the company enables to capture wide variety of customers as well as other markets of Australia (Slack 2015). Micro Environment The micro environment consist are controlled by the management people. Customers Customers are the most important factor for any company. They are the one who leads to establish the demand for the product. Aramac Food Pty Ltd has the strongest customers. The customers demand enables the company to sales its product without much participation in the promotional activities. The customers mainly the children enable the company to have the regular customers (Mende et al. 2013). Employees The company does not consist of huge number of employees. It a small company with less number of employees. But its employees loyalty and coordination enables the firm to ensure a quality product for its customers (Lovelock et al. 2014). Competitors The company has wide variety of competitors in the brand of flavoring extract and the syrup. However, the company has strength over their competitors as they mainly produce branded products. Now with brands they are highly expensive products. It becomes tough for the low income parents to afford such brands regularly for their child. So the company gets an advantage over other brands for its pricing strategy (Paharia et al. 2014). Public The public refers to the people in general. It consists of people like environmentalists, customer protection groups, media person and the local people. It is important for the company to effective mange the group as it acts their opinion and views acts as an important factor (Hollensen 2015). Suppliers The company needs to have a good relation with the suppliers. Aramac Food Pty Ltd maintains that. This helps them to maintain the quality of their pocduct to be same for years. The suppliers of Aramac Food Pty Ltd enable them to provide products which are high I quality and reliability. The suppliers provide them with product with warranties and the products are obviously low in cost (Peck et al. 2013). Marketing Intermediaries Aramac Food Pty Ltd does only manufacture the product but they also wholesale their product. Now, the company needs to establish good relationship with the wholesalers and the agents so that help their product to sale in more quantity (Hollensen 2015). The efficient intermediaries would enable to act as a marketing agent. As they directly face the customers so it becomes easy for them to influence their customers. Macro environment Political Aramac Food Pty Ltd produces product is mainly consumed by the children. It is regulated by the Food Safety Standards. The company needs to maintain the firm standard as per the laws. Australia has a different set of laws and regulations. The laws are either loose or they are stringent. The company needs to understand the political situation of the country. At times there is political unrest. It is mainly due to the inflation in some markets. Aramac Food Pty Ltd need to understand the political factors attached with it and work accordingly (Gillam and Siriwardena 2013). Economic The recent economic downturn affected the company to some extensive level. The company needs to construct a strong sales and marketing team so that they could overcome such situations. Economic conditions has the highest influence in terms of any kind of business regardless of the trade it is in. though the company gets wide amount of revenue even in the economic downturn. It enables the company to get advantage over its competitors in terms of sales (Babatunde and Adebisi 2012). Social The company has a great influence of the society and the culture. It is mainly consumes by the children and the women in their recipes. The product need to maintain the quality mainly because of the children consumes it. The company needs to understand the psyche of the market and need to change accordingly (Lefebvre 2013). Technological The company produces the product in very less amount. The reason makes them not to use much of advanced technological machine. However, the demand for the product is increasing and the market is changing to more of advanced technology (Manyika et al. 2013). The company needs to adopt such strong technology in their product and produce it accordingly. Legal The law for the food and the beverage industry has become more stringent. The company needs to understand it. The main strategy o the company is to produce low cost food. The company needs to understand that for low cost foods they need to maintain the quality as well. Though, the company produces products which have high quality value. They need to adopt policies to maintain that (Sheth and Sisodia 2015). Environmental The environmental sustainability has become one of the major concerns for the generation. Now, the company needs to adopt policy according to it. They need to adopt measures to support the environment. The company needs to adopt policy so that they are more environmental friendly. They need to curtail policies which they use goes against the environment (Hollensen 2015). Consumer Perceptions and Behavior The perception and the behavior depend upon the companys growth. Aramac Food Pty Ltd produces products for all age groups and that can e used by people of all income group. The perception of the customers enables the brand to make it sales high or low. The company has customers whose perception and the behavior and acting positively. However, it enables the brand to make more revenue from it (Cantallops and Salvi 2014). Influencing perception The company Aramac Food Pty Ltd is in the market for a long time. It enables the customers to use the product for longer period of time. The company also maintains its quality. It enables the customers to have perception that they want to use the product throughout their life. Reaching customers The company reaches a wide variety of customers through its intermediaries. It enables the customers to have faith on the brand. The faith does not only come from its loyal customers but also from the first time users. The first time users get the impression of the brands through its wholesalers and the retails. The companys good relation with the intermediaries enables them to reach wide among of customers (Aaker 2012). Risk perception The perception and the behavior of the customers also add with the risk factor of the company. There is always a risk associated with every product. Now the risk affects the customers to a large extend. It directly relates with the assumptions and the perceptions of the brand. It could on the other hand change the customers behavior on the brand. It is consumes by the children so Aramac Food Pty Ltd need to maintain the safety policy for its product (Kotler 2012). Customer retention The company needs to have plans for its growth. The growth can be achieved through expanding the customer base and the retention of the customers. The retention would help to expand the loyal customers. The loyal customers on the other hand ensure to expand the brand through suggesting it to other people (Mende et al. 2013). More the company retains its customers more the customers behavior would affect the brand in a positive way. Marketing Mix The marketing mix mainly refers to the set of actions as well as strategies that is used by a company in order to promote the products that is produced by the company. The marketing mix generally refers to the four Ps that includes the product, price, place and promotion. Price Price generally refers to that the value that is charged by a company. The Aramac Food Pty ltd. is mainly a small flavoring extract and syrup company and that is the reason the price it charges for the product are reasonable. The price mainly relies on the costs of production as well as the ability of the market to pay as well as to demand and supply. If the company charges a lower price for its product then it will in turn enhance the image of the product (Borden 2015). Product It mainly refers to the item that is being sold on the actual basis. The product that is delivered by Aramac Food Pty ltd. is the flavoring extract and syrup. However, being a small company the product that it delivers must deliver a minimum level of performance (Pavlou and Stewart 2015). Place The point of sale is referred to as the place. The Aramac Food Pty ltd. products are sold at a single location. This in turn does not help the company to draw many customers. As a result, the Aramac Food Pty ltd. should make the use of the place strategy to attract more customers to buy its products. (Goi 2015). Promotion Promotion is that activity that needs to be undertaken to make the product of a company known to the purchasers. The promotional strategies include the positive word of mouth, advertisement as well as incentives. However, Aramac Food Pty ltd. being a small company does not make use of the promotional strategies. The elements of marketing mix manipulate each other in the sense that these elements make up the exact business policy that leads to the success of the company. The marketing mix involves a lot of understanding as well as market research (Gordon 2012). Recommendations Aramac Food Pty Ltd is one the emerging firm of Australia. It has its strategy of maintain the low price for its product. The company does not use much promotional activities. However the company needs to understand the market of Australia. New companies are emerging in a fast pace. They all have the strategy to attract the market through lowering their price. The customers can shift into those brands because of better promotions of new entrants. The company needs to involve into the promotional activities like advertising through print media. They can even publicize their product through social networking sites as that would not take much involvement of cost (Aaker 2012). Aramac Food Pty Ltd should also involve in adding more variety of products into their segments. They could add chocolates and ice cream in their segments. The company can also expand their business through online sale. They need to create a website and can sell their product through those websites. They can add a mascot like clown or any cartoon character so to attract more children (Kotler 2012). Conclusion It can thus be concluded that the Aramac Food Pty ltd. being a small flavoring extract and syrup company should mainly focus on the marketing mix strategies. The target market includes each customers starting from the youth to the elder people and makes their sale be augmented. The strategies include low cost products to its customers. The company should incorporate the promotion strategies so that they can make their products known to the global customers. 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