Before the organisation to allocate and coordinate its

Before diving into the research design of the report,
the following has to be mentioned. The study for this thesis has an explorative
nature. The reason is that this field of interest has not yet been extensively
examined by the company. Therefore, qualitative methods are needed because of
their explorative power and flexible approach (Boeije 2010, 32) Add!

a/ “How does the company’s overall marketing strategy look
like?”

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To be able to simplify the research for this question,
the following approach will be applied. A research (synonym)
on relevant models will be conducted. These would then be presented and
compared in order to find the most suitable one. Furthermore (after that), the
data collection methods applicable for the question will be specified.

The following paragraph explains the selection process
for a suitable model. The model shall be used as a starting point to conduct
the research for the question. In this case, the research activity aims to find out what marketing
strategy is used to achieve the company’s (marketing) objectives. Thus, one
would be able to see what Belden considers to be important when reaching its
customers. In essence, marketing strategy is a planning process which allows
the organisation to allocate and
coordinate its resources to accomplish its goals. The strategy consists of
an internally integrated but externally focused set of choices about how the
organisation addresses its customers in the context of competitive environment
(Bradley 2003). Usually (synonym), it is based
on the corporate objectives and target market segments. Having this in mind, a
desk research on models has been conducted. Moreover, these have been narrowed
down to two. The models will be presented individually. Afterwards, they will
be compared and contrasted to see which one would support best the research
activity. Finally, the selected model will be applied.

Marketing mix (4P’s)

The Marketing Mix concept as such was first introduced
by Neil Borden in the 1950s (Borden 1964). Originally, this concept was a list
of 12 elements which were proposed/supposed to be considered by marketers in
any given situation.  Soon after this,
the mix was taken and simplified by Edmund Jerome McCarthy. He transformed the
concept and turned it into the famous Four P’s of Marketing known nowadays.   

Today, the Marketing Mix is considered the universal
marketing model which has a big impact on the practice of marketing in general.
The Four P’s, namely Product, Price,
Place, and Promotion are viewed
as a set of controllable tools. Moreover, companies have the opportunity to
blend these tools however they see fit to produce the desired response in their
target markets (Kotler,
Wong, Saunders & Armstrong 2005, 34). Before managers start mixing the four
P’s though, first they need be aware of their target markets and customers
which the company likes to affect/influence/approach/serve. Thus, by taking this into
consideration, the firm can blend the P’s in order to influence the
demand for its products. ?????? ?????????!!

In the following four paragraphs, each component of
the Marketing mix model will be presented separately. This way, the reader will
be able to better understand the concept.

In the context of the marketing mix, Product means all goods and/or services
that the company offers to the market. It is the company’s unique offering that
aims to satisfy customer wants and needs. (Kotler, Wong, Saunders &
Armstrong 2005, 34). Naturally, this P is a primary aspect of the model because
it gives the organisation a purpose for existence. The firm’s product may be
tangible like a physical object or intangible such as service, experience,
ideas. Products differentiate themselves based on their specific
characteristics including quality, design and features. However, there are other factors like reliability, variety,
pre-sale information and post-sales support that are also taken into account. Therefore,
companies think carefully of what their product is and what their unique value
proposition is. It is no secret that there are a lot of similar products on the
market. For this reason, it is crucial to design the product in a way that
would make it stand out from its competitors.

Another component of the marketing mix is Price. It refers to the amount of
money the customers are charged for having a product or for using a service. In
some cases, price could also mean the sum of the values that consumers exchange
for the benefits of the product or service (Kotler, Wong, Saunders &
Armstrong 2005, 34). It is believed that this aspect of the mix has a
significant impact on the customer’s psychology. What is more, often the price
influences people’s decision whether to repurchase a product. The pricing decision is affected by many
factors among which (bargaining) power of customers, production costs and
delivery costs

The Place
aspect is related to the availability of the company’s products. More
concretely, place decisions outline how the product is delivered to the market
and accessed by the customers. This includes means of transportation for
delivery, locations and distribution channel that a company chooses to use.
Here, the distribution facilities and location are major factors to meet demand
and supply. Therefore, it is important to be aware of how customers will
physically get the product. Add! 2 more rows

The final touch of the mix is Promotion. According to Oxford Dictionaries, promotion is defined
as follows. “The publicizing of a product, organization, or venture so as to
increase sales or public awareness” (Oxford Dictionaries, 2017). In order
words, promotion is used to inform, educate, and persuade customers about the
product benefits and unique selling points. Ultimately, the company’s goal is
to differentiate itself from its competitors and their offerings. Promotion
includes elements like advertising, public relations, social media marketing,
email marketing, search engine marketing, video marketing etc.