Assessment-I

ASSESSMENT-IIdentify key characteristics of products or services:The product to the target customers is Food for lunch time, since the product is food so the characteristics of the product will relate to: Quality

Fit for the purpose

Hygienic

Proper and tidy packaging

Degree of customization

Ready to eatEstimate their significance to the 3 target markets of the business:The service under this is the delivery service to the target customers which involves timely delivery of the product, customer satisfaction and quality of food.

Target-1 includes the families who want the food at cheaper rates with add on products thus the food served should be according to the need of the consumer and should includes all the features as we need customer satisfaction by giving them quality product and service.

Target-2 these customers want the food at their lunch time so irrespective of the price we have to provide them food (served hot) for immediate consumption.

Target-3 these customers should be provided with the food at cheaper rates without bothering much about the meal deals or deserts or beverages with the meal.Review pricing policy and analyze pricing variables:The policy of prices can vary according to the target customers i.e. customers wanting cheaper products we can charge them accordingly by cutting down the profit margin. We can use different price strategies which can be affected by discount structures, sale on credit terms, sales, promotional offers and leasing arrangements. Obviously demand is also affected by the factors affecting the price (discussed in above paragraph). Promotional offers will lead to increase in product price or it will decrease the profit margin. And similarly other factors affect the demand too and here promotional offers can lead to increase in sales even if they are targeted in a planned manner.

Analyze promotional methods:Promotional methods can be used to market the product through product awareness in the targeted customers that can be done through advertising, sales promotion, personal selling, direct marketing and segmentation. Personal selling or face to face selling can be used where the targeted customers or the audience is small and unique and where the mass area to be addressed we use the advertising and sales promotion through our media plan.

Review channels of distribution and estimate their significance:The product made have to dispense to the customer for the ultimate consumption which can be made available to customers through various channels dealers, wholesalers and retailers, online or e business, self service, telesales or delivering service. We can distribute our products through wholesalers and retailers and then the profit margin is distributed throughout the chain but it is significant only when the goods are to be sold over extended period of time. Online or e-business can be used where people have proper access to the internet and they have proper awareness about online transactions. But here for our product we are using the delivery service as it is the best because we are targeting the customers who want the fresh food with additional desserts and beverages and quick service.

Identify and analyze level of customer service provision:We are offering the product to customer so there are some customer service levels that has to be achieved and thats the implied responsibility. We should provide customer satisfaction through after sales service, call center support, sales assistance and electronic client service.

Identify potential customer base and key pressure points for success:Potential customer base can be known of the customers who want the cheap evening meals with addition of desserts or beverages, or the employees working in the industrial estate for their quick served food at lunch time with beverages( deals) and the employees working around in local business who are after quick and cheap meal

Relative importance of the components of the marketing mix:Product of the marketing mix will totally relate to the preference of the targeted customers i.e. the product has to be in combo deals with deserts or beverages or that has to be cheap but quickly served to the people. Pricing component of Target 1 and target 3 can be lower down but for the target 2 employees the food should be fast food and along beverages and served hot in the lunch time. Place i.e. distribution channels be used for this will be delivery service to provide fresh and quick meals to target customers. Promotional offer can be used as advertising in the local area and industrial estate because we are targeting the industrial estate and nearby people.

ASSESSMENT-IIMarket mix for Target 1 market:Product: Pizza with variants of toppings including vegetarian and meat (meal) with combo deals which includes desserts and beverages. Meal likely to be served as Medium and large size Pizza can be clubbed with desserts or beverages at half of its pricePlace: Delivering service will be available for them for timely delivery of the food or meal. This has been preferred as it will eliminate the intermediaries and unwanted delays.

Promotion: Advertising in the local area newspapers, through pamphlets, and mail service the product can be advertised and promotional offers like cheaper combo deals are initiated to increase the revenue.

Price: Price of the product is set lesser to competitive market by decreasing the profit margin and distribution is done directly though delivery service so whole profit margin is reserved with us.

Market mix for Target 2 market:

Product: Pizzas with customization and freshly baked accompanied with any 600 ml of drink is offered to the employee for the lunch meal.

Place: Delivering service will be available for them for timely delivery of the food or meal in the lunch time. This is preferred use of other channels may lead to incurring extra costs and the food provided is to be quick so direct delivering is best.Promotion: Lunch deals can be promoted in the industrial estate to make awareness among the employees working in there and direct marketing can be used here which will help us to deliver the food according to their needs and preference.Price: Price of the product will based on the offers and leasing agreements, as supplying lunch time meals to employee may come with a contract to supply the lunch time meal for 6 months and accordingly price is determined ( credit terms if any is also considered)Market mix for Target 3 market:

Product: Local business employees want cheap meal so meal and beverage can be clubbed into a combo offer but they are not subject to any customization of order. Pizza with one type of topping will be promoted in this target area along with small drink or small serve dessert but not with regular size pizza.Place: Delivering service will be available for them for timely delivery of the food or meal. This has been preferred as it will eliminate the intermediaries and unwanted delays.

Promotion: Advertising in the local area newspapers, through pamphlets, and mail service the product can be advertised and promotional offers like cheaper combo deals are initiated to increase the revenue.

Price: Price of the product is set lesser to competitive market by decreasing the profit margin and distribution is done directly though delivery service so whole profit margin is reserved with us.

ASSESSMENT-IIIMonitoring and evaluating the marketing mix for each of their targets:

When evaluating marketing performance, companies should measure marketing outcomes from the consumers points of view, include all marketing activities, measure across a continuous time period, and meet statistical and technical criteria required of all measurement systems. To accurately measure the effectiveness of marketing activities, KPIs must be integrated within the business and management of the company.To ensure meaningful comparisons among activities, companies should employ a common scale, and measurement error must be quantified so that managers can react to changes in conditions.

Monitoring of marketing mix can be known by knowing the marketing performance in the market which can be evaluated by:Sales analysis: Actual sales can be compared to sales targets and budgets and an analysis of any variance between the two would be carefully examined. Sales analysis centers interest upon the relative contribution of different factors to a gap in sales performance.Market share analysis: Market share analysis shows how well the organization is doing vis--vis competitors. The first step is to determine market share, either by absolute measures (overall market share) or relative to main competition (relative share), or to leading competitor (relative to market leader share).Market expense to sales ratio: The marketing expense to sales ratio can be made up of a number of components such as sales force size to sales, advertising to sales, sales promotion to sales, and marketing research to sales and sales administration to sales. The monitoring procedure involves determining an acceptable level (or standard) and by using a variety of charting devices (control chart or expense to sales deviation chart) look at actual to budgeted expenditure.Customer attitude tracking: Whilst most of the control techniques described so far has been quantitative in nature, customer attitude tracking studies give qualitative information. The main customer attitude tracking measures are complaint or suggestion schemes, customer panels or customer surveys. These can be very useful in revealing what customers feel about the organization, its products, services and behavior towards society as a whole.Marketing profitability analysis: This consists of starting from the target profit plan and then applying the control measure - marketing profitability analysis. Assume the manager of a line of baked products is setting his/her annual plan. Further assume that it is believed that:

demand conditions will be the same next year as this year

there will be no change in marketing strategy

the price set will reflect only changes in input costs and not competitive activity

The manager's interest is in making satisfactory not optimal profits.

The steps underneath to help you characterize and enhance your marketing mix:1. Start by recognizing the item or administration that you need to break down.

2. Try asking for what reason and imagine a scenario in which inquiries too, to test your offer. For instance, inquire as to why youre intended interest group needs a specific characteristic. Imagine a scenario where you drop your cost by 5%. Consider the possibility that you offer more colors. Why offer through wholesalers as opposed to guide channels? Imagine a scenario in which you enhance PR instead of depend on TV publicizing your product.

3. When you have an overall characterized marketing mix, attempt testing the generally offer from the clients viewpoint, by asking client-centered inquiries:

1. Does it help? (item)

2. Will they find it where they shop? (place)

3. Will they think its evaluated positively? (cost)

4. And will the promoting plans achieve them? (advancement)

4. Continue making inquiries and making changes to your mix until you are fulfilled that you have upgraded your marketing mix, given the data and raw numbers you are accessible to.

5. Audit your marketing mix consistently, as a few components will change as the item or administration, and its market, develop, full grown and acclimate in a constantly changing environment.

The marketing mix helps you characterize the advertising components for effectively positioning your business sector offer.

One of the best known models is the Four Ps, which helps you characterize your showcasing alternatives as far as item, spot, cost and advancement. Utilize the model when you are arranging another venture, or assessing an existing offer, to advance the contact with your target market.