Download subject : marketing management

THE INFORMATION AND COMMUNICATION UNIVERSITY
STUDENT NAME: BANDA MZAMU
SIN NUMBER
: 1511182777
SUBJECT
: MARKETING MANAGEMENT
ASSIGNMENT
: 01
PROGRAM
: MBA-FINANCE
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QUESTION 1
The product Life Cycle is divided into four stages namely; the introduction, the growth, the
maturity and the decline stage. Any product developed by an organisation goes through the
above stages.
The first stage is the introduction stage. This is the stage at which a new product is launched
or introduced onto the market for the first time. Actually, when a product is introduced and
thereafter; an organisation uses marketing mix strategies to sustain the marketability of the
product and maintain its competitiveness against rivals in the industry.
The term marketing mix was coined by Neil Borden (1964) who defines it as, “Those tools or
ingredients that combine to capture and promote a brand or a product or product’s unique
selling points which differentiates it from competitors. These core marketing tools are; the
product, the price, promotion and place”.
Also Mac Carthy in Kotler (2001, P. 12) defines and classifies marketing mix as, “A set of
tools that the firm uses to pursue its marketing objectives in the target markets which are; the
product, price, place and promotion”.
The above named tools are traditionally referred to as the 4Ps. However, the list extends to
include other factors which are also form part of the marketing mix to form the 7Ps. These
are; people, process and physical evidence. Nevertheless, for the purpose of this discussion,
concentration will be on the 4Ps which are; the product, the price, promotion and place.
When an organisation introduces a new washing machine on the market, the product must
have differentiated features and appealing enough to the market. It must be well branded and
packaged. Also since it is the first time to be on the market, the quantity of units must be
reasonably and cautiously produced. This is because the organisation may not know how the
market may react to the new product. As for the price as a strategy, the firm may consider
effecting the entry price which is, ‘cost plus pricing’. Also, since the product is new on the
market and little or nothing is known about it, there is need for increased promotions. The
product must be advertised aggressively. Thereafter, distribution should be cautiously done to
the right place, at the right time and for the right purpose. The target market for the washing
machine could be the urban dwellers, the aged people and people leaving with disabilities.
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At Growth stage, more branding and innovative attention may be needed to the product such
making it more unique, user friendly, colourful and attractive. The price should be a
penetration strategy. This will make the market to increase or broaden and more sales are
expected. At growth stage, promotion should take a persuasive approach while distribution to
different places and markets should be increased to meet the demand or satisfy the market.
At maturity stage, the quantity of the product produced must be increased. This is to satisfy
the huge market. The product must further undergo innovative changes such as; introducing
accessory features to the product such as; the drying compartment and the ironing vents. At
maturity, the organisation increases the price since it is well known and performing well.
Also, the organisation intensifies distribution to diverse target places. This entails increased
sales and profits for the organisation. The organisation at this stage reduces promotions and
adverts for the product.
This is because the product is well known at this stage so
promotional and advertising costs are cut considerably.
The final stage in the cycle is the decline stage. At this stage, the performance of the product
drastically reduces. However, the product must be re-launched or revitalised with rare or
unique differentiated features. Production of the product in terms of quantity must be
reduced. Also the price must be reduced though but cost effective and within the affordability
of consumers. Thereafter, distribution to different places must be cautiously monitored. If
anything reduce the distribution and observe the reaction of the market. At decline stage,
promotions and advertisements must be increased as the product positions itself with new
features and taste for relaunching.
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QUESTION 2
An International Bank is a financial institution with foreign headquarters and also operating
in other countries. Barclays Bank is one of the oldest international Banks operating in Zambia
with so many branches across the country. The Bank is based in the United Kingdom (UK)
with Headquarters in London. Barclays Bank has been significantly affected by the
economic, political, legal, cultural, technological and competitive environment in its
decisions in the financial service provision.
Mishkin (2004, P. 47) define a bank as, “A financial institution that accepts deposits and
make loans. Included under the term banks are firms such as; Commercial Banks, Savings
and Loan Associations and Credit Unions”.
In 2002, when the President of the Republic of Zambia was His Excellence Levy Patrick
Mwanawasa, the country was heading for an economic boom. The President came up with
policies bordering on the economic emancipation of the country. The tax concessions with
the mines were revised, corruption was being fought head on and the economy was being
diversified into agriculture with emphasis on winter agro-products. Coincidentally, the price
of copper on the international market was at its highest peak. As though that was not enough,
the country had just attained the Highly Indebted Poor Countries bench mark (HIPC
Completion point). It had attained the debt cancellation point. Also at that time, the Currency
had gained value against foreign currencies. Indeed undoubtedly the country was heading for
a huge economic boom.
Barclays Bank (z) Ltd identified the economic opportunity and went flat out to open several
branches in both urban and rural areas. The bank marketed its products so aggressively and
several employees opened accounts with the bank and were given loans and were entitled to
many services. The political stability and the peace the country enjoys prompted the Bank to
intensify its marketing strategies of obvious goals to become the leader in the financial
industry.
The legal framework was autonomous and the security wings were empowered to combat
cases of corruption, money laundering, cybercrimes and frauds. The ‘Task Force on
Corruption’ was formed to deal with perpetrators of such crimes. This gave confidence to the
Banking sector and Barclays seized the opportunity and double its services through receiving
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more deposits, transactional intermediating, online banking, VISA-ATM withdraws and
transactions.
Furthermore, Zambia has embraced technology and as such a partner with Barclays which is
one of the world’s pioneer in smart financial services such as; e-banking, the use of VISA
cards and many others. The country endeavours to keep pace with technology. In view of
this, the Bank has on several occasions donated computers to schools as one of its corporate
social responsibility. It has also built bus stop shelters, Police posts, clinics and market
shelters across the country. This has made many Zambians to have that permanent emotional
attachment to the Bank and it has built a huge clientele base.
However, in 2005 the Bank decided to close most of its branches especially in townships and
rural areas. This is because the economic situation has been dwindling. The price of copper
on the international market has drastically reduced forcing many mine houses to close their
mining operations. This has consequently resulted into the reduction of expected deposits.
The Bank cautiously gives loans to business houses and individuals with sufficient collateral.
Actually, very few individuals and organisations access loans from the bank. The Bank is in
business and it endeavours to remain as competitive as possible. It has since become a market
leader in e-banking, foreign exchange services and many other online financial services.
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QUESTION 3
When an organisation plans to extend its services overseas, one of the most cardinal
undertakings is coming up with a comprehensive marketing research. A Market research
document enables Marketing Managers to properly craft marketing plans for the firm. This
process involves undertaking critical activities such as the Environmental Scanning.
According to Lamb et al (2000, P.36), Environmental Scanning is, “The collection and
interpretation of information about forces, events and relationships in the external
environment that may affect the future of the organisation or the implementation of the
marketing plan. The six most studied most environmental forces are; social, demographics ,
economic, technological, political, legal and competitiveness in the industry”.
The above mentioned six elements are extremely important which requires an organisation to
undertake a study in order to come up with an effective strategy in the industry. The study is
referred to as the marketing research.
Kotler (2001, P. 50) defines marketing research as, “A systematic design, collection, analysis,
and reporting of data and findings relevant to a specific marketing situation facing the
company”.
The marketing research document is prepared in a bid to find a solution pertaining to a
particular marketing problem being faced by an organisation. It has the following steps:
Identifying the problem, defining the problem and research objectives, developing the
research plan, Analysing the information and presenting the findings.
The first step is identifying the problem. At this point, management looks at problems
affecting the marketing of its products. The problem that requires urgency and immediate
attention to solve the prevailing challenges in the marketing sector is chosen.
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The identified problem is then defined. Actually, a statement is made to highlight the
rationale. The problem is qualified and justified why it is a problem and why a solution is so
significant to the marketing of products. Also objectives are stated. These are specific targets
intended to be achieved by the organisation in the marketing of its products and services.
Thereafter, a research plan is developed. This is the approach the research will undertake
such as; the research design, the methodology used, sampling methods, tools for data
collection, target group and sample size.
Later on, data is collected using chosen instruments such as, questionnaires, interviews or
observation. Data collected is either primary or secondary in nature. The information is then
subjected to critical analysis and interpretation. Finally, meaning is attached to the
information and the findings are presented respectively.
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REFERNCES
Kotler Philip (2002), Marketing Management, ‘Millennium Edition’ Boston, Pearson Custom
Publication
Lamb W. Charles Jr, Joseph F. Hair Jr, Carl Mac Daniel (2000), Marketing, 5 th Ed, Texas,
South-Western College Publication
Mishkin Frederic (2004), the Economic of Money, Banking and Financial Markets, 7th Ed,
New York, Pearson Education
Nail Borden 1964, ‘Harvard Business School’, viewed on 10 November 2016, http://www.
Marketing mix.co.uk/nr/rdorntyre/e86d76d
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