Free Sample: Elements of marketing mix paper example for writing essay

Elements of marketing mix - Essay Example

In this situation, I am a marketing executive in Canon, Vietnam. I have been approached by my Sales Director and requested to write a detail report on marketing programme which covers all the elements of marketing mix to help successfully launch these exciting new products in Vietnam. First of all, I will describe how products (both SELPHY and LASER PRINTER) are developed to sustain competitive advantage in Vietnam.

Secondly, I shall explain how distribution of products is arranged to provide optimum customer convenience. Thirdly, I must explain how to set the price(s) of the product in the light of the ‘Canon’ objectives and market conditions exist in Vietnam. Then, I will illustrate how promotional activities integrated to achieve marketing objectives of Canon, and analyse the additional elements of the extended marketing mix. What’s more, I shall recommend marketing mixes for two different segments in consumer markets. Furthermore, I will explain the differences in marketing products and services to organisations rather than consumers. Finally, I will explain how and why international marketing differs from domestic marketing.

Introduction

A world-renowned camera maker, Canon has, over the last 60 years ventured into new grounds of product development. With its commitment in Research and Technology, Canon products today include personal products, business equipment and industrial products. Canon products are aimed at improving the lives of people at work and at play. The company operates through three product segments: business machines, cameras and optical and other products.

If businesses want to succeed, they must understand about marketing mix strategy (4Ps) and oriented to the customer. In general, there are four basic and important elements in marketing mix that business cannot ignore when developing marketing strategies to bring any type of products and services to the market includes: Product, place, price and promotion. Recently, the professionals have added three elements to make extended marketing mix (7Ps) include: People, process and physical evidence, to increase the strength of marketing activities.

However, this strategy can only bring success if the business does it based on looking objectively from customers, not from the subjective perspective of the business. On the other hand, the feedback from customers will help businesses to market products that meet the demand of customers, selling at acceptable price to customers, distributors in the place that convenient for customers and mass communication in the way that customers like.

What’s more, Canon must segment the product suitable with consumer and organizational market. Because, there are many differences marketing for each market, at the same time, the international marketing differs from domestic marketing. Canon’ Laser printer has more strength in comparison to the competitors. Laser Printer LBP3250 and the colour laser printer LBP5050 lead the market with latest USB2.0 Hi-Speed connectivity and lighting fast print out.

With better features and quicker printouts while assuring both quality and quantity, the two economical laser printers have met the printing needs of SOHO users. However, the designs of these machines are very boring, and similarity than other competitor’s product. Besides the function isn’t new, the technology follows the old generation. Canon should improve it to get higher compete with competitors.

The product life cycle is an attempt to recognize distinct stages in a production’s sales history (BPP, 2004, p.202). The current stage of SELPHY and laser printer is introduce, because in Vietnam the product line of SELPHY and laser printer has been appeared recently. Therefore, these products will bring to Canon both advantages and disadvantages like reduction in cost through large production, besides the amount of product sales increased significantly. However, the challenge of this period is Canon product must face with many competitors in the market. Therefore, the price of SEPHY and laser printer should be low at this stage to attract customers and continue to next stage.

Differentiation strategy involves selecting one or more criteria used by buyers in a market and then positioning the business uniquely to meet those criteria. This strategy is usually associated with charging a premium price for the product-often to reflect the higher production costs and extra value-added features provided for the consumer. Differentiation is about charging a premium price that more than covers the additional production costs, and about giving customers clear reasons to prefer the product over other, less differentiated products (tutor2u, n.d.). Different with other competitors, Canon has many lines of product to suit with the need and want of customers.

For example, the target customers of SELPHY are individual customers with high income and the demand is working or using at home. On the other hand, Laser printer focuses on small office, home, the target is organisations. Besides, to reduce the impact of declining printer prices and strengthen Canon’s presence in the global market, it will further strengthen sales structure. Moreover, it will further differentiate products by enhancing imagine quality and speed through FINE technology as well as by improving operability and design (scenario)

 

Brand leader is the brand which consistently holds the largest market share when measured by brand sales. There are some manufactures who make a number of brands and therefore may be said to hold a large share of the product market than the brand leader (BPP, 2004, p.210). The brand leader is the result of continually defending the quality of their output and its relevance to the consumer over along time (BPP, 2004, p.211). Brand has invisible power in marketing.

When people think of Canon, they will remember to the slogan “Delighting you always”, so the Canon brand has the belief of customers. With over the last 60 years appeared in Vietnam, Canon is the familiar brand about copying machines, printers, cameras, optical products and industrial equipment. The company mainly offers its products under the Canon brand name as well as supplies laser beam printers on an original equipment manufacturing (OEM) basis (scenario).

Brand positioning Brand positioning is the strategy to ensure that the brand, in the eyes of the public, has a distinct position in the market with reference to quality, style, status, price or combination of these (BPP, 2004, p.211). Perceptual mapping: Almost the product of Canon has high quality and high cost, however, to compete with HP, Epson, Brother, etc. Canon comes onto market with LBP 3520, the product with high quality and suitable price for customers. Canon introduced the Laser Printer LBP3250 and the colour laser printer LBP5050 for home and small offices. Moreover, SELPHY with new features, and stylish shape for easy home and office photo printing jobs.

According to (BPP, 2004, page 51), the Ansoff Growth matrix suggests that the growth strategy decision rests on whether to sell now or existing products in new or existing market. In Ansoff Growth matrix, Canon should choose product development, because SEPHY and product line laser printer LBP is new product, it has appeared in Vietnam recently. Company only needs find the way to develop SEPHY and laser printers for existing customers.

Canon has gained a belief of customers, so they can launch SEPHY to favorable market. In another word, Canon aims to introduce new products into existing markets. However, Canon must face with cannibalization. In marketing term cannibalization occurs when an organization undertakes a new activity, such as launching a new product which adversely affects their existing business (BPP, 2004, p.214).

The technology always changes, to catch the development of economic, and increase the level of competition. Canon shouldn’t keep the current products. They must have the plan to new product development. For example, if today, Canon improving new features of products as well as the stylish shapes of products, tomorrow the competitors will have new product to compete with Canon product. Therefore, before developing the product, company must gather the feedback from customers, then having the plan to produce suitable product with the need and want of market.

Explain how distribution of products is arranged to provide optimum customer convenience Distribution channel is the means of getting the goods to consumer (BPP, 2004, p.236). Distribution channel is a group of organizations and individuals involved in the process bring products from manufacturers to consumers.