Marketing Mix Plan
Brainpower tutoring services is a company that involves helping beginner university students with various knowledge and basic skills to handle various exams in Australia. With the high ranking of Australian education and the development of higher institution education, the company is exposed to diverse opportunities to reach many customers in need of the core services provided (Morán et al. 2019). The development and expansion of university education in the country have seen the development of various institutions and platforms offering tutorial help to students in the region. This poses a significant reason for developing a critical marketing mix plan for the company to exploit the available resources and opportunities to handle the increasing competition from similar established institutions offering similar services. This paper proposes an informed marketing strategy that will establish various competitive advantages leading to the company’s overall productivity (Khan et al. 2018).
The approaches are preceded by a clear outline of the company’s progress with a critical analysis of various factors attached to the company’s overall requirements and related aspects. Hence, various factors based on the company’s internal and external environment are critically analyzed to achieve effective marketing strategies. Various measures to the achievement of an efficient marketing plan mix include considerations of the company’s brand. Marketing of the company’s brand involves improving the customer experience through improving the quality of service through various discussed relevant strategies and platforms (Kumar et al. 2019). Identifying the marketing mix plan requirements involves a broad analysis of the company’s products and services. Significantly, consideration of price for the company’s available products and services will be a major consideration when aiming for competitive advantages. Through a critical consideration of psychographic, demographic, geographical other related factors, the marketing mix proposes promoting promotion campaigns in achieving a higher number of potential customers. With the help of opportunities analysis, effective marketing strategies are discovered to create an efficient marketing mix for the BPTS Company. The marketing mix plan is based on various marketing objectives that form the main aims and destinations for the marketing plan mix (Nagyová, 2018).
The company provides help for first-year students in Australia and centrally targets students from various universities and institutions in Australia. However, there is a need to expand the market where the company will help first-year students and the other students in the university. Additionally, the company seeks to target international trough providing services to students who are overseas. The potential clients and customers who are the main targets in the marketing mix plan are diverse. Therefore, there is a need to create marketing segmentation of targets by considering demographic, psychographic, geographic, consumption, and use patterns and marketing and brand dimensions. One of the most basic factors for segment division in advertising is age (Kumar et al. 2019). Age is a lot of individuals conceived around a similar time in history and grew up with a comparative sort of involvement in the explicit geographic division. People have particular contrasts in their standpoint and how they see how the market capacities. Indeed, even the economic specialists are clear about the distinction in the two sexes’ point of view, so they make sexual orientation explicit items.
Salary is additionally one of the vital factors, as it chooses the item’s evaluation. Most item makers remember the pay segment fragment while putting a sticker price on the item. Market division is crucial as it encourages you to arrive at your potential buyers without any problem. You can refine the informing style to suit the sort of crowd you wish to connect by focused market division. Focusing on clients precisely at the perfect time creates the possibility of marketing advantages. You can rapidly accomplish high discussion rates, help your deals, and earth more prominent benefits. Fitting focusing on brings about brand reliability through consumer loyalty (Ashraf and Bhalla, 2018). Segment division in showcasing delineates people and is a great apparatus for mass advertising. Consideration of the target market’s geographical set up is one of the major factors that the marketing plan mix will include.
The company aims at reaching students of different backgrounds at a local and international ground. Hence, it is important to consider the climatic factors, urbanization factors, and other needs and behaviors (Cha and Park, 2019). Based on psychographic segmentation, the company aims at reaching various clients and customers based on their lifestyles, attitudes, habits, values, and opinions. The marketing mix plan will consider various emotional attributes but centrally aims at targeting the various factors affecting the target’s lifestyle.
One of the marketing plan mix’s core aims and objectives is the increase in sales of products and services offered by the. Advertising needs a decent quantifiable profit, which means the expansion in deals ought to surpass the promotion’s expense fundamentally – and ought to be explicit (Nuh et al. 2020). It is regularly lacking to express a target of expanding deals by a specific rate. The more explicit, the better – “increment deals among ladies more than 40,” or “increment the number of individuals who make a buy while perusing our online store by 20 percent. Thus, the company needs to consider the critical demographic and geographic factors towards achieving this objective. The main sales of the BPTS Company include services related to tutoring help of students and are done through an official online website. Hence, it is important to establish market segmentation, which will be based on various geographic, demographic, psychographic, and other related factors (Camilleri, 2018).
The building of the brand’s awareness is similarly an important objective that the marketing mix strategy aims at achieving. This involves selling the company’s brand and ensuring that the brand has been well recognized and that the clients and customers have confidence in it. Launching new products and services will also be inclusive in the marketing mix objectives where new products are introduced to clients. Targeting new customers is a major step towards an effective marketing strategy (Khan et al. 2018). Hence, it is an important objective that should be considered while planning the marketing mix strategy. Targeting new customers merely means that the company will enter new local and international markets, thus boosting the range and potential customers.
Other significant objectives towards the market mix plan include enhancing customer relationships, improving stakeholder relations, improving internal communications, and an overall aim of increasing profitability (Dolnicar et al. 2018). To achieve these objectives, there is a need to establish smart objectives that involve strategies and plans that are specific, measurable, achievable, realistic, and time-bound. This will be linked to various factors that may internally or externally affect its marketing capabilities.
The plan intends to provide relevant, cost-effective, and efficient strategies in line with various factors affecting both the local and the international market. These strategies intend to accomplish the marketing objectives that govern overall marketing criteria. The sales growth shows that the company has been selling 200 units of sales per year. The company aims at selling 500 units from next year. From the company’s revenue return, it is possible to boost sales by creating new products with higher profit margins, thus increasing sales. This involves a critical analysis of the trend of growth of sales in the company over the past five years (Hys, 2017). This will create a strong basis for establishing smart strategic plans for increasing the company’s sales.
To increase the potential customers, the company should introduce new prices in the market. These prices should favor the potential clients as well as the profitability of the company. This will involve introducing new products and services line in the market that will provide customer satisfaction at a lower price. On the other hand, promotion and campaigns will play a major role in achieving new market segments and marketing the company brand (Nagyová, 2018). Promotion incorporates publicizing advertising and limited time methodology. The objective of elevating an item is to uncover to purchasers why they need it and why they should follow through on a specific cost. This will be possible by introducing referral promotions and other related ads that will attract more customers.
This can be achievable through giving free services to various customers based on their history and other factors. This will help the company achieve various diverse market segments by marketing its brand, making it ideal for local and international brand recognition (Morán et al. 2019). The promotion will also include new and existing products advertising through the use of social media platforms and other media, including the TV and the radio stations. Hence, the need for efficient input towards establishing and managing effective advertisements. At the point when an organization settles on choices concerning place, they are attempting to figure out where they should offer an item and how to convey the item to the market.
Business chiefs’ objective is consistently to get their items before the purchasers that are destined to get them. Hence, the BPTS marketing mix incorporates various transportation and availing of various services and products offered to their respective customers. The marketing mix plan for the BPTS Company will pose several advantages to the company. The company will intend to own international brand recognition within the next three years. The marketing mix will as well provide a platform for the company to achieve new marketing segments, thus achieving the various goals and objectives, which include the increase of sales, product awareness, grow market share as well as developing brand loyalty by customers (Kumar et al. 2019). The plan contains unique strategies that are not applicable by other companies providing similar services, thus creating a strong competitive advantage.
In conclusion, establishing an effective marketing mix for the BPTS Company will have a major impact on the overall company leading to increased productivity of the network. The plan exposes the company to diverse opportunities in the market segments, which gives it several competitive advantages. Thus, the company’s management needs to adopt this marketing mix plan to discover various market opportunities. Additionally, the plan will be ideal for the company to achieve the international market and brand recognition.
References
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