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MKTP103 Marketing Principles Of Accounting

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Question:

Course Learning Outcomes addressed:

1)To demonstrate knowledge of broad business principles with depth of understanding of at least one business discipline
 
2)To develop effective oral and written communication skills
 
3)To develop the skills to demonstrate a broad understanding of business principles and demonstrate depth in at least one discipline
 
5)To develop and apply skills in critical thinking, complex problem solving and decision making
 
6)To develop and apply knowledge of the social, economic, ethical and  cultural contexts of business

Unit Learning Outcomes addressed:

1)Understand the basic concepts, principles and theories of marketing in relation to products/services
 
2)Analyse the strategic issues affecting the marketing decision process
 
3)Explain and critically assess the environmental factors, consumer decision making process and segmentation of a market
 
4)Apply the tools, techniques in developing a marketing mix strategy
 
5)Apply the marketing concepts to real life issues under various situations.
 
Choose a branded product range that are distributed through supermarkets like Woolworths, Coles or IGA in Australia that is supplied by a large manufacturer of branded grocery products, such as Unilever, Proctor and Gamble, or Sanitarium. Your company has decided to launch a new product into Australian supermarkets under one of the company’s established brands. The new product can be a modification of an existing product, or a product extension under an existing brand.
 
Summarise key facts about this company’s Australian business – ownership, sales, product ranges, management, profitability, share price history, and so on.
 
Describe the chosen market segment – sales, growth, major competitors and their market shares.
 
State your rationale for introducing a new product to extend the range. Your analysis must detail relevant trends and show why the marketing environment is positive for this new product.
 
Define the target customer for this product – demographically, geographically and psychographically.
 
Outline your marketing mix strategy.
 
 

Answer:

Introduction

A venture may opt to launch his product in the market under an existing well established brand of his choice as long as there is a mutual agreement on the same. Definitely, this will attract high number of sales and hence huge profit (Tanner, and Raymond, 2015). When choosing which well-established company to launch your product in, it is necessary to understand the history of the company in terms of ownership, sales, product ranges, management and profitability and share price history among other facts. In this context, I am going to highlight the above facts on several Australian based well established companies.

In Australia the prominent companies today have a mastered seed history of origin. Most of them were started by individuals, likely as a soles proprietorship. For instance Woolworths was an individual business idea that is a big success in Australia today. However this could never be the case if not by merger. Even rival companies came together and decided to form one company. Therefore the history of business ownership in Australia is based on individual business establishment followed by combination of efforts with other companies to form a big company. (Shaw, 2016)

The amount of sales made by a company is partially determined by the price and the pricing mechanism of the company. Most of Australian businesses are determined to making high number of sales even when it only bears little profit. The brain child for Woolworth Company had his will clears that it’s better in his obituary be a phrase that he sold more for less profit rather than be he sold less for more profit.  This definitely proves that Australian companies are determined on making high number of sales and probably this is their source of strength for the success (Bowie, Buttle, Brookes, and Mariussen, 2016).

 

Product ranges

A company that specializes on a particular range of product is definitely likely to do well in the market. This is because the advertising and marketing work becomes easier especially where one product is a substitute or a compliment of another product or maybe the products are used together. The Australian companies seem to embrace this with companies like Woolworths being dominated by food and kitchen products and items (Alserhan, 2017). It’s therefore a fact that these companies are specialists in one line of product.

Management 

Most of these businesses are managed by the owners and are subject to direct inheritance in the family linage when the firms are young. However when they grow significantly in size they establish a concrete and legal management body strong enough to run and manage the now big and well established company with branches all over the continent (Rowley, 2016).

The supermarkets industry in Australia is among the most profitable sectors in Australia. The greatest share of companies based in Australia is seeing gains of profit since the GFC, although the increase in profit is still lagging internationally because companies are operating at around 14% profit. 50 percent of the companies exceed their minimum expectation. This reflects the certainty in investing in the Australian companies (Goworek, McGoldrick and McGoldrick, 2015).

The price of share in Australian firms is determined by the size of the firm, the amount of outstanding shares and future expectation. If the company is expecting huge profits in future it will rate its shares high. However the biggest determinant of the price of the shares is the size of the capital invested (Saunders, Barrington &  Sridharan, 2015.).

Conclusion 

To sum up, it’s clear that; product pricing and proper business management of the company that specializes in one line of product are crucial for business success. The number of sales is worth consideration and every decision should aim on maximizing sales and hence the profit (Bonaparte, 2019).

 

Reference

Alserhan, B.A., 2017. The principles of Islamic marketing. Routledge.

Bonaparte, Y.L., 2019. Sustainable outcomes of an experiential learning project in a principles of marketing course. Journal of Global Scholars of Marketing Science, 29(1), pp.7-14.

Bowie, D., Buttle, F., Brookes, M. and Mariussen, A., 2016. Hospitality marketing. Routledge.

Goworek, H., McGoldrick, P.J. and McGoldrick, P.J., 2015. Retail marketing management: Principles and practice. Harlow, UK: Pearson.

Rowley, J., 2016. Information marketing. Routledge.

Saunders, S.G., Barrington, D.J. and Sridharan, S., 2015. Redefining social marketing: beyond behavioural change. Journal of Social Marketing, 5(2), pp.160-168.

Shaw, S., 2016. Airline marketing and management. Routledge.

Tanner, J. and Raymond, M., 2015. Principles of marketing. University of Minnesota Libraries Publishing.

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