Understanding Key Marketing Concepts: Positioning, Marketing Mix, and Triple Bottom Line
Written Assignment – 1500 (plus or minus 10%) words (50%)
Please write a short description of about 500 words for each of these questions, giving with examples to illustrate your application for the learning outcomes for this module:
1. Positioning is an important aspect of marketing. Explain how a marketer might use a “perceptual map.” Give examples (500 words)
2. Explain what is meant by the 7P’s of the “marketing mix” Give examples (500 words)
3. Describe what is meant by the “triple bottom line” in relation to modern marketing. Give examples (500 words)
This Management Assignment
Positioning is the process of creating a distinctive image for a product or service in the minds of the target customers. A marketer might use a perceptual map to understand how consumers perceive their product or service in relation to competitors. A perceptual map is a visual representation of how consumers view different products or services based on two or more attributes. For instance, a marketer may create a perceptual map to show how consumers view different brands of coffee based on price and quality.
To create a perceptual map, a marketer would typically ask consumers to rate different brands or products on various attributes and then plot the results on a graph. The resulting map can help the marketer to identify gaps in the market and opportunities for positioning their product or service. For example, a marketer might use a perceptual map to identify a gap in the market for an affordable luxury car, which they could then position their product as.
The 7P’s of the marketing mix are product, price, place, promotion, people , process, and physical evidence. These elements are essential for creating a successful marketing strategy.
Product refers to the goods or services being offered to the customer. It includes the features, design, and packaging of the product. For example, a car manufacturer may offer a product with features like safety, comfort, and fuel efficiency.
Price refers to the cost of the product or service. It is important to consider the value that the product or service offers to the customer when determining the price. For example, a luxury brand may charge a higher price because of the perceived value of their products.
Place refers to the location where the product or service is sold. It is important to ensure that the product is available where the customer is located. For example, a retail store may choose to open a branch in a high-traffic area to increase visibility and accessibility to the customers.
Promotion refers to the methods used to communicate the value of the product or service to the customer. It includes advertising, sales promotions, and public relations. For example, a company may use social media to promote a new product launch.
People refer to the employees who interact with customers. It is important to ensure that employees are trained to provide excellent customer service. For example, a hotel may train their staff to provide exceptional service to guests.
Process refers to the steps involved in delivering the product or service to the customer. It is important to ensure that the process is efficient and effective. For example, a fast food chain may have a streamlined process for taking and fulfilling orders.
Physical evidence refers to the tangible elements that customers experience when using the product or service. It includes the packaging, signage, and physical environment. For example, a restaurant may create an ambiance with the decor and lighting to enhance the dining experience.
The triple bottom line refers to a framework that considers the social, environmental, and economic impacts of a business. It goes beyond the traditional focus on profit and considers the broader implications of business activities.
Social impact refers to the impact of business activities on society. For example, a company may prioritize hiring from diverse backgrounds to promote social equality.
Environmental impact refers to the impact of business activities on the environment. For example, a company may adopt sustainable practices to reduce their carbon footprint.
Economic impact refers to the financial impact of business activities. For example, a company may invest in the local economy by sourcing materials from local suppliers.
In summary, the triple bottom line considers the social, environmental, and economic impacts of business activities. By considering these factors, businesses can create a sustainable and responsible marketing strategy. For example, a company may promote a new product launch using sustainable packaging and sourcing materials from local suppliers to reduce their environmental impact and support the