Marketing

1. How is marketing defined – based on the textbook? (Please provide the page number where you found the definition in the textbook when listing the textbook as a source. If you don’t have the textbook yet, use the definition from https://www.ama.org/the-definition-of-marketing-what-is-marketing/?_ga=2.229438747.649508015.1611093944-1062543528.1610853902AMA website (Links to an external site.))

2. What are the 4Ps of marketing? Describe each of the 4Ps and discuss how Burger King is using each of the 4Ps for their marketing positioning as a global fast-food brand. (tip: if you don’t have the texbook yet, look at https://www.ama.org/the-definition-of-marketing-what-is-marketing/?_ga=2.229438747.649508015.1611093944-1062543528.1610853902AMA%20website (Links to an external site.))

3. What is the difference between mass marketing and target marketing? Give an example of a mass-market product, and an example of a product that is a niche market. Examples of niche markets are vegans, cat owners, or expectant parents in New York City, gluten-intolerant males over 50.

4. The coronavirus pandemic has an impact on companies’ business model and on their marketing strategy. Read all background reading materials in the How COVID-19 Changes Marketing Compendium Module on Canvas.

Then research and select a company of your choice that has changed its marketing in times of the Coronavirus. This can be a company that is running a campaign showing support for the people who battle the virus at the front or help affected communities, such as small businesses or families with no income who need food. It can also be a company whose products or services are now in higher demand, such as online education services.

Summarize the marketing campaign. In your summary, please include what the campaign is about, what the company hopes to achieve with this marketing campaign and where (in which channels) you saw the campaign and how the campaign is different to how the company usually markets itself. Provide visuals of the campaign, if possible, i.e. a screenshot of an Instagram post or Tweet. Reference all articles in the business and marketing media you used for your research as well as any company media channels and sources in your summary and include them in a reference list.

Make sure to use the link that is provided in the beginning.

ANSWER

Marketing

Marketing is considered as activities, as well as processes of developing, connecting, exchanging, and distributing products and services that have worth to customers and associates (Sharp, 2017). Therefore, it is the activity that a company undertakes to promote the selling and buying of services and products as well as building the loyalty of customers.

The 4 Ps of marketing include the price, product, place, and promotion. These have been defined as a set of defined marketing tools that are used to pursue the marketing objectives. These elements must be united to effectively promote and foster the brand’s unique value to enable it to stand out from its competition (Varadarajan, 2010). Burger King relies on the marketing mix as a reaction to the global fast restaurant industry. This is a combination of strategies that are used to efficiently implement the marketing design. Burger king’s marketing mix has aimed at maximizing the attractiveness of the company among the varied range of players.

Mass marketing focuses on reaching as many people as possible while targeted marketing aims at reaching a profiled and defined audience (Sharp, 2017). Mass marketing means that the product wants to sell to a large group or undefined group while the target market means that the product wants to sell to a group of audience that has an interest in the product or service being offered. An example of a mass-market product is Coca-Cola since it targets a variety of consumers rather than a single group. Nike is a niche market product since it sells its equipment, apparel, accessories, and shoes to athletes and people that play sports.

Marketing has encountered significant shifts due to the way Corona Virus has changed consumer behavior. The marketing strategies and tactics have shifted to caring attitudes which have led to companies shifting their marketing messages to take advantage of the current situation. This is because customers have come to value empathy and honesty during the pandemic. Most of the companies are relying on cause-related marketing to show social corporate responsibility which influences consumer attitudes. For instance, Coca-Cola has donated 120 million dollars to fight Corona Virus (Hoekstra and Leeflang, 2020). The new Coca Cola ad campaign is advocating for a better tomorrow. The campaign is different from other campaigns since it focuses on social and cultural changes since the world is entering into a new normal as compared to other campaigns that focus on the product more than the consumers.

References

Hoekstra, J. C., & Leeflang, P. S. (2020). Marketing in the era of COVID-19. Italian Journal of Marketing, 2020(4), 249-260.

Sharp, B. (2017). Marketing: theory, evidence, practice. Oxford University Press.

Varadarajan, R. (2010). Strategic marketing and marketing strategy: domain, definition, fundamental issues, and foundational premises. Journal of the Academy of Marketing Science, 38(2), 119-140.