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Marketing Mix Analysis Assignment Help
The report has been developed on the business of vegemite. The product and the facts which are associated with the business have been provided along with the economic factors which are impacting over the business. Later the concept of business public image and the target market of the product have been discussed. The extended market mix concepts have been illustrated with the approaches of the organisation.
1.A brief description of the business and the industry it is in.
The Australian Company Fred Walker & Co.’s Callister first developed the product Vegemite from waste yeast cells. The product has been used in different countries for filling in the pastries, etc. The brand has been owned by the American company Mondelez International. (Langley, 2015)
The brand has been doing business within the food service sector. Through introducing the different flavours the product life cycle has been extending by the company.
2.Economic factors that influence the business.
The economic factors which are existed within the business environment of the business affect the organisation and its business the organisation in the food and beverage sector has the main focus on the consumer needs in a specific niche market. (Langley, 2015) The businesses are affected by the different factors which are associated with the economic force within local as well as global market. Different economic factors which are affecting the business of vegemite are inflation, interest rates, availability of the skilled and unskilled labours.
Interest rates: different business and owners depend on the bank loaners and external lenders for the money. The interest rate is the cost of borrowing money. It is also referred as the compensation for the service and risk of lending the money. Higher interest rate within the markets will affect the business of Vegemite. Higher interest rates are effective for the business expenses as they get higher. The business of vegemite will be affected by the higher interest rates as the consumer spending will also be changed. (Langley, 2015)
Inflation: the inflation rates are the costs which are increasing with the changes in the economy. The inflation rate causes the increase in the business expenses. The cost of the materials such as the yeast will also get increased. The inflation rate results in rising costs. The rising costs results in the rising prices of the products. The rates of the inflation can reduce the power of the consumers. (Hamel, 2016).
Labour: the economical factors also impact over the labour market. The changes within the economic market bring changes within the employment factors. The availability of the human resources or the skilled and unskilled labours is also impacted with the changes in the economic market. With the unavailability of the skilled labours, the business and the operations related to the business of Vegemite such as the production, services etc are affected. (Hamel, 2016).
Report on business and the extended marketing mix
Successful business tends to build trust within the market. Trust is creditability within community where the organisation has been operating its business. The business public image is the concept which has been based on the trust within the market and within customers. Through positive business image within public business can be bale to generate more revenues. The business public image is essential for the business and for surviving within the market. (Langley, 2015) Through positive image the business will be target potential customers. Through the positive image the business of Vegemite is expanding within market and having successful business relations.
The main target market has been Australia as well as New Zealand for the vegemite. The research has been showing that the population age of 14 and older age are the main target customers of vegemite. The product has been placed in the market considering different ages and their breakfast habits. Mainly the children are the target consumer of vegemite. (Langley, 2015)
The target customers are belong form the Australian. The report also shows that the Australian born Aussies are also consumer of Vegemite in a large number as they eat vegemite on average of seven days. The product has been in mostly popular in the demographic regions where the trends of using spreads are regular. The target customers belong in the middle and upper income division. The life styles of the target market are analysed by the organisation before placing the product within the target market as the life style influence in the preferences of the customers. The organisation has been efficiently targeting the customers who favoured different kinds of spreads for their breakfasts. (Langley, 2015)
Extended marketing mix:
Extended market mix is the illustrated form of the marketing mixed and its 4Ps. The elements of the marketing mix have been developed considering the product sector rather than service sector. Adding the three Ps – physical evidence, process and people in the market mix along with price, product, place and promotion the business within the service sector has been operating their business. (tutor2u.net, 2016)
Physical evidence: it is associated with the place or the environment related to the organisation. The company of vegemite has been successfully placed the business within the Australian market.
Process: different processes are associated with the business such as transaction process, financial process, designing websites for the promotional activity or delivery, operational support etc. The processes which are associated with production and operational entity, are monitored carefully by management. The organisation had approached the agency J. Walter Thompson Advertising which brought the popularity since 1954 along with catchy jingle of smiling children. (Leadley, 2004)
People: the people are the individuals who are associated with operations and other activities in the business. Customer services, skills and experiences CRM strategies are related to this element. The people who are needed within the business and the activities of vegemite are skilful in order to handle different production features. (tutor2u.net, 2016) The organisation has been implementing different methods in managing the human resource business.
The above report has been illustrated the concept of the economic factors which are influencing over different business. The factors such as the inflation rate, interest rates, availability of the labour in the market are impactful on the business success and operations. Every business needs to have understanding of the business public image and their impacts over the operations. Through this analysis the product vegemite has been successfully placed within the market of Australia.
Hamel, G. (2016). Economic factors affecting businesses. [Online available at:].http://yourbusiness.azcentral.com/economic-factors-affecting-businesses-4557.html. (Accessed on 8/6/16)
Langley, S. (2015). Australia’s favourite spread’s market findings. [Online available at:].http://ausfoodnews.com.au/2015/02/09/australias-favourite-spreads-market-findings.html . (Accessed on 8/6/16)
Leadley, P. (2004). Marketing. Kogan Page Publishers.
tutor2u.net.(2016). The Extended Marketing Mix. [Online available at:].http://www.tutor2u.net/business/reference/the-extended-marketing-mix-7ps . (Accessed on 8/6/16)