MKT FPX5410 Givens A-1 PDF

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Assessment 1 Marketing Mix Project Spokin’ Wheels Ashlea Givens

Introduction Being one of the owners to the Spokin’ Wheels bicycle shop I focus on the marketing side of our business. To run any business, you need to have some form of marketing to help promote that business. With the second location only being open for a few months we need to look at focusing some of marketing on getting more business to the second location.

By showing clients that we sell new and previously owned major brand bicycles, but also that we provide repairs, offer a small line of bicycle accessories and clothing, and organize group rides on Sunday mornings. Marketing can be an overwhelming concept because there is so much to consider and work with to create something that will draw people in. To run a successful business is not just about choosing the appropriate market or having a high-quality product. It is also about leveraging the right kind of marketing techniques in order to reach out to your target audience and convert them into leads or customers.

The 7 “P’s” of Marketing To start off Spokin’ Wheels needs to come up with a marketing strategy that we want to use to help us work with the 7 P’s of marketing. The 7Ps model was originally devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. A Managerial Approach [ CITATION Han19 \l 1033 ]. The seven are: product, price,

promotion, place, physical evidence, process, and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you're on track and achieving the maximum results possible for you in today's marketplace [ CITATION Tra04 \l 1033 ].

Product: When it comes to marketing, we have to realize that things are always changing and with our products we have a variety of areas that we will need to make sure that we cover when marketing. We sell new and used brand name bicycles as well as accessories for bicycles and clothing. But we also offer services that we need to explain such as the repairs and group rides. For this P we will need to make sure we have ads showing our products we have available for sale and try to rotate them out often especially when we get new product in.

By creating social media platforms such as facebook, Instagram, snapchat, Twitter, and a website we can work to show all we have to offer and interact with clients that like and comment on our pictures and posts that we make. This will also help when we have sales and promotions going on to gain the attention of our clients with the products. We will have the opportunity to create videos as well to show the products in use or how to add those accessories we have available for the bicycles. This will allow our customers to see the products we sell and see how the quality of our products really are.

Price: The second P in the formula is price. Develop the habit of continually examining and reexamining the prices of the products and services you sell to make sure they are still appropriate to the realities of the current market. Sometimes you need to lower your prices. At other times, it may be appropriate to raise your prices [ CITATION Tra04 \l 1033 ]. With our products we need to make sure that we are constantly watching our prices, that way we can lower or raise the price when needed since bicycles can change in cost. With the products we carry we also have to think of the cost we put out and make with each one.

The fact we sell major brand name bicycles and accessories our stock items are going to be on the expensive end for some if not most of our stuff. With that being the case, we will need to be mindful what can help us with our business and that is where our repair service can help. If someone purchases with us, we need to be able to show that we will help them maintain those bicycles they spent a lot of money by offering discounted or lower cost repairs. We could also consider and offer memberships that customers have to pay for that will help cover their repair costs.

When it comes to digital marketing about our price, we can do a variety of things to show our prices or ads for sales or new products. With all social media platforms many can see a post that you put up and share, and most offer an insight spot to see how well it is gaining attention with the public. Creating a social media post about costs, making flyers that can be placed in newspapers, make radio ads, and we can go as for to make commercials. Promotion: The third habit in marketing and sales is to think in terms of promotion all the time. Promotion includes all the ways you tell your customers about your products or services and how you then market and sell to them [ CITATION Tra04 \l 1033 ]. As I stated above creating a social media posts, making flyers that can be placed in newspapers, make radio ads, and we can go as for to make commercials. These are keyways that we can promote our business along with banners and our group rides that we do can help us promote.

Small changes in the way we will promote and sell our products can only lead to dramatic changes in our results. Even the small changes in our advertising can lead immediately to higher sales which is what we are looking for at both locations. With the changes that constantly happen in the market today we have to be up to date and on top of

changing our ways of advertising. One way of advertising may work for a while but then the market can change how sales happen and we will need to adapt to that.

Place: With place we need to make sure that our locations are noticeable, but also make sure it is a welcoming place and not overly crowded with merchandise. With us just opening our second location this allows us to have a better stock to display our bicycles and accessories. We will also need to maintain our website to make sure that we keep updated on it, keeping stock available or showing when we are sold out on items. Another thing we can work on is have some of our employees go out around the front of the store and hand out flyers or have someone on the corner with a sign about our store. These are physical ways we can advertise but we will also maintain our online presence as well. I want to have it so that customers can find our location, hours, and number quickly so we can drive in our customers.

People: Businesspeople will work extremely hard to think through every element of the marketing strategy and the marketing mix, and then pay little attention to the fact that every single decision and policy has to be carried out by a specific person, in a specific way. Your ability to select, recruit, hire and retain the proper people, with the skills and

abilities to do the job you need to have done, is more important than everything else put together [ CITATION Tra04 \l 1033 ].

Our staff is a key factor to make sure that we are able to run our business but so are the customers, we need to make sure that those that work for us will make our business stand out for the better. When hiring employees, we need to find those that are enthusiastic but knowledgeable about our store. When customers come into a store most people want to be greeted and offered help but not feel like they are being pressured to buy something. Having our staff trained the way we want them will be a key factor that we must work on always. With marketing changes, we will need our employees to know about them or even help contribute making them so that they know what is being promoted.

Process: The service that is done is with our customers present so how we help those customers is a part of what the consumer is paying for. We must be able to help handle all questions and complaints that may come to us to make sure we can answer or solve the problem for our customers. How our customer service runs are the process of how we run the business, we need to be able to provide that excellent customer service to gain a good reputation which will attract more customers.

By repeatedly providing excellent customer service will help us ensure return business or word of mouth business. With our staff being efficient but friendly will help to keep our customers happy. Having that good customer service is great but our staff will need to stay up to date on new products so that they have the knowledge to explain them to the customers.

Physical Evidence: This is where we must produce physical items such as flyers or brochures about our bicycles and accessories we have to offer. But we also need to make sure that we include that we offer the group rides and when and where. We can also add these ads or brochures to our social media to allow others to see it that may not have received paper copies. This allows our customers to see what we can do and help them with.

Digital marketing is about creating an online presence to obtain new customers but also help communicate with current or past customers. With Spokin’ Wheels we want to make our presence known so we can keep and obtain new business, but we want to be able to interact with those who follow us and get them excited about potential new items or sales we have going on. With digital marketing it helps all kinds of businesses grow such as a mom-and-pop shops to internationally recognized universities and beyond. That

is the beauty of advertising online. If you know who you want to target, you can use digital marketing to target anyone, anywhere [ CITATION Cha20 \l 1033 ].

The 5 “S’s” of Digital Marketing The 5S of digital marketing are a simple framework to review and define the toplevel goals of digital marketing in an organization [ CITATION Cha19 \l 1033 ]. These 5S’s are sell, serve, speak, save, and sizzle each one will help us to help our business online. With how the internet has grown these key points will help us to make sure we are meeting the needs of our customers.

Sell: Selling online is a huge thing these days and we need to be able to provide a similar service to ensure our customers happiness. With us having two locations we can offer sales online for delivery, but we can also allow for purchases and pickups as well. This will allow the customers that are not close to our locations to still be able to purchase from us which gains us more business. A fundamental aspect of our company will be online marketing which should help to increase sales. Our goal is about aiming to increase our online sales by using incentives such as offering free delivery.

Serve:

We always know the customer is king or the customer is always right is how we should think when we work with them. I know it is exceedingly difficult for you to serve all the people present online, so at first recognize your potential customers and then move forward to serve them properly. You need to make them feel the benefit of their being online in ways such as providing quick information, easy renewal services, to solving their queries and so on [ CITATION Gol19 \l 1033 ].

Speak: This all about the communication that we have with our suppliers as well as our customers. We need to be able to listen to them and understand what it is our customer is asking for. By having multiple ways to communicate with them is great but we need to make sure that we still listen and understand. This allows us to gather what their interests are as well as attitude with the situation to make sure they have a good experience with use.

Save: When you market your products digitally or on an online platform it will automatically help you save money, time and efforts. It can reduce your physical and operating cost [ CITATION Gol19 \l 1033 ]. Advertising can cost money but on some platforms like a facebook page you do not always have to pay to make an ad. We plan to utilize these features as well as boosting our ads if the cost is needed.

Sizzle: Sizzling is all about creating, broadening, and establishing your brand presence on the digital platform. Here social media plays a great role in achieving or building your brand’s presence [ CITATION Gol19 \l 1033 ]. We will be using creative and interactive posts to attract the eyes of our customers. We will also need to build trust, recognition, and relationship to enhance our product presence in the market. We have to be able to adapt to the changes of the digital age.

Brand loyalty is defined as the partiality of a consumer towards one business or product over another, and it can truly make or break a company; and more often than not, in today’s interconnected world, brand loyalty depends on your ability to leverage the power of social media to build connections with your prospects and customers [ CITATION Mey17 \l 1033 ]. Social media is key contributor to any business now days, everyone turns to their phone to look up a place and because of this we must stay current and informative.

With my focus being on the marketing side of the business I plan to keep as active and current as possible but also have some employees help with this upkeep. Out of the

marketing mix I think some of the most impactful tactics will be price, physical evidence, place, serve, and sizzle are the key things we will focus on. All of the marketing mix with the 7 P’s and the 5 S’s are important to use when dealing with advertising, we will work with every aspect but with need to focus on the ones I stated would be the most impactful.

We will need to make sure we have goals in place for our digital marketing such as how often we share and on which social media platforms, but also try to create content to increase our fan base. We will also need to make sure that we are getting reviews that are positive and if we find negative ones we need to reach out to those ones and try to fix the issues that they had. By setting goals we will be able to monitor that we are achieving them or not.

The world of digital is always evolving, and as a consequence, it is necessary for marketing teams to have flexible strategies that change with trends and developments in the field. In such a competitive e-commerce environment, it is no longer prudent for businesses to not have a defined digital strategy or keep it apart from the marketing strategy. Marketing is now digital [ CITATION NA2 \l 1033 ]. I plan to have our staff work with the face to face customers and creating a great experience, but I want to try to make our digital side as and integral part of our day to day as well.

References Andrus, A. (2020, April 22). What is Digital Marketing and How Do I Get Started? Retrieved from Disruptive Advertising: https://www.disruptiveadvertising.com/marketing/digitalmarketing/ Chaffey, D. (2019, October 22). 5S goals of digital marketing. Retrieved from Dr. Dave Chaffery: Digital Insights: https://www.davechaffey.com/digital-marketing-glossary/5sgoals-of-digital-marketing/ Gola, M. (2019, September 26). 5s of Digital Marketing. Retrieved from Curvearro: https://www.curvearro.com/blog/what-are-the-5s-of-digital-marketing/ Hanlon, A. (2019, August 19). How to use the 7Ps Marketing Mix. Retrieved from Smart Insights: https://www.smartinsights.com/marketing-planning/marketing-models/how-touse-the-7ps-marketing-mix/ Meyer, E. F. (2017, April 05). How To Leverage Social Media To Build Brand Loyalty. Retrieved from Forbes:

https://www.forbes.com/sites/forbesagencycouncil/2017/04/05/how-to-leverage-socialmedia-to-build-brand-loyalty/#637c0c42354b N.A. (n.d.). How to Optimize your Organization's Marketing Strategy. Retrieved from DMI Daily Digest: https://digitalmarketinginstitute.com/en-us/blog/how-to-optimize-yourorganizations-marketing-strategy Tracy, B. (2004, May 17). The 7 Ps of Marketing. Retrieved from Entrepreneur: https://www.entrepreneur.com/article/70824...