EXECUTIVE SUMMARY
Executive Summary
Introduction
Roots Canada has a reputable brand nationally and a fairly loyal following. However, it is currently facing stiff competition, which should be addressed. In addressing this problem, we have identified four key elements of the marketing mix that are crucial for the company’s growth and ultimate survival. Moreover, we have outlined how implementation of the marketing mix can take place.
The elements of the marketing mix are product, place, promotion and price (Baker, 2012). They play a great role in ensuring that the company has an edge over its competitors. Customer’s wants and needs need to be satisfied through the product the company offers. The product is the actual item being sold to the target market. The product produced must appeal to the target market.
Promotion is concerned about communicating to the target market about the product the company offers. It helps a company to make sales and establish a good relationship with the customers. In addition, promotion helps in developing customer perceptions of the value of the product. Moreover, it helps a company identify the customer willingness and demand to purchase the product (Baker, 2012).
The place element of the marketing mix refers to the channels and locations that are used by the company in distributing its products (Baker, 2012). The place should be convenient for both parties, the customer and the business. It should be easily accessible for the customers to come and buy the products of the company. Moreover, customers should access it at a low cost if not free. Besides, it should not expense the company very much.
The price element is very important in the marketing mix. It is the price charged for the products produced by the company. A price is only worth as much the customers are willing and ready to pay for it (Blythe, 2006).
Implementation of the marketing mix
In relation to the product, Roots Canada should determine whether the current product meets the needs of the target market. Customers must get the benefits they get from it. The company should differentiate their products to add a unique aspect to them. Differentiation will make the customers prefer the products of Roots Canada to competitors’ products.
Roots Canada is a company that has established a good brand nationally. In addition, it has a loyal following. The company’s success can depend on the word of mouth strategy. The loyal customers over time will recommend the company’s products to others widening the market share. In addition, the marketing team should develop a promotion campaign purpose, the budget, and the target market for the product. Moreover, they should use the online platforms to promote their products and make sales.
Consequently, the company should do a market research to establish the best location for distributing its products. The market research will establish the buying patterns of customers in different areas, the incurred by both the company and the customers, its accessibility. Thereafter, the company will choose a place that will be convenient to customers and experiences high product sales.
Ultimately, the company should examine the processes and adopt the best pricing strategies. The strategy adopted should cover the cost of production incurred by the company. Roots Canada needs to consider how its competitors have priced their products and then incorporate the information into their pricing strategy.
Conclusion
In conclusion, the marketing mix is an important aspect of marketing that would ensure sustainability and growth of the company. A good market mix will give the company an edge over the competitors. Moreover, it will increase the market share.
References
Baker, M. J. (2012). The marketing mix. London: Henry Stewart Talks.
Blythe, J. (2006). Marketing. London: SAGE Publications.
