Best Marketing Mix Strategies By Assessment Answer

Segmentation, targeting and positioning are interrelated activities which are important to achieving a successful Marketing Mix. (Armstrong, et al, 2009)

Marketing Mix of a company is one of the main constitutes for their success and we need to make sure that the right market is being taken care of with your product offerings. (Zikmund, and Barry, n.d.)

• Segmentation which is the process to cluster customers in groups based on demographics, and other needs.
• Targeting- This is the process to market a particular segment in the market you are in.
• Positioning is the development the value proposition for a particular target segment. 

Why is it Essential?

This is essential because we need to target the segment which is fit for our target market. Also if we target the way our segment which will get us the required profits and it does make a lot of impact on the kinds of targeting segments.

Now we move on to the two companies which have excellently put up their segmentation targeting and positioning.

Furniture:

IKEA

Being the market leader in the low cost furniture, they have excellently managed their segmentation, Targeting and Positioning.

IKEA Segmentation:

Factors to Consider:

• They consider the strategic locations for actually having their products accessible around many of the housing localities.
• Moreover their furnishings are completely essential.
• Also they have the primary supplies of any household or business establishment.
• Concocted Innovations and popular outlines to pull in clients. 

Explanation Behind Piece of the Pie

• Ikea's Pricing procedure = Quality home furniture at moderate costs
• IKEA low estimating methodology
• 30-half lower than its rivals universally
• 10-15% lower in India 

Target Market - "Don't resemble your folks", a subject that appears to talk straightforwardly to IKEA's objective gathering of young ladies 25-35 years of age (Lewis, 2005).

• Channel
• Step by step instructions to enter the business sector
• Greatest contenders for Ikea in New Zealand include:

1. Huge Save furniture
2. Target furniture
3. Harvey Norman
4. Flexibility furniture

• Their low valuing procedure would perform laudably to undermine the organizations in which they can start new product. 

There are in the quantity of mechanical forces that are moving IKEA's external surroundings. With the range of so many types of furniture, IKEA will realize what the client wants in their stores while not leading any formal investigation. IKEA will get info on their customers whereas outlay negligible use. IKEA is persistently examining sites likewise, exploitation the net to induce info on their emptor base. (Doyle, 2002) 

IKEA has been thus viable due to its uncommon advancing combine. IKEA addresses a broad assortment of shoppers as a consequence of it expansive item advertising. IKEA offers quite nine, 500 numerous home furnishing things thus there's one thing for everybody. (George and Yaoyuneyong, 2010) 

According to IKEA's website, "The IKEA issue reach is wide during a couple ways in which. Within the 1st place, it's wide in limit: you will see all that you just got to furnish your home, from plants and parlor furnishings to toys and whole kitchens. Second it's wide mode. The wistful joined on the foremost crucial level can realize an equivalent live of moderateness of the product. Nevertheless that vogue you incline toward, there's one thing for everybody as mentioned IKEA." (Quinn, 2009) 

IKEA can presumptively provide the foremost broad extent of things to suit all tastes, styles, and personalities. In spite of the manner that it is the assortment of things that passes on the purchasers to IKEA, it's their prices that hold them returning. IKEA offers prices that are so much beneath the restriction as an aftereffect of their distinctive framework. Most of IKEA's furnishings comes in level boxes and customers should stockpile it themselves once they come back home. In any case, this finally offers focal points to the purchasers since this can be the issue that licenses IKEA to supply their furnishings at tremendously low expenses. IKEA's website observes that, "Our level packs and our customers' capability to stockpile things themselves change US to scale back work, conveyance and limit prices. IKEA diagrams furnishings thus it are often full unassembled. Finally, this means we are able to provide our customers things at low expenses." 

IKEA's production it-yourself strategy could appear sort of a client close up, however the prices cannot be neglected. 

Since IKEA customers would not worry putting in place to some extent additional push to additional some cash, IKEA more develops this method by discovering their stores in rustic extents. 

With a selected final objective to stay its gift customers tutored and pull in new customers to the stores, IKEA shares could be a broad assortment of strained time methodology.

Pharmaceuticals:

GlaxoSmithKline Pharmaceuticals Ltd.

Segmentation:

• Consumer healthcare
• Prescription medicines
• Vaccines 

They mainly deal in many consumer healthcare products which are in many kinds of segments.

Their Target Group is patients & healthcare professionals which are seeking detection, prevention & then the treatment of disease. (Department of Health, 2011)

GSK has positioned them as- That they are the science global healthcare company. 

How they have Proven that they are so great in Targeting, Segmentation and Positioning:

They are the top 5 largest pharmaceutical companies. Also being one of the world’s largest investor in R&D. GSK has also been UK’s top investor in research and development. They have won the chemical industry manufacturing and resource efficiency award. GSK with strong segments and markets have been doing really well with a presence in 100 countries. (Monika, et al, 2012, under the “OTC markets”) 

A company like GSK has many agreements with pharmaceutical companies and other companies also to make sure they are doing great R & D and also there is an increasing awareness about healthcare needs. Thus their global diffusion through M& A’s is doing wonder for them. With this segment and area being so developing and demanding- the increasing demand for quality healthcare solutions is there and thus with right positioning and targeting.

Market Behavioral- Demographic Segmentation:

Market Segmentation:

The medications of the organization, GlaxoSmithKline are given to all patients, who have a place with center, lower and upper white collar class. The patients need treatment and these meds are instructed to the patients in the wake of diagnosing with respect to the infection in the patients. There is no discrimination on the basis of any cast color or creed. (Hooley, 2004) 

Target Market:

The prescriptions and different results of the organization are given to the patients and the human services items are given to all individuals, whether they take it seriously or not. The organization is focusing on a wide range of the business sectors and these prescriptions are additionally given to the creating nations, which can produce more income over their deals. The customers need such pharmaceuticals, which can give them alleviation against agony and pain. 

Item Differentiation and Positioning:

Various types of the items and medications are made and these pharmaceuticals are given in the retail market to deal to the customers. GSK is the main organization, which is managing such items, which can give treatment and enhance strength of the general population. The organization is in the main position as it is viewed as third best pharmaceutical organization in UK and it supplied its items in US and different nations. (MarketLine Industry Profile 2012)

High Quality Market Penetration Strategy and Distribution Channels give them an edge over others.
The Retailers Partnership and many Universities Health Centers, GSK has been doing wonders with the right channels which allow them to sell it nicely and earn profits. With such marketing mix only, GSK is able to retain its topmost position in this competitive and tough industry. GSK's Partnership increases the accessibility and also develops products to target new segments. (Mintel 2012, “Oral Healthcare Executive Summary – UK” Mintel 2012) 

Thus it can be seen that with great marketing mix you can do wonders in your respective industries. GSK and IKEA are such examples which are actually making a lot of profits and doing great work in the market to retain their segments and position their products real well.  (Key Notes 2011)

References 

N.d. 2013, Marketing Research and Intelligence Association (MRIA). Marketing Research and Intelligence Association (MRIA). Web. Last accessed on 26^th August, 2016 

Zikmund and Barry J. Babin N.D.. Essentials of Marketing Research. n.d. 69 

Quinn, Michael J. 2009. Ethics for the Information Age. ISBN 0-321-53685-1 

Kotler, Philip. 2009, “Marketing: An Introduction”, Essex UK: Pearson Education Ltd.
George, BP., Yaoyuneyong, G., 2010, Impulse buying and cognitive dissonance: a study conducted among the spring break student shoppers, Young Consumers: Insight and Ideas for Responsible Marketers, Vol. 11 Iss: 4 pp. 291 -306

Doyle, Philip 2002 Value-based marketing: marketing strategies for corporate Growth and shareholder Value. Oxford: John Wiley and Sons Ltd.

Key Notes 2011, OTC Pharmaceuticals Market Report 2011, 15th EditionLucy Capstick

Hooley, Graham J. 2004 Marketing strategy and competitive positioning, Harlow, England: Financial Times/Prentice Hall

MarketLine Industry Profile 2012, “OTC Pharmaceuticals in the United Kingdom” (February)

Mintel 2012, “Oral HealthcareExecutive Summary – UK” Mintel 2012, “OTC Painkillers and Cold and Flu Remedies – UK”

Monika, 2012, Which factors drive product sales in OTC markets? International Journal of Pharmaceutical and Healthcare Marketing, Vol. 6 Iss: 4 pp. 291-309 

Department of Health 2011, “Pharmaceutical Price Regulation Scheme” Available at:https://www.dh.gov.uk/health/category/policy-areas/nhs/medicines-nhs/pprs/
Last accessed on 26^th August, 2016

Guardian, 2001, What is an ethical company?, https://www.theguardian.com/money/2001/nov/13/ethicalmoney. 

Jenkin, Matthew 2013, Millennials want to work for employers committed to values and ethics,

https://www.theguardian.com/sustainable-business/2015/may/05/millennials-employment-employers-values-ethics-jobs