Lastly the augmented product wraps up both the core and actual products and

Lastly the augmented product wraps up both the core

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Lastly, the augmented product wraps up both the core and actual products and delivers a non- physical aspect of the product. It is usually an added value that you may obtain at a premium price for product. Using the car as an example, the augmented product would be the warranty, the customer service offered by the car’s manufacturer and any after-sales service. The augmented product is an important way to tailor the core or actual product to the needs of an individual customer. The features of augmented products can be converted into benefits for individuals [ CITATION Cla15 \l 3081 ]. Q3) Write three examples of strategic marketing objectives for an organisation Marketing objectives must always reflect on the overall strategic direction as set out in the organisational vision, mission, core values, strategies and goals. The first example of a strategic marketing objective is a strategic plan. Strategic planning process establishes the overall direction of the organisation, determining the vision, mission, values, goals and objectives of the organisation. These are all documented in the strategic plan. Next, annual report. The organisation’s annual report is a comprehensive document detailing the organisation’s financial performance and activities for the year. The content of this report may include input from the marketing manager and chief financial officer. Lastly, marketing plan. Planning marketing activities should be informed by the strategic plan of your organisation. The marketing plan is how you intend to successfully market your brand, product, service or company. Marketing planning is the process of assessing opportunities, evaluating current resources, determining objectives, defining strategies and establishing guidelines
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for the implementation and control of the marketing program. The outcome of marketing planning is the development of a marketing plan[ CITATION Inn15 \l 3081 ]. Q4) Outline at least four common marketing opportunity options. Using Ansoff’s product-market growth matrix, we are able to identify 4 common marketing opportunities. These are; market penetration, product development, market development and diversification. Market penetration is where the business sells existing products into existing markets. The organisation focuses on markets and products it knows well. The organisation should have good information on their competitors and on their customer’s needs. Risk factors are low and the strategy does not require investment in new market research. Market development is an expansion strategy where and organisation seeks to sell their existing products in new markets. By using this strategy, the product remains the same, but it is marketed to a new demographic. For example, Lucozade (the energy drink) was first marketed as a supplement for sick children and later rebranded to target athletes. Product development is a growth strategy where a business aims to introduce a new product into an existing market. This strategy may require the development of innovative products which can appeal to these existing markets. The organisation may develop new products to replace
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