Marketing management is a process of planning and executing the conception, promotion, pricing and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing management is a process which involves analysis, planning and implementation. It also involves the control of goods, services and ideas. The goal of marketing management is to provide satisfaction for parties involved. Marketing management’s task is to influence the timing, level and composition of demand in a way that will help the organization to achieve their objectives.
As fast food companies are one of the world’s largest growing food types, an organization under the fast food industry will be mainly studied or used as an example. Since Domino’s Pizza was the selected company in part one for the group presentation, the same fast food industry player would be used in part two. 1. 1About Domino’s Pizza Domino’s Pizza is an international pizza delivery corporation headquartered in Ann Arbor, Michigan, United States.
Domino’s is the second-largest pizza chain in the United States (after Pizza Hut) and has more than 10,000 corporate and franchised stores in 70 countries and all 50 U. S. states. Domino’s Pizza Group plc (“DPG”) is quoted on the main market of the London Stock Exchange. The current Domino’s menu features a variety of Italian-American entrees and side dishes. Pizza is the primary focus, with traditional, specialty and custom pizzas available in a variety of crust styles and toppings. 2. 0Marketing Mix Marketing mix is one of the key concepts in modern marketing theory.
It is also a tool used by an organization to further decide on its marketing objectives. The activities that a marketing manager does to make decisions falls under a category generally known as four Ps. Four Ps stands for product, place, promotion and price. Four Ps were popularized by McCarthy. These categories are controllable variables as they reflect areas in which a marketing manager of a firm is in control of the decision making. 2. 1Product The most basic marketing mix element is product. Product is anything that is offered to the market or consumers for use.
This includes decisions about quality, features, design, packaging, product variety, sizes, services, warranties and returns. These product attributes can be manipulated depending on what the target market wants. Domino’s Pizza’s main product offering is pizza that usually comes in round shape. They have choices of Classic Hand Tossed, Crunchy Thin Crust, Artisan and Handmade Pan pizzas, with a wide variety of toppings. Although pepperoni is a popular topping in UK and Ireland, in other part of the world Domino’s offers unique toppings, customized to the locals there.
In China Peapods are famous, Eggplant in Israel, Capsicum in Australia, Anchovies in Caribbean and so on. Besides pizza Domino’s also offers a range of side dishes such as chicken strippers, kickers and wings, garlic pizza bread and potato wedges, as well as desserts including cookies, waffles and ice-cream. Product quality is reflected through the company nutritional fact website made available to the public at the “Take a Fresh Look” website as part of keeping their customers informed on the health benefits and the quality ingredients used in their food.
Between 1960 to 2012 the company’s logo read as “Domino’s Pizza” however as the company has gained its popularity and stand, its recent logo only reads “Domino’s”, people are already aware of the company’s pizza brand. 2. 2Price Pricing strategy deals with methods of setting justifiable and profit making prices. It is one of the most critical areas of marketing decision making. Decisions about pricing includes discount methods, adjustments to prices, payment period, credit term and allowances.
Product priced too low or too high could bring a loss of sales to a firm. Some factors that influences pricing includes fixed and variable costs, competition, company objectives, proposed positioning strategies and target group and willingness to pay. Pricing strategies is based on a firm’s objective. Some company sets their product price low in the beginning stage to get more sales and later increase it once the market share is high, some sets price base on competitor and some sets high price to show the exclusiveness of their product.
There are a few types of pricing strategies such as penetration pricing, skimming pricing, competition pricing, product line pricing, bundle pricing, psychological pricing, premium pricing, optional pricing, cost based pricing and cost plus pricing. For an example, Domino’s normally prices its pizza’s at $5. 99 instead of $6. 00 to convey the psychological impression of a lower price to their customers. 2. 3 Promotion Promotion is the communication link that is between a seller and a buyer. Organizations can use many different ways of sending message about their products or services to their customers.
A successful product or service will mean nothing unless the benefit or attractiveness of a product or service is communicated clearly to the target market. Some methods that is used in promotions are advertising, personal selling, sales promotion and public relations, direct mailing and internet marketing. For example Domino’s sometimes gives out coupons where the customer could get a free regular pizza when a large pizza is purchased. This is categorized as sales promotion, commonly used to increase sales for short term. 2. 4Place
A distribution strategy is normally developed by a marketer to ensure that their products are available in the proper quantities and quality at the right time and place for their customers. Distribution decisions involves an organizations business activity the concerning storing and transporting raw materials or finished products. The goal of Place (Distribution) strategies is to ensure the products arrives in usable or good condition at designated places. There are two types of channel for distribution. The direct and indirect method.
Indirect distribution involves the company distributing its product by the use of an intermediary. Example, a manufacturer selling to a wholesaler and then on to the retailer. Direct distribution involves distributing direct from a manufacturer to the consumer. The advantage of direct distribution is that it allows the company itself to have complete control over their product. Domino’s uses the direct distribution method. Domino’s warehouse team ensure that their customers receive each and every product they order. The main responsibility of this team is to load, unload and move materials within or near their distribution center.