Contemporary Issues In Marketing Essay Example | Topics and Well Written Essays - 2500 words - 2

Contemporary Issues In Marketing - Essay Example Though the customers perceive the whole thing as a single offering but actually customers reacts differently to each element of the marketing mix. If each part of the marketing mix acts differently and contradicts each other, then it creates an ambiguous effect that makes the customers behave in a confused manner and they tend to purchase product from other companies who have defined brands (Foxall, 1981). The method of marketing mix is used by the marketing manager to produce optimal response in the target market. By creating a perfect blend of the marketing mix elements such that they are utilized in an optimum way. All the elements in the marketing mix are controllable variable and can be altered to meet the need of the target market and the environment. Hence marketing mix is most useful tool to design the strategy and achieve success in the target market (Bootwala, Lawrence and Mali, 2009; Botha, Bothma and Brink, 2005). This study focuses on the use of the marketing tool for a restaurant chain in London that aims to generate a positive experience for the customers. Marketing Mix for the service chain The marketing mix for the service industry deals with the 7P’s like product, price, place, promotion, people, process and physical evidence. Product The package or product in the service industry is seen as a bundle of benefits and features, which has a close relevance to the target market. This makes it important to develop the service product or the benefit package to meet the expectation of the customer. The products offered by a restaurant can be classified into five levels like core benefits, basic product, expected product, augmented product and potential product. Core benefit is the fundamental service or benefit that the customer is buying. Basic product indicates the basic functional attributes of the product that is offered by the service provider. Expected product is the attributes that are normally expected by the customers. Augmented produ ct indicates the facilities or services that are provided by going beyond the expectations of the customers. Potential product are those that are created by innovation and distinguishes the service provider from others operating in the market (Srinivasan, 2012). In case of the restaurant chain the core benefit will be the taste of the food and the Italian cuisine in which it specialises. Studies have shown that eating habit of the people of London has undergone dramatic changes due to the opening of restaurants of diverse tastes specially French, German, Italian, Australian etc (White, 2011). The basic product will be foods and drinks of diverse origin and taste. The expected products that the restaurant offers is cleanliness and good ambience that is perfect for family and official dining. Augmented services would include just in time services, aroma and music. The potential product that would make the restaurant most distinguishing is the Italian food and some dietary foods; since people of London are now getting more and more diet concerned and health conscious (Wheelock, 1997). Price Competitive pricing should be done in order to be acceptable to the customers. It is the general tendency of the customers to link the price with the product or services offered by the organization. In simple words it indicates that the pricing of any product or services is largely influenced by the quality perceived by the customer