Principals of marketing
40259Hot Hot Yoga.
‘Hot Hot Yoga’, a new business to the UK market is intending on opening a chain of franchises in different cities to capitalise on the growing trend toward this form of exercise and mental well-being. The business intends on appealing to business community as well as individual consumers.
The marketing manager has asked you to prepare an informal report explaining how you would market the new yoga franchises and their sessions/classes, and you are to submit your report containing a full appraisal of the following three (3) sections by the required deadline date:
Section 1 – Marketing Environment and Planning Process
a) Briefly introduce your product. Explain the components of the marketing planning process and outline the marketing context for the new yoga franchise, with particular reference to the role/importance of adopting a marketing orientation and its application to the business.
b) Carry out an environmental audit in the form of a PESTEL analysis for the new yoga franchise ensuring that you detail specific market/organisational related facts that are fully referenced where possible. Additionally, you should highlight relevant micro-environmental aspects such as any dominant competitors within the industry and recent competitor activity and other substitutes available.
c) Outline* the extended marketing mix 7Ps and explain how the development of the extended marketing mix could contribute to effective marketing planning for the new product.
* a fully detailed marketing mix analysis is NOT required here – that is required in Section 3 here you are explaining the importance of building a strong and coordinated marketing mix.
(1200 words) (40 marks) (LO 1 & 2)
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