The 4Ps of the Marketing Mix
The marketing innovation is the implementation of new type of marketing method which differs from the previous marketing processes significantly (Armstrong et al., 2015). It is the method or process which has not been used by the enterprise or the entrepreneur previously. For the marketing innovation, it is required to involve considerable changes in the designing of the product, packaging, the placement of the product, pricing promotion.
In this regard, the innovation mix is called the 4Ps. It is a model which was developed to narrow the investigation of the marketer on a specific area of the organization. It consists of the product, price, place and promotion (Dinnie, 2015).
Product – The first component of 4Ps is product. A product is something which is either a tangible or intangible service. It fulfills the needs and desires of the customers.
Price- After establishing a concrete understanding of the product offering, the pricing decisions are made (Fahy & Jobber, 2015). The determination of the price leaves impact on the profit margins, demand and the marketing strategy and the supply too.
Promotion- The next step is to promote the product in the contemporary market. The promotion is the ways by which the relevant information about the product is conveyed to the customers. The promotion of a product consists of advertising, social media marketing, email marketing, search engine marketing, the video marketing and many others. It helps to maximize the return on investment.
Place- Sometime the marketers suggest that marketing is all about the application of right product, at the right place, with the right price and right time. Hence, it becomes crucial to evaluate the ideal location for the product. The exact evaluation of the place helps to convert the potential customers into the actual customers.
The innovation helps to capture the interests of the consumer’s and their attention too. It attracts both the new customers along with the existing loyal customers. The retailers are provided with an edge which drives the growth and the profitability (Jussila et al., 2015). An affinity for the brands is shown during the development of a new product. Studies have found that more than half of the people in New Zealand are in support of the product innovation. However, succeeding in launching a new product is not that easy. Millions are spent over new product development every year and the failure rates are also high. In the context of New Zealand, the key driver for innovative product trial is greater affordability. The researchers have found that people of New Zealand prefer products at the affordable ranges (Nielsen.com, 2019). There is also an increased awareness regarding health. Those products are heartily welcome which are affordable, health convenient and novel.
Marketing Innovation and Product Development in New Zealand
The food and beverage industry is of the largest industry in the country of New Zealand. After the market research of New Zealand, an innovative product like the “Herbal Tea” can be launched in the food and beverage industry. The herbal teas are existing for centuries. However, it has still not gained popularity in the country of New Zealand. The herbal teas are made of the herbs, spices, flowers such as camellia, lavender and others (Kotler et al., 2015). In addition to having the delicious taste, the herbal teas have health –promoting properties. Moreover, the herbal teas have also been used as a remedy for various diseases through hundreds of years.
The 4Ps of Herbal Tea:
Product: The “Herbal Tea” is a strong product that is famous in many parts of the world. It is nutritional with multi nutrient herbs. The people of New Zealand especially the youngsters who are always eager to adopt new products in the market are likely to be influenced by it. The product will be packages in cans so that the shelf life increases and gives it an elegant look.
Price: In the beverage market of New Zealand, the competition is high always. The herbal tea will use the pricing strategy of cost –friendliness in order to grab the attention of the market and become beneficial.
Place: The product will be launched at all supermarkets and there will be a special outlet which will be situated in Auckland. It is the largest city in New Zealand. There are almost 401, 500 people who stay here. It has also been found that it is rated as the 4th best place to stay (Nielsen.com, 2019). Hence, the “herbal tea “will grab the attention of the local target market.
Promotion: Since the country is developing fast digitally, the promotion of the new “herbal tea” will be done with the flyer, the free samples, newspapers, delivery services, cash vouchers and others and also through social media campaign. The promotion will have to be conducted in the outlets for attracting the customers. The local people along with the tourists will be the target.
The new product will fill the gap of a healthy beverage drink in the country. People will avail and enjoy the herbal flavors in a tea component and at the same time will be free from the ailments caused by excessive intake of caffeine, alcohol and the like.
The Ownership structure of Television New Zealand
The Benefits of Herbal Tea
The Television New Zealand deals in the broadcast industry. The company was founded in the year 1980 and the headquarter is situated in Auckland, New Zealand. The CEO of the company is Kevin Kenrick. It is a state owned network which is broadcasted throughout the New Zealand. The network is usually identified as a national and part-public broadcaster and it is funded completely commercially. It has been found that almost 90 % of the revenues of Television New Zealand come from the commercial activity like advertising and merchandising. The rest of the funding arrives from the funding agencies of the government. The company was created through the merger of Television One along with the South Pacific Television (TV2). It stayed paired with Radio New Zealand as the Broadcasting Corporation of New Zealand.
The Ownership structure of Maori Television
On the other hand, Maori Television was established in the year 2004 and owned by the New Zealand Government. The headquarter is also located in Auckland. In the first month of launching, it attracted more than 300,000 in the first month (Jussila et al., 2015). This television organization broadcasts those programs which can make a considerable contribution for the revitalization of Maori Culture and language. It is completely funded by the New Zealand Government.
The organization’s management team (Television New Zealand)
It has already been stated that Kevin Kenrick is the Chief Executive officer who is responsible for the alignment of the talented people in the team in order to ensure that their channels become the desired among the people. It helps the advertisers to be connected with the audiences and generate goo returns for the shareholders according to Tvnz.co.nz, (2019). Andre Donaldson is the chief financial officer of the company who looks after the financial management and reporting, capital management along with the internal audit. Paul Maher on the other hand is the Commercial director who is responsible for the championing of the customers and at the same time partnering with the advertiser and agency which generates the revenues through content solution teams and sales (Tvnz.co.nz, 2019). Jonathan Symons is the marketing director who champions the viewers by the customer oriented work in the marketing, data, research and insight teams. Apart of these executives there are other important personalities such as Anna Lissaman (people and talent director), John Giilespie (News and current affairs director), Kym Niblock (Chief product and information officer), Cate Slater (Content director) and others.
The Organizational Structure of TVNZ and Maori Television
The organization’s management of Maori Television
On the contrary the board of directors in the Maori Television consists of specific personalities who have contributed to the development of the team. The board is primarily responsible for the governance and it also takes care of the planning, execution and monitoring of the operations. As different from Television New Zealand, its strategic planning, the policy decisions, reporting and accountability to the stakeholders are observed by the board (Maoritelevision.com, 2019). The chairman is Jamie Tuuta. Peter –Lucas Jones is the deputy chairman. Shane Taurima is the acting chief executive who handles the senior leadership team and manages the daily operations.
The organizational structure
After much research through both the organizations, it has been found that both of these follow the hierarchical organizational structure. It is one of the structures which is used by most of the business organization. The management structure suggests that both the organization have a clear line of authority. The line of authority in both the organizations have been departmentalized. The managers in different department have the power to allocate the resources, punish, give orders and reward the employees based on their performance. There is no confusion regarding the boundaries between the roles and the departments as per the views of Kotler et al., (2015). The chain of command is well-understood among the employees. There are also clear lines of communication. The lower level reports to the upper levels and the upper level again reports to the uppermost level. The relationships are strengthened by these type of communication levels. It results in goof coordination and collaboration among the members. Both the Television New Zealand and Maori Television are helped by this type of organizational structure as suggested by Jussila et al., (2015). Due to this type of organizational structure, it becomes easy to categorize the executive members as per their job role. Hence, it can be said that both the organizations might have different ownership structure or management team, but the organizational structure of both of these is similar and suitable.
References
Armstrong, G., Kotler, P., Buchwitz, L. A., Trifts, V., & Gaudet, D. (2015). Marketing: an introduction.
Dinnie, K. (2015). Nation branding: Concepts, issues, practice. Routledge.
Fahy, J., & Jobber, D. (2015). Foundations of marketing.
Jussila, I., Tarkiainen, A., Sarstedt, M., & Hair, J. F. (2015). Individual psychological ownership: Concepts, evidence, and implications for research in marketing. Journal of Marketing Theory and Practice, 23(2), 121-139.
Kotler, P., Burton, S., Deans, K., Brown, L., & Armstrong, G. (2015). Marketing. Pearson Higher Education AU.
Maoritelevision.com (2019). Board & Senior Leadership Team. [online] M?ori Television. Available at: https://www.maoritelevision.com/about/about-maori-television/board-senior-leadership-team [Accessed 3 Mar. 2019].
Nielsen.com. (2019). New Product Development: New Zealand’s Taste for New Things. Retrieved from https://www.nielsen.com/nz/en/insights/news/2015/new-product-development-new-zealands-taste-for-new-things.html
Tvnz.co.nz. (2019). Our Executive. Retrieved from https://tvnz.co.nz/tvnz-corporate-comms/our-executive-4902649
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