Exclusive summary
In the world, many companies are being run and managed in different regions. For example, in the United Kingdom, several companies are being run under different management in these kingdoms. Some companies founded within the UK government are operated and run by dependent individuals. In contrast, others may be run by the UK government but under set rules and regulations that bide the relationship between the company and the state government. The majority of the companies within the UK government are running different businesses, or in other words, they are dealing with buying and selling products of different lines. This protects the companies from being entrusted with stiff competition from producing similar products channeled in the marketplace.
Companies under the UK kingdom deal with different products, including foodstuffs and mining products such as iron, coal, aluminium, and diamond. Companies also deal with biodegradable by-products, such as producing various polythene papers within the same state. In terms of marketing, companies in the UK state use the most modern methods of marketing their products. The majority uses social media services, including the use of Television. Radios and the newspapers. By this means, the companies are therefore able to fetch a high number of customers found both in the UK and other places in the universe. As the point of interest, I, therefore, choose to study more about Rio Tinto, a UK company. Rio Tinto will be discussed in detail its market strategies for the products that it deals with in the global market.
Introduction
Case studies are one of the various methods used by learners and other innovators to study and gather information about a certain topic of interest. One commonly used form of the case study is field tours, which are run and operated by the sampled individuals under a given topic of study. After the case study, there must be an analysis of the data collected from the field that gives the final solution to the subject matter (Bonnet, 2021). Throughout this report, we are going to major our point of interest on the Rio Tinto company, which has been one of the greatest UK companies and is ranked the top company in the United Kingdom. Throughout this report, we will major our topic of interest in marketing the main products released by the Rio Tinto company. According to Bonnet et. al, (2021), marketing any given commodity is one of the most important aspects a given industry should carry to enhance its success in the global markets.
Marketing gives a clear display of the main product that a given company can produce, making the customers to m more informed about the products hence buying them. When there is a good and proper way of marketing the products from any given company, there will be an increase in the customer rate of that particular industry in the global market (Harrey, 2017). As the main researcher on how the company could lay the foundations for marketing the products, I will give clear information on the marketing strategies of the main product that Rio Tinto Company is producing. The main aim or purpose of this given study is that I will focus on Rio Tinto UK company, whereby one will learn more about the company (Harrey, 2017). For example, some of us have never been in a position to carry out a field tour on what the Rio Tinto company is all about and the products that the company deals with. From this study, one will be able to discuss and give a clear background of the Rio Tinto company. In terms of marketing activities, one should also be aware of various marketing mixes that are found in any given company, most specifically from the Rio Tinto company. I will discuss the 7ps of the product I choose from the Rio Tinto company on the marketing mix. After the discussion of the marketing mix of the product chosen, I will further give a clear description of various strengths and weaknesses that are being attacked by the same product that I will choose. Through this report, I will also give out my recommendations about the market mix. Under this sector, I will discuss various ways a given company can map an improvement on its marketing mix. Lastly, I will give clear digital marketing strategies for Rio Tinto Company. I will therefore evaluate more on ways or how the Rio Tinto company could rather use digital marketing strategies in the company.
Background of Rio Tinto Company and its product
In terms of the historical background and the place of origin for the Rio Tinto company, it is ranked to have begun in 1843. The main individuals who kicked the company to life were described to be the British and the European investors. They formed the Rio Tinto company by making it engage in reopening the copper mines that were mainly located in the Sour, then Spain located in the United Kingdom (Bonnet, 2021). Initially, the mines in Southern Spain were being utilized by other investors, but during this year, the mines were found to be very much idle. Due to the availability of these mining sites and the high demand for mining products in the United Kingdom, the British and some Europeans found it easy to establish a company that would help them exploit and market the mining products.
In the ancient periods, no specific structures could support the mining process around the Southern Spain mining sites. Therefore it was of great importance for the British and the Europeans to build structures that would provide a conducive environment for trade to take Place. After the building and construction of these specific structures, the Europeans and the British therefore found it very important to give the name of these structures Rio Tinto. This name was based on the current situations that were mainly taking place in the UK state in those ancient times. In the beginning, Rio Tinto began as a small organization that was found to be very small in terms the structures. The main point of location for these structures was in British, from which we can know the main point of origin for the Rio Tinto company. As early as 1873, Rio Tinto was still a small organization since the company was not yet exposed to the entire marketing force. Once the customer rate increased in this organization, Rio Tinto grew, and it was able to establish more and improved business structures.
There are many products that the present Rio Tinto company is releasing to the global market. Some of the products that the Rio Tinto company deals with involve the mining products such as iron, copper, aluminium, and gold (Bonnet, 2021). Present Rio Tinto Company is one of the world’s greatest companies, capable of releasing various mining products worldwide. Gold and silver are one of the products released by the Rio Tinto company. Remember that one of the most profitable and large income-earning businesses worldwide includes mining. Rio Tinto Company was considered to have been brought up or has grown due to its mining business. Most other industries in the global world are also producing some of the mining by-products.
However, Rio Tinto is the most-ranked company due to its ability to provide the highest quality mining products. In terms of management, the company has been run by good and effective staff that made it possible for the company’s great success. When things turned out not to be operating normally in the company, the staff sat down to provide various solutions based on the company’s challenges. Due to the good management of the Rio Tinto company, the company has been able to lead in the global market and provide the most improved and good quality products for the global market customers. Since the company produces a wide range of products, the company finds its way to the global market to give clear marketing procedures and strategies for the goods and services produced. This has enabled the company to fetch many customers from the global market. According to Pires et. al, (2016), when the company gives a clear definition of the products they are producing, the individuals become aware of the product in terms of the quality and other important measurements, increasing the customer rate for the company. Iron production and the supply to the global market by the Rio Tinto company have been one of the products from the company that was capable of diverting and getting into contact with the majority of the customers in the global market (Pires, 2016). Therefore, throughout my report, I will discuss iron as one of the products the Rio Tinto company produces.
Literature Review
Marketing mix can be defined as a wide range of considerations that are actually made in marketing any given product, especially when coming up with the marketing plans for any given commodity in a given industry. Secondly, marketing mix can be defined as the set of tactics or actions the company uses to make or to carry out its marketing of the various brands it produces to the global market. When one talks of the Marketing mix, one discusses the 4Ps make-ups that compose the typical marketing mix (Yao, 2021). Other definitions that are mainly found attached to the marketing mix are the definitions of the 4Ps of marketing. There are 4Ps of marketing which includes price, product, Place, and promotion.
Marketing segmentation can be defined as the market term that is commonly used to mean the actual aggregating prospective of the buyers into groups, or in other words, it is the grouping of different customers who are buying the products in any given company, let us say from our company of interest Rio Tinto into various district groups. According to Valid et.al, (2020), the customers are grouped following their common needs and the ones who respond similarly to the company’s products and marketing actions. Through the process of segmentation, companies can therefore target various consumers who can perceive the full value of any given product and service differently from one another.
Every customer who buys goods and services from any given company has different tastes and preferences for that given good or commodity. For example, the goods produced by the Rio Tinto company are mining by-products. Once they get to the market, these particular goods and services possess different tastes and preferences for the targeted consumers. Due to this difference in taste and the preferences of different customers, the Rio Tinto company, for example, has been able to group the customers into different groups, forming market segments. The term market comes in since the customers being grouped are seen as the main target or market for the goods and services that any given company has produced. The main aim of market segmentation in any given company is to identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group (Valid, 2020). The market can be segmented in various ways, including behaviourally, demographically, and geographically. Digital marketing strategies are a given company’s digital techniques to market its products.
Discussion of the 7ps of the iron product as produced by the Rio Tinto company
Iron is one of the major products produced by the Rio Tinto company. Iron, as a product, is composed of its 7ps.some of the 7ps of iron, as indicated, includes; Price. The price of iron ore is largely determined by supply and demand. However, other factors, such as the cost of production, transportation, and taxes, can also affect the price. According to Vartsky et. al, (20200, when one talks of iron as a commodity in the Rio Tinto company, various parameters are used to measure its price. For example, if the cost of mining for the iron in the company becomes high, one should be apposition to know and understand that the prices of the iron in the ready market will also go high. On the other hand, if the cost of production alongside the transportation of the iron ore to the middle market is low, the cost of the iron by posts and its ore will also be low Place is the second parameter that makes up the 7ps of the iron. Rio Tinto is a global supplier of iron ore with operations in over 30 countries.
The company has a network of mines, railways, and ports that allow it to ship iron ore worldwide. Rio Tinto Company is also considered the world supplier of mining materials worldwide. This increases the customer rate of the company, which increases the routes through which the iron as a by-product from the mining site of the company is being channelled to various destinations. Promotion is another factor mainly linked to the 7ps of the iron as a product of the Rio Tinto company. Rio Tinto promotes its iron ore products through advertising and marketing campaigns (Vartsky, 2020). By advertising various ores of iron produced by the company, the customers become aware of various brands of iron commonly produced. Advertisement is one of the best methods through which the company can successfully promote its products.
The company also participates in industry events and trade shows. This activity also makes the customers understand more about the various brands of iron ores that a certain company produces. The product is another 7ps of iron product. Rio Tinto produces a range of iron ore products, including pellets, sinter, and lump, which are supplied to various marketplaces to encourage the buying and selling iron ores. According to Shrivastra et. al, (2021), the supply of different iron ores by the company to various marketplaces helps satisfy the demands of consumers who are actually requesting a certain iron ore depending on their taste and preferences. The company also produces other minerals, such as copper and aluminium. These minerals act as the co-supplement for the main iron product from the company. This helps the Rio Tinto company to withstand the challenges of incurring losses, especially when the prices of the iron crisis are from the original marketplaces. Another 7ps for the iron product, as dictated by the Rio Tinto company, is the People. Rio Tinto employs over 60,000 people, including a large workforce in Australia.
The company is strongly committed to safety, health, and the communities where it operates. Mass employment of the individuals by the company has been one of the company’s major advantages to the local areas. When the company works at the pick points, there will be the creation of many individuals who are surrounding the company hence increasing the population in the company. People are the souls who carry out the activities mainly found within the company (Srivestra, 2021). People are the ones who provide the labour that is required for the proper running of various company activities. For example, the Rio Company is based on mining and extracting mineral ores from their sources. Mining is a broad term that describes the successive activities that need to occur so that an individual can have the final product from the mining process. People are, therefore, important aspects of the company.
For this reason, they are viewed as one of the common 7ps of the products Process is another factor that is considered to be the 7ps of any given product, for example, the product of our choice, the iron. Rio Tinto’s mines use various mining methods, including open pit and underground mining (Perfetto, 2018). The company’s processing plants use the latest technology to produce high-quality iron ore products. Mining methods, as discussed, are determined mostly by the location of the product that requires a mining process.
For example, iron, the product of our interest, requires an alluvial process or method of mining. This method is preferred because iron ore is commonly found being emended with the soil particles. The magnet separates the iron ore from the rest of the soil particles since iron is a magnetic metal. Following this criteria, the process builds up one of the 7ps of the iron product (Pires, 2016). Performance is the last 7ps of the iron product. The performance of any product in the conjugate market is measured in terms of the amount of money the individual products give back to the company after it has been released to the marketplace. Iron has a high-performance rate in the conjugate marketplaces compared to other minerals and products produced by the Rio Tinto company. Due to its high demands in the ready markets, iron does not flood, making it be bought effectively by many people, which makes the company earn something. Iron ore has various strengths and weaknesses that determine the customer’s taste and preferences. For the side to do with the weaknesses, the iron metal is reactive with the oxygen mainly found in the air.
When iron reacts with oxygen, especially from the air and water, it forms iron with two or three oxides. Once these iron oxides have been formed, the iron metal’s original strength is lowered, which makes it not function properly in its functions that involve the biosynthesis of various iron products (Perfetto, 2018). On the side to do with the strong nature of iron, the iron metals and their by-products are strong enough, which makes it easy for them to have a long-lasting life. Therefore, iron products are strong enough to stay for a longer duration.
Marketing mix recommendation of the iron product
The marketing mix, as described earlier, involves various techniques or the know-how of various business activities used to develop the plan for the Business marketing strategy. When the business or the company is marketing various products, there are different ways the actual marketing is carried out. Rio Tinto Company is therefore involved greatly in the marketing process of iron. According to Saura et.al, (20210), to minimize the level of competition in the global market, I would therefore recommend that the Rio Tinto company use modern means and ways of marketing iron. One of the most popular ways is using the social media system. The main reason I recommend the company to use social media services is that social media is found in the common areas of the world and that once the information has been fed in, the trend is very easy. Another recommendation that I would make is that the company should carry out the direct marketing of the iron. Direct marketing enables consumers to be fully exposed to the main products a given company sells.
Appropriate digital marketing strategies
Digital strategies are the plans found within the business plan that are employed to enhance digital initiatives to achieve company goals. There are various ways through which the business can use digital strategies. One of the common ways through which the company can use digital strategies is to join the channels that drive sales and the entire business. One of the most impressive things about digital strategy is getting the results in almost real-time. One can use the tool outlined in a given business to access the channels in any given business that are considered to be traffic, which campaigns are considered to be the most effective, and which site the customers like the most(Polanco,2020). Sales, as outlined, are linked by the channels in any given business using the customers. Digital strategies are used in the company to enhance the company’s growth. Digital marketing allows businesses to promote their products or services and get their fair share of the limelight. When digital marketing allows companies to feed on the information that involves the goods and services that a given company produces, the customer rate for the company increases, making the company earn more income that, finally, promotes its growth (Polanco, 2020). Growth in any given company maps the important aspect of the company. When any given company is growing, this is actually termed as one of the major success behind the operation of that given company.
The financial stabilities that are being derived from the selling of various commodities from a given company actually forms the basic support for the proper growth of that given company. For example in the issue to do with the Rio Tinto company, the main selling incomes that are being earned from the selling of the iron to the ready market actually maps the growth of various sectors in the company. Another way through which the digital strategic system is used by the company is during the marketing of various products that are being produced from a given company by use of direct marking (Hooley, 2017). During the direct marketing of the products, especially the marketing of iron by the Rio Tinto company, there is usage of various digital materials such as use of speakers and the microphones. This device are actually considered to be the new and the digital ways through which a given company can actually market their products. Marketing of this product directly to the conjugate market place intern enables the company to capture high attention from the customers who are involved in the trade activity. This act will intern make the company to sell the majority of its products which makes it to generate a lot of capital from the trade. Capital generated is therefore used for various purposes on the company which includes the expansion of the company infrastructure, buying of the new machines, especially in the Rio Tinto company that requires the machines which are actually used for the mining process and the employment of various individuals to add the manpower to the company who are actually used for the mining process (Hooley, 2017). This finally maps the final growth of the company.
Conclusion
From this case study, many of the things that have been covered are considered to be the most influential factors in almost all businesses worldwide. From our study, we have been discussing our company of interest, Rio Tinto. As described earlier, Rio Tinto Company is found in the United Kingdom and most probably in the British. In terms of the background, the company was considered to have emerged in 1873, when the Europeans and the British decided to start the business (Morris, 2019). As per the rules alongside with the guidelines of the company, the European therefore followed the requirements of the formation of the organisation to come up with the Rio Tinto Company. This idea as it has been identified from the study, the Europeans and the British therefore were able to come up with the Rio Tinto company which basically began with small structures. The existence of the mining site in Southern Spain mainly pushed the individuals from setting up the company. Availability of the mining site made it possible for the Rio Tinto company to come up with the company since there were enough products that the company could actually deal with. The study has enabled the individual to learn more on the historical background and the expansion of the company. We have been discussing the company’s main product, iron (Morris, 2019). Iron is considered the most marketable product the Rio Tinto company commonly produces.
Iron has had much strength, finally making it more marketable. Terms of strength point of iron, the materials which are actually made up of iron are strong enough which makes the iron by-products to leave a more and sustainable life. The weak point of the iron on the other side as highlighted by the essay, it actually reacts with oxygen gas that is mainly found within the atmosphere or rather with the water bodies. Once this oxygen combines with iron metal, there will be formation of the iron oxides which makes the iron to rust. According to Schwarzl et.al,(2017),rusting of various products that have been produced from the iron are actually mapping the weak point of making use of the iron as one of the by-products of the mining sites. Rio Tinto company do not only conduct the mining of the iron as the only by product but still there is conjugal production of other products that includes the aluminium, copper and gold. Iron being the main product from the company is therefore supplemented with this other products especially during the moment of crisis. In this company, there was the 7ps that were considered to be the market mix analysis of the iron product. According to how the company could improve its marketing mix, it has been stated that it should use new ways of marketing, which include the use of social media and the use of direct marketing when carrying out the marketing of its products (Schwarzl, 2017). In terms of ways the company can use the digital marketing strategy, it has been said that it is allowed to market its products online, which is of great befit. Lastly, the company growth is mapped as a result of the usage of digital marketing.
References
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