And the unique thought of Kangaroo meat certainly raises attraction to the product. An understanding of what resources the company has would be vital. Explain how you are going to make your target market aware of your product. Provision of customer service Providing good quality customer services has become very important in today's market place because each business wants to keep customer loyalty. Hence, many fail to understand that how a business is supposed to assess the feasibility of a marketing mix without any clear goal or objective. By doing this the brand of Nestle's and it's new product entering a new market will be recognized because of variations in the promotion strategy. Youngerpeople liketo be able to getgood dealssuchas collectingthingstobe able toclaimsomethingforfree.
Students are highly encouraged to take statistics in the semester immediately preceding this course. Criteria reference To achieve the criteria the evidence must show that the learner is able to: Task no. Physical Environment means the interior and exterior of the buildings. The expensesforpublicrelationsare usuallyquite low asitisnot paidfor. To reassure this when the tuck shop finally opens we can ask everyone who comes to it and see if they would like to see any other products on sale in the tuck shop. Low-price stores frequently choose locations where business rates and other site costs are at a minimum.
Marketing is used to make consumers aware of a product or service to promote business and keep up with competitors. The placement strategy will help assess what channel is the most suited to a product. Choices can be made about any of these aspects. So, the main objective of place in marketing mix is to make products available in the right place, at the right time. It helps an organisation meet customer needs profitably and efficiently. Marketers are skilled at managing demand: they seek to influence its level, timing, and composition for goods, services, events, experiences, persons, places, proper- ties, organizations, information, and ideas.
Evidence P5 Explain how and why groups of customers are targeted for selected products 1 P6 Develop a coherent marketing mix for a newproduct or service. Promotion The promotioniswhere the businessistryingtoraise the awarenessof itsproductstotheir customers. Companies rely on their abilities in marketing to keep consumers interested in their products and services. This will allow me to see exactly how well my product is doing and whether I need to raise the prices or not. Second factor is changes during the product life cycle as different channels can exploited at the different point.
Product mix, also known as product assortment, refers to the total number of product lines that a company offers to its customers. It involves planning and preparations that requires an organization to connect with their customers on a much deeper level. The marketing mix has an infinite amount of combinations or mixes. Large businessessuchasTescomay be lookingfora new selectionof productstosell astheymay feel theircurrentstockisnot broadenough,thiscouldallow me togetmy productsoldmore easily and fromthisthere isthe chance to developagoodrelationshipwithTesco. Thismeansthere will be more profiteventhoughsome of the profitwill be deducted thisway itwill make upforthe costsof usingdirectdistribution. It is important to define what the product is in order to define the target market.
Each element of the marketing mix has to be supported by the other elements Task 1 - Develop a coherent marketing mix for a new product or service. This does not really apply to the tuck shop because we would physically collect our goods straight from the wholesaler. . The ideal mix should support the ideal positioning in the most attractive target markets. There isanoptionto buythe productas a single snackand there is alsoa box that wouldpersuade the customerstopurchase insteadof the single chocolatesbecause it costslessmoney.
They cannot afford to lose customers on the price. Value creation Marketing mix guides you towards identifying and assessing the diverse aspects of your products or services in relation to their utility for your consumers and their relevance to consumer preferences. Captive product pricing Thisstrategycan applyto consumables,thisiswhere the actual pricingof the suppliesare highbut because theymayserve a gooduse for the consumertheycan appearto be a low price. From that I now know what products are more popular then others and what the customers expect from the tuck shop. In addition, the company has always strived to understand the varied needs of its vast consumer base and bring as many specific products to market as possible.
The questionnaire was designed to find out the needs of the students. Pepsi in countries such as the U. Process means the production and delivery of the service. Some advertising campaigns even advertised the fact that their competitors had inferior sales promotions. As most teenagers are unemployed they sometimes have minimal money to spend so I must keep the price fairly low to gain customers. Marketing mix is originating from the single P price of microeconomic theory Chong, 2003.
Their visions also goes beyond home furnishing. Through the use of this tool, the attempt is to satisfy both the customer and the seller. What role s do customers play? Then the marketing emphasis switched to promotions with the Green Shield Stamps war in the late 1960s. Placement operations need that you correctly identify where your consumers are most likely to look for the services and products that you have to offer. How important is marketing mix? Ihave foundhow the product can be seenasone of the mostimportantelementsof the mix asit isthe actual thingsold. The product, its price, its distribution channels and of course the promotion should all reinforce the same message.
But this needs to come after a clear plan and strategy has been decided upon. Competitors constantly juggle their marketing mixes to maximise their product sales. In 1960 Jerome McCarthey presented the 4 Ps to the world. Thisisseenif aproductgenerallysatisfiesthe customersbecauseitwill domuch betterthanone that doesnot. Variable costs are costs that vary directly with the number of products produced. The promotionisalsousedtotryand make a product standout from othersbecause of howunique itis. All in all, great article with a simple but through explanation of developing the marketing mix.