n this section I shall be evaluating the strengths and weaknesses of my marketing mix. I will be looking at what is good and bad about the product I have created; the price, where is its being sold, how I have decided to promote it and how I will sell it

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Rosie Boymbo        Unit 3: Investigating Marketing         Section D


Introduction 

In this section I shall be evaluating the strengths and weaknesses of my marketing mix. I will be looking at what is good and bad about the product I have created; the price, where is its being sold, how I have decided to promote it and how I will sell it i.e. promotions. I shall be doing SWOT analysis to identify the strengths and weaknesses of my marketing mix clearly.

As I want to become a successful business I will need to be innovative which is to think of new ideas/products. This will improve profitability which is a long term objective. Market research will help and allow me to develop a new product. My main objectives were:

 •        To Increase market share

•        To maintain market share

•        To enter new markets

•        To increase the market

•        To develop a new product

•        To enhance product image

•        To establish the product as market leader

•        To increase sales revenue (Thorpe parks Corporate Objectives)

•        To increase customer awareness

•        To enter new market segment

To understand my customer’s needs and wants- Short Term Objective

I have set this objective because I need to for fill customers needs and wants, I need to take into consideration what they like and what they don’t like. The customers are the most important element to my product as they are the ones who will be buying the tickets in order to go on the ride. Market research has allowed me to understand what my customer’s needs and wants are.

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Increase brand awareness- Long Term Objective

 I will need to create brand awareness to make people aware of my product and all of its different elements. The more customers who know my brand means more sales and more profits, and this will lead to my brand becoming known nationally.

Improve Profitability- Long Term Objective

For my product to survive the year I will need to improve profitability. This means to maximise the sales of my product and to make more profit to reinvest in the business, which is to cut cost in the business.

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