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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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Introduction

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. ...read more.

Middle

� Rise in fuel prices and rail fares. � Higher inflation and interest rates can reduce spending especially on merchandise and food. � Adverse weather conditions. � Possible teething problems or an accident. � Possible alienation of other target markets. Pest Political: The effects of events like wars and acts of terrorism could be considered 'political' Economics: Changes in the economy, for example a general growth of the economy is likely to lead to a growth of the economy is likely to lead to a growth in spending. Social: changes and trends in taste and fashion. For example, the mobile phone market has grown in both volume and value as more people wanted them and were prepared to pay more for extra money. Technological: changes in techniques that can lead to a new product or ways of making products. Political : The new ride should adhere to the Health and Safety at Work Act 1974 (http://www.hse.gov.uk/pubns/etis5.htm#_2). The new ride must have restrictions to prevent accidents and keep customers safe (http://www.thorpepark.com/rides/saw-the-ride.aspx). For the new ride to be built Thorpe Park must have planning permission from the local council and must not decrease the size of the surrounding lakes. Advertising and promotions must adhere to the guidelines set out by the ASA and OfCom (http://www.ofcom.org.uk/) ...read more.

Conclusion

It is a unique product, which will increase the profitability of Thorpe Park and maybe even increase the admission growth within a year's time. It will also increase the revenue for Thorpe Park. The weakness of my product would be the perceived queuing time. This is mainly because I believe that this will be a popular ride in the theme park and the majority of people will queue for the exciting experience. The queuing time could last up to 2 hours. Also, the people without credit/debit cards will have trouble trying to buy tickets to Thorpe Park as the most of the payments are done by credit/debit cards. The opportunity for the business is that more people are taking 'staycation' due to the budget cuts from the governments. This means that more people will come to the business, which will increase the theme parks revenue. Also this could also be a possibility to increase capacity of park. My product improvements would be to change the payment system by providing more tickets to go to the ticket kiosk. This is enable people without credit cards to pay, also it will be a much faster payment as tickets will be handed to the directly. If any refunds are needed they can call the company, provide some details and their money will be refunded. ?? ?? ?? ?? Rosie Boymbo Unit 3: Investigating Marketing Section D ...read more.

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