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The 4 P's - marketing mix.

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Introduction

The marketing mix is a term which is used to describe the full activities that can be used by a business to market its products. This mix is usually referred to as the "4 P's"- product, place, price and promotion. If market research is carried out effectively, a company can plan a promotion for the right product, at the right price, and to get it to their chosen market, in the right place. The product must be of a quality that not only allows it to be sold in a shop but it also must be seen as some thing that the customers feel they should have. The clothes and shoes sold in my shop will mainly be of an existing brand name so this means that the stock I hold will already have desirability. These existing brands such as "Timberland" will there for have their own advertising which will mean that my business will have advertising for the clothes they sell but not the shop itself. Pricing strategies can play a large part in the business as through this my company can create desirability about its products or itself. This can also bring new business to the company. For this reason there are many different pricing strategies which all should be taken in to consideration. * "Market led pricing," this where the company sets its prices in a hope to make a profit but is still low enough to create sufficient demand for the products. ...read more.

Middle

This image can be achieved by; * Through sponsorship of events related to the product or the image that is wished to be portrayed. * Sponsorship or the setting up of youth teams. * Making money available for help with community projects such as building a youth centre. * Buying equipment for schools. Due to the fact that Ghetto Fabulous is such a small newly opened company, I will not have the large P.R budget to cover these large events. In the future I may be able to put a small amount of money into local schemes or events but this is not in the immediate future. Sales promotion is also known as point of sale promotions this is because this is where it happens. The different sorts of sales promotion are: * Buy one get one free - this can also be buy one and get something else free. * Discounts - where products are reduced in an effort to sell more. * Competitions - used to get people interested in the shop and products. * Free gifts - another way to pursued people to buy products. * Product trials - allows people to try the products before they buy. * Point of sale displays - special displays to promote the products and gain customer awareness. For my company, I would expect these to play a major part in the shop. ...read more.

Conclusion

The strength of the self-regulatory system lies in both the independence of the ASA and the support and commitment of the advertising industry, through the Committee of Advertising Practice (CAP), to the standards of the CAP Code, protecting consumers and maintaining the integrity of marketing communications. There were criticisms of advertising before this body was set up 41 years ago. These were as follow: * It may encourage habits and behaviour that are not good for people's health, for example smoking or drinking. It may encourage greed and envy. * It my tempt people to buy things they cannot afford or do not need. * Advertising increases firms' costs and may lead to higher prices. * Firms may be tempted to make false claims for their products or services to mislead the public. The ASA has been set up to meet these criticisms. That is what I think anyways. It is formed and paid for by the advertising industry itself, for the voluntary self-regulations of the industry. It controls all advertising in the UK, except for that on radio and television, or broadcast advertisements in other words, as mentioned above. Advertisements on television are controlled by the Independent Television Commission (ITC). Advertising on commercial radio is controlled by the Radio Authority. Unlike the ASA, both these bodies have been set up by Acts of Parliament. They both have codes of practice for advertising that cover the things that can not be included in programmes. Wais Naeemi 11SJ ...read more.

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