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Business Studies Coursework (Marketing selection)

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Introduction

Marketing Section The element of the marketing mix that I am going to address will be the pricing element. This is because I believe that the price of a chocolate bar is the most important factor to take under consideration whilst trying to sell a chocolate bar. Range of Pricing Strategies The 12 important factors of pricing: Premium Pricing: Use a high price where there is uniqueness about the product or service. This approach is used where a substantial competitive advantage exists. Penetration Pricing: The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased. Economy Pricing: This is a no frills low price. The cost of marketing and manufacture are kept at a minimum. Supermarkets often have economy brands for soups, spaghetti, etc. Price Skimming: Charge a high price because you have a substantial competitive advantage. ...read more.

Middle

Optional 'extras' increase the overall price of the product or service. Captive Product Pricing: Where products have complements, companies will charge a premium price where the consumer is captured. Product Bundle Pricing: Here sellers combine several products in the same package. This also serves to move old stock Promotional Pricing: Pricing to promote a product is a very common application. There are many examples of promotional pricing including approaches such as BOGOF (Buy One Get One Free). Geographical Pricing: Geographical pricing is evident where there are variations in price in different parts of the world. Value Pricing: This approach is used where external factors such as recession or increased competition force companies to provide 'value' products and services to retain sales. Marketing Plan Place - I intend to sell most of my products at small shops because my primary research showed results that people mostly buy their chocolate bars from small shops. ...read more.

Conclusion

So I have cleverly priced my chocolate bar just above the expected price, this also gives out the idea that my chocolate is better quality than other brands, by doing this I can expect more profit. Product - My final product is going to be a caramel and nut chocolate bar which is going to be packed in foil. This is because looking at my survey about chocolate I have found out that most people like caramel in their chocolate whilst others like nuts, so I have mixed the two together and have decided to have a nut and caramel chocolate bar. From my research I also found out that foil and keeps chocolate fresh and looks good as well, also from my survey I have found out most people would prefer to have their chocolate bar packaged in foil. So this is why I have produced a caramel and nut chocolate bar which is packaged in foil. Hubaab Aslam Business Studies Coursework ...read more.

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