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Conclusions

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Introduction

Having collected all my data and research I have come to several conclusions about my product and how to successfully market it. These conclusions will be vital, as they will enable me to gather a clearer picture of the correct ways to achieve my aims. I will state the details of my product and how I shall market it, examining the marketing mix; the four Ps (Product, Price, Promotion and Place). Basically I will endeavour to use all the results from the research, both primary and secondary to make decisions on the details of my product and how to market it. Product I will integrate the most popular elements of each potato snack design in order to achieve an accomplished, successful finished product. Therefore, the details of my final product are largely based around the results and analysis of my consumer survey. The product name may seem like a basic thing to research, but this is in fact often the most crucial detail, as people often judge a product by its name. If people are going to be talking about the product (as the most successful form of advertising is by word of mouth) then the name needs to be memorable, suitable and appealing to any possible consumers. ...read more.

Middle

When it comes down to it, consumerism is based around money and getting value for money. Price is nearly always considered when a product is purchased and is often the deciding factor. Products are bought or not bought depending largely on price. The main consumers are looking for in price is a reasonable price. For example, consumers are not going to pay �5.00 for a packet of crisps they can buy for 50p at other shops. As crisp snacks are essentially a low-order good, meaning they are available at most food stores. Therefore the objective is to sell large numbers at low prices, rather than low numbers at high prices. Crisps are readily available, a low order good, and this should be reflected in pricing I have chosen the price of 40p, as although the average desired price from the consumer survey for a 50g bag was 44p, I feel that this is an awkward amount of money and rather than rounding to 40p, I will start out with a lower price as this product needs to develop a market, and should do so with a low price originally to attract this market. This pricing is arguably market-led, but I have a long-term goal that I can use penetrative pricing so if a large section of the market is reached then I can raise the price up to 10p to increase profit margins. ...read more.

Conclusion

Place Place is also an integral factor when considering how to market my corn snack. I will need to establish a chain of production, with primary, secondary and tertiary connections all crucial. I will need to secure the premises to manufacture the product, as well as a primary resource that actually grow the corn, for example a farm. This farm will most likely be abroad, as labour is cheaper abroad, so production costs are produced. From statistics comparing British arable farming with Central American arable farming I was able to find out that more corn and better quality corn is often produced abroad, so my product can meet the quality of other products released by competitors. From the secondary sector we will need a factory, where the manufacturing, flavouring and packaging will be taken care of. The product will then be distributed in vans and lorries (which can also be a method of promotion) to the tertiary side of the chain of production. I will mainly distribute to supermarkets and newsagents, as these were the most popular places to buy crisps according to my consumer survey. I will start off selling the product in these locations, before in the future looking for expansion into cinemas, restaurants, ice-cream parlours, pubs or basically anywhere other crisp snacks are available. I will establish a chain of production, from primary to secondary to tertiary stages ?? ?? ?? ?? Business Studies Coursework ...read more.

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