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I have been asked to produce a marketing strategy for an existing or new product on the market in the U.K. The strategy will be based on the four P's, Price, Place, Promotion and Product.

Extracts from this document...

Introduction

Contents Page 1 Terms of Reference 2 2 Procedure 2 2.1 Text 2 2.2 Electronics 2 2.3 Organisations 2 2.4 People 2 3 Findings 2 3.1 The Principles of Marketing 3 3.1.1 Understanding customers needs 3 3.1.2 Marketing aims and objectives 3 3.1.2.1 Objectives 4 3.1.3 What marketing has to achieve to be successful 4 3.1.4 Marketing principles related to my product 5 3.2 Primary and Secondary Marketing Information 6 3.2.1 Analysis of research methods 6 3.2.1.1 Implementing market research 7 3.2.1.2 Primary Research Methods 8 3.2.1.3 Secondary Research Methods 11 3.2.2 Secondary Research 12 3.2.2.1 Evaluating Research 14 3.2.3 Primary Research 14 3.2.3.1 Evaluation of Results 21 3.3 Methods of analysing marketing opportunities 21 3.3.1 PESTEL analysis 21 3.3.2 SWOT analysis 24 3.4 Developing marketing strategies 25 3.4.1 Marketing Models 25 3.4.1.1 Ansoff Matrix 25 3.4.1.2 The Product Lifecycle 27 3.4.1.3 Boston Matrix 29 3.5 Creating a strategy that meet customer needs 30 3.6 Marketing Strategy 31 3.6.1 Targets 31 3.6.2 Short Term Goals 31 3.6.3 Long Term Goals 31 3.6.4 The Four P's 31 3.6.4.1 The price part of the 4P's 31 3.6.4.2 The Product part of the four P's 35 3.6.5 Promotions 38 3.6.5.1 Branding 38 3.6.5.2 Advertising 39 3.6.5.2.1 Why do firms advertise? 39 3.6.5.3 The Place part of the four P's 40 4 Conclusion 40 4.1 How is my marketing strategy based upon the principles of marketing 40 4.2 How my market research affected my choice of marketing strategy 41 4.3 How external influences affected my choice of marketing strategy 41 5 Evaluation 41 5.1 How likely is it that my strategy will succeed? 41 1 Terms of Reference I have been asked to produce a marketing strategy for an existing or new product on the market in the U.K. The strategy will be based on the four P's, Price, Place, Promotion and Product. I am going to use primary and secondary research to enhance my report. ...read more.

Middle

Forecasting is relatively easy. For a business to be successful it needs to know about its external environment. It needs to know about: * How the demand is affected by the PESTEL factors * The marketing opportunities that may exist * The impact which it has on the market. PESTEL P is for political factors How the product or organisation is affected by the political environment? Is there a stable political situation? This could be any of the following; * Is there a democratic government? * Is there a national election approaching, this may affect the economy, because governments tend to boost the economy prior to an election. * What political party is in power? * Do they have any strong views which could effect the business Political factors that would effect my product are the taxes. Petrol is considered a demerit good by the government, the particular Mercedes that I am looking at has a range of engines which are all large and are not particularly fuel efficient. The tax on fuel is ever increasing, this may have an effect on the demand of my product, as people may be becoming more concerned about the cost of maintaining the car. The chancellor has recently established a new law which declares that there is tax on the CO2 emissions of cars. As I have previously stated Mercedes have large engines which do not have particularly good CO2 emissions. The demand for my product could be affected by this tax. E is for economy Changes in the economy effect both consumers and business. The impact will vary for example a rise in the price in petrol will tend hit old people the hardest, where a rise in interest rates tends to affect people with large mortgages. Economic influences and consumer spending; * Retail prices rise when income rises. * Retail prices rise when population rises. ...read more.

Conclusion

If my marketing strategy is successful then it should be a while before sales decrease to C. The Boston matrix shows that the market share of my product is low. This could mean that one of the four Ps are not correct. I have altered the promotion of the product. This will increase the demand for my car. This may take sales from competing companies and my market share will grow and my product will move across to the star section. To ensure that my product increases its market share I targeted BMW drivers through advertising. Adverts for my products will be shown before the ITV news at six o clock. This is targeting BMW drivers as through my market research I found results from a general household survey that say that the average BMW driver watches the six o clock news on channel three and also read the Times. I have targeted these people. This will reduce the sales of BMW and will increase Mercedes market share. My product has adopted the position on the Ansoff Matrix, shown below in the diagram. I have chosen to use a strategy in the penetration section. Strategies in this section are relatively safe as if it the marketing strategy fails the product is already in an existing product in an existing market. My market strategy is likely to work as long as my research is accurate. But there may be some issues about my research not being valid. As my survey only had a small sample size, the results of it may not be very accurate. So if you take that into account the chances of my marketing strategy being successful is very small. Mercedes would be very unlikely to take on my marketing strategy Existing Markets Penetration Product Expansion New Market Expansion Diversification Existing Products New I have penetrated the market using a promotion technique. I will successfully do this, because as more and more people become aware of the environmental issues they will find that the only luxury car that is still good for the environment. UNIT 3 - Orlando Baker - 12B/BS ...read more.

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