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marketing mix

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Introduction

Marketing mix & 4P's The 4 P's are product, price, place and promotion, which are: Product, price, place, promotion Product- These are some of the things that make a product. Market or product driven: Market driven firms will use a market research to find out what people want and then make the product. These products are usually useful. Product driven products are new products that re made or invented and tried to be sold. This often means they make something no one likes. Detail of the product: The design must be fit for its purpose. The product name must be attractive. Firms usually build up a brand name, this usually makes their product different from others in the same market and can help to build up customer loyalty. Product life cycle: There are five different stages of a product in terms of production, but this can vary for example the life of most lorries may be 10years where are the life of a MP3 player may be only a few months. ...read more.

Middle

Price discrimination: This is where firms charge different prices to different consumers on the same product or service. This is found in many of the transport fares. Competitions pricing: This is where the firm has to charge similar prices to other firms. It happens because there are lots of choices but not much variation in the products. Cost plus pricing: This is where firms charge an extra percentage on the cost of making the product. Place- This is where the product is sold. Distribution channel which can be direct or indirect. Manufacturer - Wholesaler - Consumer This happens when consumers buy the product from the warehouse. It's good for the manufacturer because they get bulk orders and the wholesaler takes on the cost of storing the products and the risk of not selling them. The consumer usually benefits from lower prices than buying it from the retailer. Manufacturer - Wholesaler - Retailer - Consumer This is the traditional route of selling a product. ...read more.

Conclusion

Price- I am going to charge my customers a standard price no matter the time of year however I can only run my business during the summer season. The pricing strategy I am going to use is Competitors pricing because I will have to charge my customers the same price they are paying for the same service. Promotion- I am going to inform the local leisure centre because my business is a health and sport related business and people go to the leisure centre to get more information on sport in the local area. In the local leisure centre I am going to print out leaflets that people can read. Place- I am going to rent two tennis courts to accommodate my customers in the local tennis courts because they are the only tennis courts available other than school tennis courts. The distribution channel I will be using is going to be Manufacturer-Customer because my service is direct to the customer as I am teaching the customer to do something. ...read more.

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