The elements of the marketing mix

For this new company there is many different ways the company can market its self and its products. This can be shown when you look at the elements of the marketing mix, these are;

Product,
Price,
Place,
Promotion.

All three of these will affect the ways the companies marketing strategy works.

Product

There are choices to be made for each. Firstly "Product"

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 sold in the shop will manly be of an existing brand name so this mean that the stock they hold will already have desirability. These existing brands such as "Quicksilver" will there for have there own advertising which will mean that the business will have advertising for the clothes they sell but not the shop its self.

Price

Pricing strategy's can play a large part in the business as through this the company can create desirability about its products or its self. 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.
"One off pricing," is where each product is at a different price this is usually use where job production ...

This is a preview of the whole essay

Price

"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.
"One off pricing," is where each product is at a different price this is usually use where job production is in process, not relevant to this company.
"Cost-plus pricing," is where the price of the products is calculated by working out the cost of the services and then either adding a flat rate amount or a percentage increase.

As the company has set up in an area in which there is computation form similar shops an larger retailers, the only option is to use market led pricing this is because the market is already established and so a radical new scheme would end in a loss of profit. What also adds to this is the fact that the products already exist in other shops as they are branded clothes made by manufactures so the pricing has to conform with other shops as the customers would go and purchase their goods at another out let.

Place

The factor of Place is not on such a large scale, the outlet is the shop and although products may be offered by post most of the transactions will take place at the shop. However the shop must be in a position in which to offer its services well and easily accessed by the customers. For example there must be plenty of car parking near by so that the customers can easily access the shop, it should be available to as many customers as possible.

Promotion

Promotion the fourth element and refers to how the potential customers are made aware for the product and or products. Before the promotion campaign firstly the company must find out who its customers are and whom they are aiming their products at. This would be found out through out throw the use of market research which will not only tell you the market you are looking at but also it gives you a change to develop the product more. Knowing that the market for

Your company is between the age ranges of 14 to about 25 and is mainly based at male with a small female market.

The techniques for promotion is based under five different headings, these are;