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The four ps

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Introduction

The Four P's All businesses use four main marketing tools to influence consumers decisions on buying. They are Product (the range of products being offered), Price (methods on pricing), Place (the opportunity of any one of the companies retail store in the UK) and Promotion (advertising and builing the image of the company). To achieve this the company; Sell at the right PRICE Offer the right PRODUCT At the right PLACE Using the best way of PROMOTION Price- NEXT would look at prices of the same items that are being sold in other competitor's stores and compare it to their own prices. This is to see whether they would be charging too much for a certain product. This is important because if a customer decides to compare prices, the customer would obviously go for the company that sells the specific good at the lowest price. In terms of price many costs have to be taken into account such as the fixed costs and variable costs. Also the compant have to look at the price of importing and the cost of advertising the name of the company, to boost its customer base around the UK. Pricing has a range of factors such as competition and special offers. ...read more.

Middle

Formal trousers NEXT - �17.99 Marks & Spencer - �20.00 Burton - �21.99 3. Blazers NEXT - �39.99 - �54.99 Marks & Spencer - �40.00 - �60.00 Burton - �49.99 - �69.99 4. Jumpers NEXT - �19.99 - �29.99 Marks & Spencer - �22.00 Burton - �29.99 5. Shirt NEXT - �14.99 - �29.99 Marks & Spencer - �20.00 - �30.00 Burton - �24.99 - �34.99 6. Tie NEXT - �12.99 - �19.99 Marks & Spencer - �14.00 - �20.00 Burton - �14.99 - �24.99 7. Scarf NEXT - �5.99 Marks & Spencer - �8.00 Burton - �7.99 As you can see from the eight random products chosen from the three rival companies of NEXT. NEXT have been proven to provide their products at a competitive price compared with their retailing rivals. Place- This is where they will sell their products, because if you set up your business in a remote area, which nobody has ever heard of, you are not as likely to get any customers as to if it was a busy, commercial area. The place that I am focussing on is in the heart of the West End also known as Central London. NEXT sell their products outside of the UK as well. ...read more.

Conclusion

Primary data This is obtained from research such as questionnaires and interviews, and is intended to answer a specific question for instance how large the market is for the particular product. It is important because the data that is collected by yourself would have meaning to you. If the data was secondary (existing data) then when you start to analyse it you would not have a clue on where to start as the information that you might require might not even exist and going through the secondary data will surely cost you valuable time. The advantages of primary research data gathered; * Up to date * Accurate * Reliably The disadvantages of primary research data gathered; * Rather expansive * Not easily gained * Time consuming Secondary data This is information that has not been collected for a specific purpose but may help to answer a number of questions. It includes such sources as government statistics and trade publications. As all my relevant company data was obtained from my own research I decided to add some old previously used data to aid me in my investigation on how to improve the company and what is needed to run it successfully. The advantages of secondary research data gathered; * Inexpensive * Immediately available * Less time consuming The disadvantages of secondary research data gathered; * May not be of any use * Out dated * Unreliable ...read more.

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