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The marketing mix

Extracts from this document...

Introduction

THE FOUR P'S The 4 P's in Marketing The four P's in marketing are Product, Price, Promotion and Place (Distribution). Marketing mix The marketing mix provides us with a useful way of looking at the marketing of products. Businesses will need to create a successful mix including the right product or service, to sell it in the right place, at the right price and using the most suitable form of promotion. All successful businesses follow the four P's format and Converse is a good example of a company that successfully uses this marketing strategy. We already know that the simple mix is often referred to as the four P's of product, promotion, price and place. This is a very easy way of looking at what has become a very difficult business environment and has at times been felt too simplistic and restrictive in terms of the real mix and what should be the fullness of our understanding. In recent times, therefore, it has been expanded to include three more P's with the additional elements of people, provision of customer service and process management. People People have been known as the greatest advantage of a modern business. The main thing is that everybody who works for my business is a customer, either the internal or external customers. Both sets of customers expect to be supplied with the service they need if it's on time or specified. This principle holds well for everyone in the company, whatever their level of skill and experience, whether what they do is answer a telephone or mastermind a key new project. It works to everyone's benefit. In doing so it provides the individual with genuine responsibility and scope for initiative and it guarantees that my businesses performance will be much better Provision of customer service The Customer service has become very important in a swiftly changing market place. It has been linked more with the centre product. ...read more.

Middle

Physical distribution must balance the need for customer service against the need to minimise cost. To maximise customer service I may need a lot of warehouse and stock space, the efficient staffs and rapid transport mechanisms. To minimise my costs I will need to lower my stock levels, I need to limit my storage space, have fewer staff and slower the transport. Having a physical distribution system involves me trading off costs against service like inputs against outputs. My inputs will include the distribution costs like freight costs, inventory costs and warehousing costs. The physical distribution system which I am going to select has to depend on how big my businesses market is and how big my business is. If I want to maximise my customer service then I will have the biggest inventory costs because I will have to be able to hold stock. I will have to think about where and how much I will need to order. Another big decision to make is where I will put my warehouses, I have decided that it should be near the country side because then the Lorries can get in and out of the warehouses with no problem because there aren't a lot of cars about or traffic. They should also be near a port and an airport so when my products are flown here or shipped here it will be easy to get them. I will also need to take into mind the load size. Should I take the whole thing at once or break them down for smaller units for delivery???. I probably think the best thing to do is to take it all at once because then delivery will be much faster and so easier. It is important for me to develop a very good and efficient information processing and involving system which will help with communications. This will help me to communicate better with my manufacturers. I am going to use telemarketing to sell some of my designs on trainers. ...read more.

Conclusion

Legislation & Regulation There are two main laws that can affect the consumers and the business, they are the consumer protection act 1987 and the trade description act 1968. The Consumer Protection Act 1987 makes it a criminal offence to sell harmful or defective goods. This act creates strict liability for damage or injury caused by defective products. A defective product is one where the safety of it that people are generally entitled to expect. Under the current law it is not necessary to prove negligence and the Act is another remedy for justice in addition to actions for negligence. The Act covers almost all goods and components or raw materials and legal action can be taken against the producer of the product which includes the manufacturer, abstracter. The Trade Descriptions Act 1968 is an Act of the Parliament of the United Kingdom which prevents manufacturers, retailers or service industry providers from misleading consumers as to what they are spending their money on. Competition I think that the biggest external factor of affecting a business is competition. This is because if there is heavy opposition against your company, obviously the company that has been running the longest would already have gained most of the market share and this could mean closure of your company before it has even taken off due to the fact that you cannot compete with your rival and barely any chance of reaching the break-even target. T Consumers The eternal aim of your company is to provide a service to the customers, if this is not done then the customers will take their business opportunities elsewhere such as a rival or an online company. The company faces losses if the customer base slowly decreases and virtually left with none and be forced to close the business and if you have debts you might get a call from the bailiffs and if nothing is handed over you could possible get a criminal record on your name. ?? ?? ?? ?? ...read more.

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