Evaluating the Marketing Mix
In addition to the results of my market research and after analysing the marketing mix and thus coming up with a target audience I wish to reach, I will now describe how external and internal constraints can affect my choices made in business. I will be required to research laws and restrictions to do with my product before I am legally allowed to launch it. For every business hoping to launch a new product, this is the process they must go through to ensure everything is done properly before the product actually reaches the market. Also, many other factors in the economy and business world may affect the price, promotion or the place of your product, therefore it is essential that I am fully prepared for any constraints that may come up during the launch and life cycle of my slick football boot. The main constraints that will occur and I will later explain are: Costs, Political and Economic Factors, Legal Factors, Environmental Factors.
Before, I go into depth about how the above constraints could affect my business I will roughly outline my marketing mix results:
This uses penetration and psychological pricing strategies to help me establish a place in the football boot market. Personally, I feel I have picked the correct strategy for the situation I am in, but do understand that if costs of production do increase I may have to charge more.
Promotion: Magazines and Sponsorship
I feel these methods of promotion will be very effective for the setting up of my business. However could be very costly, therefore again cost constraints could again affect my business. This could lead to me changing my methods of promotion; however I feel this is unlikely. Also, advertising regulation may again affect how I set up and display my adverts.
Place: JJB sports & Soccer World
These are the two market leading sports shops in the UK; therefore my choice was easy in deciding where to sell my football boots. I still think they are suitable retail shops to sell my boot as they have such a wide range or products available. I will have to consider packaging regulation before letting the product into the market.
Product: Slick football boot.
Having deciding the product a while ago, I still feel there is a sufficient gap in the market for it therefore I will still attempt to sell the product. I will have to look up laws and regulations to ensure my product is ready to launch into the market.