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unit 3 investigating marketing

Extracts from this document...

Introduction

Investigating Marketing 3.1 Identifying Marketing Aims and Objectives Understanding wants and Needs of the customer:- The customer will want the product to be worth their money and be better than the original product. My product will be packet up in a tube shape which is what teenagers mostly by such as Rowntrees fruit pastels and mints or polos The parents will want the sweets for their to taste nice but which don't make the kids hyperactive to this the Haribos will have the artificial colouring and sugar but will still taste as good. Also it will attract the teenagers to buy these Haribos as it will have no fat and low calories as teenagers are all about image and looking good so this will work in my favour as it my product will be fat free. The price will be similar to my competitive but will have more advantages such as no fat, low calories, no gelatine which is prohibited for vegetarian , Muslims etc recyclable packaging so its environmental friendly which would appeal to parents, sugar free so it wont make kids hyper, different range of flavours for various consumers also no artificial colouring so more customers will buy as it better value for money as it has more benefits than the original product also the product will be slightly cheaper than my competitive. This will help me stay ahead in the competition with the other brands as my product will be most profitable with various benefits which many sweets don't include also there are not that many sweets aimed partially at teenagers I am hoping to take the Haribos brand to a whole new level. There will be the ingredients on the Haribos packaging so you know exactly what's in it. The product will be very well known as I will get it sponsored by a famous teens programme. Improving Profitability of the business:- My product will better than the other brands in lots of different ways. ...read more.

Middle

My product has no fat and calories or sugar. My product would be perfect as the government are trying to kids eating healthier as there has been a weight concern for the children in the UK this is the product children as they stay healthier and enjoy the sweets. This product will especially credit Muslims and vegetarian as it has no gelatine but most other sweets contain gelatine such as polos, soft mints, marshmallows etc. Identifying size and dynamic of market:- I will sell in the capital city of England and UK which is London as it is the most populous city in the European Union, with over 7 million residents. London is the world's ninth-largest city. Today, London is a growing city with a population of more than seven million. http://www.statistics.gov.uk/pdfdir/censusLondon.pdf.It has an estimate of 870000 people living there aged between 10-19 years of age http://www.statistics.gov.uk/census2001/pyramids/pages/h.asp . Hopefully 2% of them people will buy it over the next 2 years. . People have come from all parts of the world to live here. They all have different cultural backgrounds; there are a lot of Muslims living in London. My product will be a good seller with Muslims and vegetarians as it has no gelatine which will mainly be kids so I got some facts to show that most Muslims are children under the age of sixteen. "Muslims have the youngest age profile of all the religious groups in Great Britain. About a third of Muslims (34 per cent) were under 16 years of age in 2001" http://www.statistics.gov.uk/cci/nugget.asp?id=955. External sources It has been proven that and benzoate preservative can influence and artificial colourings can influence their hyperactive behaviour which can have a "deleterious effects" which the parents would like to avoid but still letting there children enjoy what they eat as my Haribos dose not have any of those things but is still a product which appeals to teens. ...read more.

Conclusion

As the price goes up, the quantity demand goes up. So the demand curve will rise price will lead to a fall in the quantity demand curve. Some demand curves are different for various products. Some appeal to wealthy people such as 'prestige' perfumes. A low price could put off consumers of perfumes. A low price could put off consumers of such a product, given the link made between a higher price and high quality. This means that the quantity demanded over lower prices may increase as price rises for such product. How my business will use the demand curve My demand curve will useful as it will help me in terms of analysing and planning activities. They will enable my business to:- * Calculating my revenue for any given price change; * If I decide to change the prices of my product it will predict the likely reaction of consumers. * Help me predict the likely impact upon revenue on price of price changes. Calculating revenue;- The reasons for my business being interested in demand curves so it can help me to calculate the revenue that may be earned for a certain price that is charged for Haribos. I can calculate the revenue by using a simple formula. Price x quality demanded = total revenue. so for example Right competitor's price Price sensitivity All businesses are concerned about the sensitivity of the demand for their products to price changes like I am for Haribos. If there is a change in price with Haribos I will want to predict what will happen to the quantity demanded. The sensitivity of quantity demanded to changes in price which is known as price elasticity demand. It can be calculated by using the formula. PED= Percentage change in quantity demanded Percentage change in price To measure how demand for my rival products will react such as rowntrees or complementary goods change. I can calculate it by using the formula. Percentage change in demanded of good X Percentage change in price of good Y Factors effecting price ...read more.

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