P6- Develop a coherent marketing mix for new product or service
M3- develop a coherent marketing mix that is targeted at defined group potential of customers
In this report there will be information which shows the coherent marketing mix for a new product and also the coherent marketing mix that will be targeted at the potential groups of customers
Marketing a mix is a process in which if the get all product, price, place and promotion right they are highly likely to succeed
A product can be either a an item or service that has been manufactured or provided in order for sale or to make customers use their services, an example this is Tesco PLC as they have produced both product and service which are technika and Tesco PLC banking
The product is a strawberry cake under the Mcvitie Jaffa cake brand. It is very similar to Jaffa cakes but instead of the orange jelly there will be rose Turkish delight and instead of the chocolate it will be strawberries, the product will be called flappa cake. This is a marketing strategy of developed development because it is a Jaffa cake styled product but the product inside has been changed.
Other marketing strategies they are going to use are product development because it is the mc vities Jaffa cake but it has just been developed into a different flavour.
The size of the flappa cake will be 2.5 inch in diameters and will be presented in a circular form like a biscuit. The packaging will be similar to the original packaging but with a red text opposed to the orange text
The product features are:
Price (Pricing strategies)
Premium pricing is the practice of keeping the price of a product or service artificially high in order to encourage favourable perceptions among buyers
Penetration pricing is the pricing technique of setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers. The strategy works on the expectation that customers will switch to the new brand because of the lower price.
A which a to selected . Economy pricing is widely used in the retail for groceries such as canned and frozen sold under food where and have been kept to a minimum.
Price skimming is a pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time