Unit 3 P6 Develop a coherent marketing mix for new product or service
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 Introduction: 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 mix- Marketing a mix is a process in which if the get all product, price, place and promotion right they are highly likely to succeed Product: 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
marketing mix
Marketing mix & 4P's The 4 P's are product, price, place and promotion, which are: Product, price, place, promotion Product- These are some of the things that make a product. Market or product driven: Market driven firms will use a market research to find out what people want and then make the product. These products are usually useful. Product driven products are new products that re made or invented and tried to be sold. This often means they make something no one likes. Detail of the product: The design must be fit for its purpose. The product name must be attractive. Firms usually build up a brand name, this usually makes their product different from others in the same market and can help to build up customer loyalty. Product life cycle: There are five different stages of a product in terms of production, but this can vary for example the life of most lorries may be 10years where are the life of a MP3 player may be only a few months. These are the five stages: . Development is where the product ideas are brought together. This stage involves market research. 2. This is the launch stage, this is the stage were the product is first put on sale. This stage usually backs up with lots of advertising and promotion. 3. This is the growth stage, this is the stage where the sales and profitability gradually increases until the product becomes well established. This
Marketing mix - Poppets.
Contents . Introduction 2. Questionnaire 3. How I did Questionnaire 4. Shop survey 5. Methodology 6. Application of marketing mix 7. Product 8. Price 9. Place 0. Promotion 1. Packaging 2. Analysis of Poppets national questionnaire 3. Questionnaire Results 4. Recommendations Poppets Questionnaire Are you male or female? Male Female How old are you? 0-12 13-16 17-25 10- 26-40 40+ Do you eat sweets? Yes No How often do you eat Poppets? Daily Weekly Monthly Less then once a month What flavours do you eat? Mint Toffee Hazelnut other How often do you buy them? Daily Weekly Monthly Other Where do you buy your sweets? Asda Tesco Co-op Post office Newsagents School Leisure Centre Other How much are you willing to spend? 0-10p 10-20p 20-30p 30-40p 40-50p 50-60p 60-70p 70p+ How often do you see Poppets Adverts? Daily Weekly Monthly Never seen one Poppets Questionnaire (page2) Rate Poppets out of 10 1 b 2 3 4 5 6 7 8 9 1 10 Where do you live? Stowmarket Needham Market Haughley S Stowupland Ipswich Where do you notice adverts most? TV Cinema Newsagents Bill
Marketing Mix Cadbury's
Marketing mix A business must have a product which customers want to buy and it must be sold in a place which the target audience will use. In addition to this, the price of the product must be acceptable to the customer, if customers are to be attracted to the product, the business must undertake some promotion. This way of looking at marketing is known as the marketing mix, Made up from the 4 P's; Product, Place, Price, and Promotion. It is called a mix because the 4P's have to be mixed correctly for the product to be successful Product Product life cycle All products have a time-span over which customers will want them, This is called the product life cycle. As you can see there are 5 main stages to a product life cycle: Development Introduction Growth Maturity Decline Introduction The introduction is where the product is launched or first put on sale. Before this a business may conduct market research and invest money developing the product. When the product is launched a business may advertise it in a number of ways to help it get off to a successful start. Growth This is the second stage, where the sales show the most rapid growth. Advertising and other promotion support change slightly as the product will generally known to consumers. The product is still new and will be in great demand Maturity This is the next stage in which sales are
P6: Develop a coherent marketing mix for a new product or service - the iPhone
Task 9 P6: Develop a coherent marketing mix for a new product or service Marketing mix The marketing mix provides a good example and path for business that are developing marketing plans. The marketing mix is made up of four parts which can also be called the four Ps, these are * Products * Price * Place and * Production Product A product can be anything that is used to satisfy the needs of a Market. A product can be anything ranging from goods, information, ideas or even organisations. In other word is the mixture of services and goods that businesses offer to their target customers. Price The price is very important as it determines the company's profit and hence and survival. Also it’s the amount the customer pays for the product. Place The place is where the products will be delivered to supermarkets and then they will sell it. The places sometimes are the big four supermarkets. Promotions Promotion is something such as: advertising, public relations, sales organisation and sales promotion. Businesses do promotions for the company so more people can see and it can attract more customers to their businesses Objectives of developing mix Support brand building Support brand building is one of the reasons why t is good to use is because it allows a new product to enter the market which can help increase the existing brands reputation and image.
marketing mix
Task 2 - Marketing plan Business name: Buzz Palace Legal status: Sole trader - A sole trader is a business that is owned by one person. The business will employ several workers but it is owned by one person. This is the most common form of business. An example of this would be a newsagent or a self employed plumber. Marketing strategy is the plan of action for any product or service, this is all based on the research that I have done to achieve my objectives. Marketing strategies are based on goals and objectives. The marketing strategy of a business is the method by which it intends to achieve its objectives. The first stage is setting marketing objectives, this is basically setting deadlines and targets to allow the company to measure the companies achievements. The second stage is specifying the core marketing strategy, this involves targeting certain markets. The third is the implementation of tactics to achieve the main strategy. All companies set themselves objectives, objectives are put together to give a business some direction into where there business is heading. It is also a way of showing success in terms of achievements and it also sets a bench mark of expected achievements and success. If a company is unable to meets its objectives within or around the time limit it is likely to be branded a failure because of its inability to meet expectations. So it is
Life Cycle of a Product
life cycle of a product introduction At this stage, the product is designed, manufactured and brought into the market. The product's initial sales will be slow until the company builds an awareness of the product to potential customers, and this is when the introduction stage closes. In an example of a book, the introduction stage will involve creating, editing and publishing the book, and printing the books initial orders to be sent to book shops. growth At this stage, after completing the introduction phase, the product will begin to come into its own in the market scene. This is the peak time for profit to be made, because as the demand increases, the production increases which therefore leads to lower cost per unit. Advertising campaigns are usually introduced around this time, attracting new and/or wider target markets. Every company wants this stage of a product's life as long as possible. In the example of a book, this is the stage where news has spread about the novel, and copies are beginning to sell at an increasingly fast pace. The book at this point may win awards or be reviewed which should spark interest further. maturity At the maturity stage, sales growth has reached its peak and started to slow and is approaching the point where the inevitable decline will begin. Competitors may begin to have the advantage forcing the company to lower prices,
Marketing mix
Marketing mix Product The product is the most important aspect of the marketing mix. The product can be a service or even a holiday destination. Products have both tangible and intangible benefits. Tangible benefits include benefits, which can be measured such as the top speed of a car. Intangible benefits are benefits that cannot be measured such as the enjoyment the customer will get from the product. It is important that the product is changed as necessary to bring it up to date and prevent it from being overtaken by competitors. I'm going to selling a travel service using air travel. It will be a low cost airline that will fly from a variety of different airports in the UK notably in the north where no low cost airline is available, and to a range of different European destinations. I will be offering customers the lowest prices as well as complete customer satisfaction. Hopefully I will be able to compete with the current cutthroat competition in today's airline industry. The research I acquired from various sources helped me to learn hat customers actually want which is basically hassle-free cheap and quick travel. I also learnt essential tips about starting up an airline, for example the biggest mistake airlines could make when starting an airline service is over ordering too many aircrafts. I will aim to position my product in the minds of the customers by
BMW's Marketing Mix.
Introduction to Marketing P6 Marketing Mix The marketing mix is used by businesses as a tool in marketing. It is often used when determining the products or services brand. It usually consists of the four Ps; they are Price, Product, Promotion and Place. Below is an example of what is included in each of the 4 P’s and how it helps BMW in selling its Products to the consumer: BMW is one of the leading manufactures in high-quality automobiles that are available in a variety of designs and styles. BMW offers it customers a range of different automobiles from small to large cars, SUVs, convertibles and motorcycles. Their sleek design and sporty appearance of all BMW vehicles has allowed the brand to build an excellent reputation for itself in the luxury car industry and to give itself the slogan “The Ultimate Driving Machine.” Create a Marketing Mix for the chosen BMW vehicles by mainly focusing on the one series as this is a vehicle that BMW have newly introduced in the market to increase market share and to compete with rivals such as VW and Ford in the hatchback market. Mainly focusing on the Price, Product, Place and Promotion of BMW Products. Price Price is the amount that the customer is willing to pay for a given product or service and this is important as it determines the company’s profit and survival in the market. The price of BMW’s one Series is
Explain the marketing mix and the reasoning behind the marketing mix for your chosen product or service.
Section 2: By referring to appropriate theory, explain the marketing mix and the reasoning behind the marketing mix for your chosen product or service. The Marketing Mix in the fundamentals that company's for a means of successful sales. The Marketing Mix consists of four elements, these are known as the four P's, Product, Price, Place and Promotion. If companies use the four P's effectively and stick to their criteria the success of the sales of their product will prevail. In most cases Product is the main ingredient in creating the successful product, a poor level of product will not grasp the market even if there is lots of excellent marketing. Product in view of Derby County would include their unique selling point as well as branding quality. For Derby County the unique selling point would be using the brand name and sponsor as a technique for the process of exploiting the fans, as they will be more appealed to buy their replica shirt. But also the club also exploits the fact that there will always be a percentage of devoted and hardened fan base who are brand loyal to buying the shirt of their football team purely for the intangible benefits. This is proved in the questionnaire (appendix) where 50% of season ticket holders said they were prepared to buy a new shirt each time a new one was released. By having the shirts made by a highly recognised make and company
