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business coursework

Extracts from this document...

Introduction

Business Coursework Market Planning The product I intend on marketing is a magazine. The name of the magazine is Cosmogirl, and I have chosen this particular product as it clearly applies to two market segments. A market segment is a type of genre which divides the whole market. Examples of different market segments can be seen in the publishing industry, as broadsheet newspapers target business people in Class 2 of the socio-economic segment, whereas a magazine called 'The Oldie' is directed towards the older generation, and therefore fits into the gender segment. The two main segments that Cosmogirl magazine applies to are:- AGE - this is because the magazine deals with issues concerning teenage girls, aged 12-19. GENDER - this is because the magazine is aimed at teenage girls as it concentrates on issues that would interest girls. For example, music, love stories and the latest fashion trends. I chose this magazine because I believe it is in stage 3 of the Product Life Cycle, which means that it has reached the mature part of its shelf life and I think by marketing, sales can be maximised. This would mean that instead of achieving a 'normal' product life cycle (which is ultimately when the business declines), it would create an 'extended' product life cycle. A 'normal' product life cycle is one which is experienced by most products, although it is something that can lead a business to die, and is therefore avoided as much as possible. An 'extended' product life cycle is one which is very profitable for the product. This cycle consists of introducing new ranges or promotions to try and increase sales, thus stopping it from going into decline like the 'normal' cycle. Both are shown below, to indicate the two paths that Cosmogirl could take. Although there is no gap in the market for teenage magazines, I believe that Cosmogirl is a profitable product and so could increase sales by extensive marketing. ...read more.

Middle

This would put more pressure on Cosmogirl to compete and lower their prices. In the long run, this could lead to both magazines concentrating on a lower price, meaning that the quality of their magazine may decrease, turning away consumers. Therefore I think it is not the best option to choose a competitor based price. Also, I believe that because Cosmogirl is being remarketed it should use the method of promotional pricing which is basically like an introductory offer that will encourage the consumer to purchase the magazine. Cosmogirl's first remarketed edition could be sold for half the original selling price i.e. �1. Although this may not maximise profits straightaway, I believe that it will give the product more viewing and encourage many more teenage girls to buy the magazine. I also think that a promotional price would encourage new consumers to experience Cosmogirl and therefore introduce more girls to the magazine. The advantage to using this method of pricing is that there could be more awareness about the magazine, increasing the number of customers however a disadvantage is that the company could lose profit because of the low price and it is not certain that after the introductory offer finishes the customers will still continue to buy the magazine. This depends on their own personal response to the magazine's content and style. As the company will be losing money during the introductory offer, it is important to select a relatively short time span to carry out the offer. I believe it would be good to carry out the promotional offer for the first remarketed edition of Cosmogirl, as the magazine is out every three weeks. I think this would be an appropriate amount of time to leave the offer for, and would limit the amount of profit lost by the Cosmogirl. Other methods such as creaming and price discrimination cannot be used to price this product as they involve a totally new product. ...read more.

Conclusion

Evaluation I found this coursework useful in many ways. It gave me a chance to study, in depth, the effect that the marketing mix has on the success of a product, in my case Cosmogirl magazine. The benefit of doing this coursework is the fact that I had to carry out many different methods of research, which actually helped improve my researching skills. The fact that I used many different forms of research meant that I gathered a lot of information and data. This meant that I had to be very critical and try and select the most relevant data that would help in my coursework. Personally, I have learnt that it takes a lot of time and thinking into marketing a product. It is not just the advertising that is important, which is what I used to think before. I have realised that every bit of the product needs to be researched and customer views need to be listened to, so that the product can reach its maximum goal of high consumer sales, which lead to a high revenue. One drawback of doing this coursework was that some of my results form my questionnaire were not reliable enough, therefore I could not rely on them as much. In order to try and get as accurate results as possible I believe that next time I would need to decide on a much larger sample size and a stratified sample which would represent teenage girls of all ages. As I have acknowledged this point throughout my coursework I believe I have now realised that it is vitally important to get reliable results in order to make justifiable decisions, that I could support using my results. Sources of evidence Below is a list of all the evidence used in my coursework:- 1. www.cosmogirl.co.uk 2. www.amazon.co.uk 3. Results from questionnaire (graphs) 4. Results from shop survey 5. Information provided by the Cosmogirl company 6. October issue of Cosmogirl 7. www.natmags.com 8. My own knowledge Appendix (a collection of research that was not used in my coursework) is shown on the next few pages==> Kajal Bhalsod 11N ...read more.

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