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GCSE: Marketing and Markets
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What is the 'marketing mix'?
- 1 Businesses use the marketing mix to reach more customers. A common mistake of students is to concentrate on just one aspect of the mix (usually product or promotion) rather than realising that businesses use all four parts of it to meet the needs of its target market.
- 2 Product is every aspect of the product itself. This includes its features, appearance, design and the product range. Many businesses will look for a USP (unique selling point) which makes it different to its rivals. The product must be aimed at a particular target market and a business will need to decide this in advance.
- 3 Price is the amount that it charges customers. There are several strategies that can be adopted here e.g. competitive pricing (basing your price on competitor’s prices), cost plus pricing (adding a mark up to the cost of producing the product), penetration pricing (low price to encourage trial). The price should relate to the product i.e. high quality and high price.
- 4 Place is where customers can buy the product and how it gets there. This can include supermarkets, boutique stores, online only etc.
- 5 Promotion includes all the ways that the customer finds out about the product. A common mistake for students is to think it is only advertising but promotion might also include money off vouchers, sponsorship, public relations. Another common mistake is to not relate the promotion to the product. A small business is not going to advertise on TV.
Firstly I will examine the start-up costs necessary for the arcade and also the sources to finance these costs. I will then create balance sheets and study the profitability of the business through methods such as cash flow forecasting and a profit and loss account among other methods. In the final section I intend to evaluate the work I will have carried out during the project. My primary purpose of the investigation is to prove that an arcade is feasible for the area and could be managed profitably on a daily basis. MARKETING OBJECTIVES My main overall long-term goal of the business is to become profitable on a day to day basis.
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The focus group consisted of the following people: * 1 Male in 18+ age range * 2 Females in 18+ age range * 1 Male in 15-18 age range Details of opinions, which were obtained from this focus group, are included in the sections relevant to the information obtained. Secondary data was obtained primarily from research into the Poppets advertising schemes. Television advertisements for the Poppets range of products were viewed, and the web site was visited and downloaded. Looking at the promotion of Poppets was my main method for finding out their sales strategy, as the advertising the company employs shows clearly their target audience.
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This is quite a broad framework of the retail marketing mix but is good in that it summarises the collective aspects of the mix under three main headings. These three main headings can be further broken down into the nine different elements of the retail marketing mix. The nine different elements of the retail marketing mix are: * Product Characteristics * Price Considerations * Customer Service * Store Location * Facilities * Customer Communication * Institutional Profile/Image * Design * Instore Ambience Walters & White (1987:64).
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