Action: Customers have made their decision, they will make action, whether they will buy from us, from competitors or customers will not buy the product.
Satisfaction: Customers have purchased our product. If the customers are satisfied with our services, they will come back. It is very important that customers are happy with our services, to make customers return we will try to have an excellent customer’ services and we will introduce next time vouchers.
USP (unique selling point)
We aim to see customers return, so we offer many benefits to customers if they buy over certain price.
Segmentation
Segmentation happens when a business decides to focus on a specific group of clients; they have divided the market into different groups of customers (Age, income, gender.). For example brand like Hermes, their segmentation are rich people and channel like CBBC, their target market are young children. For our company, we have decided that our market segmentation will be gender (Men).
Target Market
Target markets are customers, who are more likely to buy our product. For example a nail salon; they are more likely to target women. Our company name is Blue Harpour; we are specialized in clothing and accessories. We sell T-shirt, suits, shoes, belts, socks, shorts, jumper, sports clothes and many others product. We have decided that our target market will be men; we are targeting men, who are between 15 and 40 years, who like to dress well, from any background and from any location. Our product are affordable for professional people, we have high prices. Identify our target market will allow to attract more easily our specific customers and target customers would find us easier.
Marketing Mix (4p’s)
Product
Product; what will sell to a customers, we have decide to sell clothes and accessories for men. We sell T-shirt, suits, shoes, belts, socks, shorts, jumper, sports clothes, cardigan, jumpers, hat, gloves, watches, wallet, ties, scarves, bags and many other products. We will sell brand product to attract customers.
Price
The price is how much customers will buy our product, price depend quality of products and services. The price is important is important as it allows to companies to make profit, we are situated in Oxford street and we sell high quality clothes that the reason we have decide to have high prices on our products. Our average price will be; Suit - £150, Jeans - £60, Jacket - £90, Cardigan - £40 and Shirt – £30. We are a new business in Oxford Street, we aware that we have many competitors, for that reason we have decide to use pricing strategy; we will use price penetration; this strategy consist of setting lower price at beginning of our business, so we will have more customers then we will set normal prices.
Promotion
Promotion is a way for businesses or event to become know and to attract their target market. It allows businesses to communicate with their potential customers. In general businesses have to pay to be advertised. The benefit of promotion is that; it increase the business profit as more customers will come, it increase demand and allows growing. To promote our organization, we have decide to use techniques like local radio, local magazines and local newspapers (attract local customers, so target market and cheaper than most of promotion), Online (site like Facebook, Google or twitter; it is free and many access there every day), leaflets (cheap), personal selling (free) and promotional activities (like events or free gift; can make our customers return).
Place
Place; is the location where a company will set up their business and also space where customers will buy products or services. The place is very important because it is where customers will buy the products, for example if a business is located in a place hard to find, they will have less ,it is very important for a business to find an easy place and a place appropriate to their target market. For our business, we have decide to locate our shop in Oxford Street, the reason we have choose this location is that many people pass through this area every day, there are a lot of tourist , it is safe place and it specially made for clothing business. It also an easy place, so customers will find us easily and this place are appropriate for our target market.
Sources
Book
Mike Neild, Carol Carysforth, Catherine Richards. (2010). BTEC Level 2 First Businesses. Pearson Education, Oxford
Ms Carol Carysforth, Mike Neild. (2006). BTEC First Business - 2nd edition. Heinemann
by
blue37 (student)
