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Take the main points of your marketing mix and explain how they tackle aspects of the PEST or how the pest will influence them.

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Introduction

E3 - Take the main points of your marketing mix and explain how they tackle aspects of the PEST or how the pest will influence them. Marketing mix is the combination of strategies and tactics, company policy, techniques and activities to which resources can be allocated in such a way that the organisation's objectives can be met and exceeded. Marketing mix aims to ensure that - Product - Defines the characteristics of your product or service that meets the needs of your customers. Place/distribution - Some of the revolutions in marketing have come about by changing this P. Think of telephone insurance and the internet! A bit of lateral thinking here might reap rewards for your business. Price - Decide on a pricing strategy - do not let it just happen! Even if you decide not to charge for a service (a loss leader), you must realise that this is a conscious decision and forms part of the pricing strategy. Promotion - This includes all the weapons in the marketing armoury - advertising, selling, sales promotions, Public Relations, etc. The marketing mix is formally defined as product, price, place and promotion. The four parts of the marketing mix work together, one point can not be considered without the other for example a high quality product would be charged at a high price depending on the demand from customers. ...read more.

Middle

Futures would be able to do this without going bankrupt as they already have a main service that provides all their profits, which will be able to sustain the company if the 'Treat Yourself' is not successful. Penetration pricing is used to gain a considerable amount of market share and increase the recognition/awareness of the good or service to be marketed once this has been achieved the cost will increase to cover the loss of profits through the introductory price. An alternate pricing strategy which could be adopted is price differentiation, this means charging customer different prices on products/service depending on the time/day of the week. On certain days of the week for example peak times when it is busy the price charged for the product could be increased from the original price it was sold or provided for. Therefore at times were there is a constant flow of customers the price will stay the at the same price. Consumers will take into account the low prices during the week and make use of Futures' service at those times. Business occasionally take this route when pricing services in the hope that demand would be reduced at peak times so its resources and workforce are not over stretched and they are able to provide the highest standard of customer service. Promotion There are various promotional tools which could be used to promote the 'Treat Yourself' service there include * Marketing Collateral (Producing and distributing materials) ...read more.

Conclusion

This method of promotion would effectively bring in new customers hence in the long run if there were repeat in sales an d the introduction of new customers increase Futures net profits. The collaboration of the two promotional tools would in the future reduce the risk of high costs, the money it would take to product the brochures and then to separately print coupons would be expensive but printed together will be cheaper. The internet is another form of promotional advertising, at this moment in time Futures does not have a website, but are planning one in the next three months, when this website is set up it can show the users what sort of service to be expected by the use of photographs. Advertising is a very popular tool used by many businesses in the form of print advertising, direct mail, outdoor advertising ( such as billboards, bus stops and supermarket trolleys). The outdoor advertising would be expensive for Futures seeing as they are not a big company and would not be able to cover the costs of such a in-depth marketing campaign. Print advertising in the form of a local newspaper would be ideal for Futures, in the introduction of 'Treat Yourself'. An advertisement in the local Gravesend newspaper could be published informing readers of the new service. Placing an advertisement in a local newspaper is the cheapest method available it doesn't cost much if printer in black and white but depends on the size and amount of characters. ...read more.

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