Unit 3 – M3
M3: Develop a coherent marketing mix that is targeted at a
defined group of potential customers
During the development of the marketing mix, businesses will have to suit the product to the right
customers and to the right group. The reason for this is because all customers behave in a different
way and businesses need to segment their customers depending on their similarities. This is so that
businesses can target a group of customers who are interested in the product they are going to sell.
To be successful in this development, businesses will need to meet the specific wants of their
customers. This would consist of using ‘The Seven P’S’. I will explain how I can target my market
using the product I have invented and used as an example for the task P6. The product is a case that
has a small built-in projector that can project pictures and videos to a larger screen then the phone
the user has.
Product
My product will be made for all types of customers as it can be used by anyone to view anything
they have stored on their mobile devices. It will be targeted to all those that have a smart phone
and have the interest to be able to watch and view videos from their phone to a larger device. Now
many people that have a smart phone will want cases as they have paid money for the item and will
like to keep it protected. My product will come in many different designs and colours, and will also
have the option available for customers to create a customised case. The cases can come in the
colour pink, this colour will be mainly targeted to females, preferably younger females. It will also
come in the colour blue, mainly will be targeted to males. My new product will be targeted to all
genders and ages as now in the year 2017, almost everyone own a smart phone, and more will in the
future. The people that I target will be people ranging from £20,000 annually or more. Those that
earn below £20k, are still able to buy it. My product will be of high quality so will not be near to the
cheap end but to a midrange price. This product will be created for various mobile devices.
Price
The price of my product will be sold in relation to the quality and cost of the product. For example, if
the case cost me £8 to produce, then I will sell it for the price of £15 to £18 as the product will be
high quality and of premium use created as a brand. Some cases may cost more as people will be
able to customise their case, this will be sold at the price of £20 to £25. Also, when a customer
purchases a case, they will be able to gain access to a free app that controls the case. The reason
there will be an app for this product is so that customers will be able to use the case with ease.
Many people want to buy products that are easy to use and will not cause them to do lots of work.
The app that will be developed will allow them easy use. The reason I chose to set my product at this
price is because there are other devices that are similar and are of similar price. I will need to set the
prices to compete with other brands. The price will have no effect of the gender of the customer.
Place
The place I will be selling my product will be in retail stores, online websites of retail stores, and on
other online based businesses. The reason for this is because now in the year 2017, many people like
to shop from home on their personal devices. Some people will like to see the product before
purchases, this is a reason for why I will be selling in retail stores. The type of retail stores that it will
be sold in will be for customers of midrange income (£20k+). These stores would be in busy high
M3: Develop a coherent marketing mix that is targeted at a
defined group of potential customers
During the development of the marketing mix, businesses will have to suit the product to the right
customers and to the right group. The reason for this is because all customers behave in a different
way and businesses need to segment their customers depending on their similarities. This is so that
businesses can target a group of customers who are interested in the product they are going to sell.
To be successful in this development, businesses will need to meet the specific wants of their
customers. This would consist of using ‘The Seven P’S’. I will explain how I can target my market
using the product I have invented and used as an example for the task P6. The product is a case that
has a small built-in projector that can project pictures and videos to a larger screen then the phone
the user has.
Product
My product will be made for all types of customers as it can be used by anyone to view anything
they have stored on their mobile devices. It will be targeted to all those that have a smart phone
and have the interest to be able to watch and view videos from their phone to a larger device. Now
many people that have a smart phone will want cases as they have paid money for the item and will
like to keep it protected. My product will come in many different designs and colours, and will also
have the option available for customers to create a customised case. The cases can come in the
colour pink, this colour will be mainly targeted to females, preferably younger females. It will also
come in the colour blue, mainly will be targeted to males. My new product will be targeted to all
genders and ages as now in the year 2017, almost everyone own a smart phone, and more will in the
future. The people that I target will be people ranging from £20,000 annually or more. Those that
earn below £20k, are still able to buy it. My product will be of high quality so will not be near to the
cheap end but to a midrange price. This product will be created for various mobile devices.
Price
The price of my product will be sold in relation to the quality and cost of the product. For example, if
the case cost me £8 to produce, then I will sell it for the price of £15 to £18 as the product will be
high quality and of premium use created as a brand. Some cases may cost more as people will be
able to customise their case, this will be sold at the price of £20 to £25. Also, when a customer
purchases a case, they will be able to gain access to a free app that controls the case. The reason
there will be an app for this product is so that customers will be able to use the case with ease.
Many people want to buy products that are easy to use and will not cause them to do lots of work.
The app that will be developed will allow them easy use. The reason I chose to set my product at this
price is because there are other devices that are similar and are of similar price. I will need to set the
prices to compete with other brands. The price will have no effect of the gender of the customer.
Place
The place I will be selling my product will be in retail stores, online websites of retail stores, and on
other online based businesses. The reason for this is because now in the year 2017, many people like
to shop from home on their personal devices. Some people will like to see the product before
purchases, this is a reason for why I will be selling in retail stores. The type of retail stores that it will
be sold in will be for customers of midrange income (£20k+). These stores would be in busy high
