[P6/M3: EXPLAIN HOW AND WHY GROUPS OF CUSTOMERS
Zainab Hussain ARE TARGETED FOR SELECTED PRODUCTS]
In this assignment I will be looking at the marketing mix and how this would apply to the
product I have created. The marketing mix is the basically a mix of the 4Ps which is supposed to
satisfy the needs and wants of potential customers. The 4Ps are:
Price – This is to make sure that the price is good for the customers but can still make a
reasonable profit out of it.
Product – This should be satisfying the customer’s needs and wants so that they could
turn this into profit when providing a product or a service.
Promotion – This is to make sure that the business is communicating with the customer
well so that the customers can buy from them.
Place – This is basically when the goods or services are shipped from the manufacturer
Promotion is basically used to make a certain product stand out from any other products, so
they would be blending all the elements of the marketing mix and it will increase the chance of
meeting the aim of making the product more popular with the different types of marketing mix
techniques.
Why is it important?
Marketing mix is vital for a business because it increase the success of a business and would
continue this in the operations. This also makes sure that a company is responsible to their
customers by living up to what their products claim. This would mean that they would have to
advertise properly and put the actual product in the stores regularly.
[An App that locks and unlocks front door] marketing mix
Product – The core product is a new app and locking system that can lock and unlock
the door from one touch on the app. This is aimed towards everyone, but specifically
those who use smartphones on a daily basis. This is an easier way to get in and out of the
house without having to waste time with keys, as keys can be a hassle and are
sometimes very hard to find if misplaced. This is a high quality locking system, it is
designed to keep your house secure, and there will be no burglaries as there isn’t a key
hole or a part that could be broken. The augmented product would be the additional
benefits that the product will be able to give; this could be the after sales service,
warranties and free/cheap delivery. This is something that the product cannot do but
the customers would initially benefit from this as it is useful.
Price – The pricing strategy I would use for this product would be Psychological pricing
when the product has been established, I will pursue this strategy, and this is because
the price would be about £199 plus if people want insurance and maintenance for this
locking system, in case there are any breakdowns that would initially cost an extra £49
for that.
Promotion – For the promotion of this product I would probably do above the line
marketing, by promoting my product on the television, website, billboards. This is a
really good way to get people to be aware of the product and it would therefore boost
the sales as people will be talking about this product. New and upgraded versions of the
product could be made once the product is successful, so new and improved lock
systems would be available and people would want to buy it, therefore it would increase
sales.
Place – I will sell my business through direct distribution so that it can go straight to the
customer. This could all happen either through an online store that I create or if I open
up a store perhaps in a popular area where there are a lot of people.
Zainab Hussain ARE TARGETED FOR SELECTED PRODUCTS]
In this assignment I will be looking at the marketing mix and how this would apply to the
product I have created. The marketing mix is the basically a mix of the 4Ps which is supposed to
satisfy the needs and wants of potential customers. The 4Ps are:
Price – This is to make sure that the price is good for the customers but can still make a
reasonable profit out of it.
Product – This should be satisfying the customer’s needs and wants so that they could
turn this into profit when providing a product or a service.
Promotion – This is to make sure that the business is communicating with the customer
well so that the customers can buy from them.
Place – This is basically when the goods or services are shipped from the manufacturer
Promotion is basically used to make a certain product stand out from any other products, so
they would be blending all the elements of the marketing mix and it will increase the chance of
meeting the aim of making the product more popular with the different types of marketing mix
techniques.
Why is it important?
Marketing mix is vital for a business because it increase the success of a business and would
continue this in the operations. This also makes sure that a company is responsible to their
customers by living up to what their products claim. This would mean that they would have to
advertise properly and put the actual product in the stores regularly.
[An App that locks and unlocks front door] marketing mix
Product – The core product is a new app and locking system that can lock and unlock
the door from one touch on the app. This is aimed towards everyone, but specifically
those who use smartphones on a daily basis. This is an easier way to get in and out of the
house without having to waste time with keys, as keys can be a hassle and are
sometimes very hard to find if misplaced. This is a high quality locking system, it is
designed to keep your house secure, and there will be no burglaries as there isn’t a key
hole or a part that could be broken. The augmented product would be the additional
benefits that the product will be able to give; this could be the after sales service,
warranties and free/cheap delivery. This is something that the product cannot do but
the customers would initially benefit from this as it is useful.
Price – The pricing strategy I would use for this product would be Psychological pricing
when the product has been established, I will pursue this strategy, and this is because
the price would be about £199 plus if people want insurance and maintenance for this
locking system, in case there are any breakdowns that would initially cost an extra £49
for that.
Promotion – For the promotion of this product I would probably do above the line
marketing, by promoting my product on the television, website, billboards. This is a
really good way to get people to be aware of the product and it would therefore boost
the sales as people will be talking about this product. New and upgraded versions of the
product could be made once the product is successful, so new and improved lock
systems would be available and people would want to buy it, therefore it would increase
sales.
Place – I will sell my business through direct distribution so that it can go straight to the
customer. This could all happen either through an online store that I create or if I open
up a store perhaps in a popular area where there are a lot of people.
