Develop a coherent marketing mix for a new product or service- P6
Product; The product that is going to be sold are Jeans, these have been introduced by Howard Jones to enable his company to expanding clothing and not just being known for sportswear.
Price; The prices will range between £15 to £20 which is a very affordable price, with the research I collected found that these prices are the most appropriate prices due to the target market we are reaching out too.
Place; There will be a small store for this company but it will mainly be online based.
Promotion; we would promote the jeans in stores by sending out leaflets and pamphlets, due to social media having a massive impact on people nowadays that we would promote the new merchandise is advertised all over social media.
Objectives of developing mix
Support brand building; these objectives to develop a marketing mix enables each business to support the buildings of brands using the 7 Ps. If this became effective then it would help increase the brand awareness and a company that is strong enables companies to have more of an impact on people as they have effective marketing strategies.
Satisfy needs and aspirations of targeted group of customers; by using the strategies of the 7Ps it enables the business to become stronger and have more focus on the satisfaction of needs and aspirations of the targeted group of customers. By following the strategies will increase the chance of success.
Product range; the range of products the company is deciding to bring out are the several types of jeans that are going to be sold. These would include: skinny jeans, denim, wide fits Etc, this is a range for everyone.
Benefits versus features of product or service for targeted customers; the benefits of bringing out this new product would be due to the variety of range they would come in, the size and styles comfortable for everyone. The features of the jeans would be standard, the difference would be the flexibility for the customers when they wear the jeans as most jeans are quite tight which can be seen as uncomfortable by customers who are willing to pay a lot of money for jeans that turn out to be uncomfortable.
Concept of product life cycle; the product will be introduced to the company and ten the company will start selling the item in hopes that the product does well, once it does well hen more people will start to know more about the product and want to buy more which the company will have to get more stock to sell it to the customers. It will have a slow growth but with the correct patience I will gradually grow and be successful.
-Premium pricing: this strategy is where the price of the product is high and is very popular, due to the popularity of it the marketers put prices up as they know customers would be willing to buy it at any price given.
-Penetration pricing: this strategy is used by companies to attract customers to any latest item or service that is being sold, prices would be lower than other marketers to enable customers to see that the best prices are from this particular market and not the competitor.
-Economy pricing: this is used mainly for retail food companies so the prices are kept to a minimum as the food service are the ones who sell canned food or frozen foods, they have to be affordable for everyone.
-Price skimming: this is a strategy for item pricing which is used by firms who charge a high price that customers will be willing to pay and then over time the price of the product will lower. This happens with all product as when they first come out they are set up at a high price but as soon as it becomes old new the price lowers and a new product comes out to then be sold again at a high price to ten go low.
-Psychological pricing: this is a strategy which marketers assume that prices on products have a psychological impact on customers so the introduced this strategy to give products an odd price such as an item being £2.99 or £3.98 etc.
-Captive product pricing: this strategy is used to make best use of income; low prices of products are given to customers for the main item but the high prices are given to the captive products.
-Product line pricing: this is used by marketers which involves having sufficient price gaps between diverse groups to inform potential buyers of quality differences.
Distribution; the items will be distributed around the world through their online websites which enables customer to order their products from the store without having to travel around to get to their stores, this would be an easier way for the customers. The stores will be dotted around everywhere that is convenient to customers.
Online and/or physical presence; the company has both a website online and has a store in presence, the jeans will be both promoted in store and online to ensure everybody knows about them.
-Advertising: The new product that is being launched will be advertised everywhere and this will be done by creating pamphlets, leaflets and spreading it on social media as most people are influenced by the things they see on social media.
-Different media: The several types of media they would use to promote the new idea would be by promoting it on the TV, radio, magazines, newspapers on the internet and on mobiles.
-Online techniques: The online techniques they would use would by using ad sense which is where people who go online to watch videos on YouTube would have an ad in between in which would enable them to click on the ad to go on the website and shop, this is an effective way of inviting new customers to the brand as they may see something they like and order something from the company.
-Personal selling: This way of promotion would be necessary if the business would be meeting their customers face to face, this is where the employer then would try to sell the product with all their knowledge and try their best to sell the item.
-Public relations: Ensuring that the company has identified their audience will enable them to get into public relations as they would know what the audience will like and dislike, having goals and objectives for the business such as having a goal of attracting 200 people s sending out 150 flyers would make that a realistic goal to achieve.
-Sales promotion: there are many types of sales promotion in which will attract the customers to come back to the business to purchase more items, for example having a points scheme which enables the customer to get money of their next purchase if they have collected enough points (if for every pound they spend is 1 point then once they have collected 200 points they get £5 of their next purchase.) Coupons would also be a clever way to attract the customers.
Develop a coherent marketing mix that is targeted at a defined group of potential customers- M3
There are 4Ps which bring a marketing mix together, these 4Ps are place, product, promotion and price. Each of these are equally as important when targeting a defined group of potential customers ad once they are each figured out, it enables businesses to connect with their target market a lot easier.
The Product Being Introduced
The product that is being introduced to the business will be Jeans, this is a different tur for Howards Jones company as they are used to only selling sports. They are being released this year and have sizes for everyone.
The targeted group that Howard has identified are aged between 16 and over as this age group are drawn towards fashion which enables them to understand their needs and wants of clothing, jeans are worn by this age group so for them to be the target audience makes sense. With Howard targeting a different audience it wouldn’t be as successful as selling them to this target audience and this is because older people aren’t as bothered about the material or colour or type etc. the jeans are targeted for men and women however the women will have a wider variety of jeans as the research collected shows that more women where a change in jeans than men. When thinking about introducing a new type of clothing to sports company then they must think out the customers and see if it would be appropriate for them. Everything about the item must be perfect, from the material to colour to quality etc. The reason to choose jeans to sell was to widen the target audience as not everyone loves sport so for the company to introduce something that is available for everyone shows that they are willing to go the extra mile for new customers.
One of the 4Ps includes Pricing, this is probably the most essential element of the 4Ps as customers will check the prices before buying anything and if the price is unreasonable then they won’t purchase it. Having pricing strategies enables businesses to see what they are up against and what their competition is like, if the competitor is selling the same jeans for less the price then customers are more likely to go there are purchase the items as they are saving money. The prices will range between £15 to £20 which is a very affordable price, with the research I collected found that these prices are the most appropriate prices due to the target market we are reaching out too. Currently the cost of jeans varies between £10-£40 so having the price between £15 to £20 is very reasonable and affordable and will attract more customers as most of the competitors sell their jeans for higher prices.
Promotion would be done by sending out leaflets and pamphlets and due to social media having a massive impact on people nowadays, we would promote the new merchandise is advertised all over social media. Prompting a product is all to do with communication and communicating with the target audience, these communications could include: personal selling, direct marketing and advertising, each of these will enable the company to enhance their way of promoting the new jeans that they are wanting to sell.
The location of the business is very important, with this company mainly being based online allows customers to find what they want and order it which is easier for them and convenient. Selling new products and having a successful business all comes down to the place of your store and opening and closing it at the right times, if the store has new additional items and has lots of stock to be sold but is in a location that nobody knows about then what’s the point in having it, when the store could be based in the city centre or somewhere convenient for customers to get too. With a clothing brand, they must be smart and have both online services and a store for the open, this is to attract other target markets such as the people who prefer going to stores that using online services or for people who prefer to stay home and order from their laptop or mobile device.