Explain fully the key elements of the marketing mix adopted by Ben Sherman in the fashion industry.
We can define a marketing mix as a mixture of several ideas and plans to promote a particular product or brand. The key elements are often called the four P’s of marketing, which are namely Product, Price, Place and Promotion. These elements should be combined meticulously so that the product reached the desired market segment.
Mr. Sherman marketing mixture is very efficient as he has been able to determine the customer’s needs and more important satisfy same. Concerning product Mr. Sherman has been able to create product according to target customer. The product has such a range of variety that it really satisfies each and everyone, launch of new items is made continuously which means that never Mr. Sherman products are outdated. All these schemes keep boosting the sales of the company and make it competitive all the year. As far as price is concerned we denote that Ben Sherman has made an ingenious mixture to maximize profit. High price will attract mainly those who can afford it ‘high network customer’ who are not that much, low price product ‘mass production’ often not too good quality will be designed to low income earners customer and consequently not generate much profit for a company. Considering these two types of pricing the only one remaining is medium price range products, which are produced mostly by Mr. Sherman. Thus the company produces quite high quality goods that are easily identifiable and accessible for almost everyone. Thus again by doing so profit making is obvious.
Place is something very important as it is where products will be exposed. A good visibility will make sales become easier, thus Mr. Sherman use a range of outlet and all facilities available to make its goods visible for the mass. The example of department...