An effective 'Marketing Mix' including all 7 is a way of identifying a businesses achievements of marketing objectives, meeting customer needs, is balanced and consistent, creates a competitive advantage and matches corporate resources. 'It is known as a “mix” because each ingredient affects the other and the mix must overall be suitable to the target customer'.
The 7p's include:
* Product: This is first considered in the marketing mix as it all depends on it. This can be a physical product or a service that the corporation is offering to the public. The only way to have a good marketing strategy is by making sure that the 'product' is up to standard, promoting every quality part of that good or service.
ASOS Products: ASOS promotes their products very effectively as they use clever visual tools such as 360-degree view of their product, video and picture to enhance the quality of the product itself. They also provide a range of products and service including clothes, accessories, shoes/sandals etc and its provided for men and women. They include their own brand and designer wear which shows that they have high quality in their product. ASOS have mentioned in their annual report that their 20 biggest brands are now represented by a 'shop in shop' providing a rich brand experience for their customers and a unique distribution platform for ASOS brand partners. ASOS also sells a range of products matching famous celebrity's outfits that customers would want to buy. ASOS, online or in their magazine provides customers the latest fashion info and what not to wear giving them an advantage to promote their products. Their business attract over 5.2 million visitors per month and has over 24,000 lines for sale.
* Price: This is the total amount a customer pays for the product. It is decided through a number of factors a product have to offer including material costs, product identity, competition, market share and the customer's percieved value of the product. If other store/business have the same product on stock other businesses may decrease or increase their price for customer satisfaction.
ASOS Price: Thier price for the products vary depending on the product - quality, brand etc. For the designer items it can be expensive, although ASOS may provide same looking product without the brand name making it affordable. With the price they offer ASOS is making a Profit over £10,009,000 (figure taken from ASOS annual report) as they have increased number of active shoppers over 1.2 million.
* Place: Place represents the location where a product can be purchased. It is often known as the distribution channel. The place can be situated as a physical store or as virtuals stores on the internet.
ASOS Place: ASOS.com is rapidly becoming the market leader in the UK online fashion world. All the products are sold ONLINE and not located anywhere else where people can purchase ASOS items Promotion: Is a way of communication that a business/organisation may use in the market place. It enables the marketer to a advertise the product or service being provided by them. Advertisement is a powerful tool that corporations uses to enhance their products/service to encourage buyers/customers. Promotion has four distinct elements made up of advertising, public relations, word of mouth and point of sale.
ASOS Promotion: As their business is purely based upon the internet everything is promoted through the World Wide Web on the website and off. They have promotion on other websites and also ASOS has developed an application to allow customers to track particular products on its sites through their web browser, whatever websites they are looking at. The online retailer has used functionality within the latest version of...