Unit 3: Investigating Business

Topics: Marketing, Pricing, Price Pages: 10 (3688 words) Published: March 23, 2012
Unit 3: Investigating Marketing
Section C
Rosie Boymbo

In this section, I will give a detailed explanation of the marketing mix and why it is used in businesses. I will be giving a detailed analysis’ of the Product, Pricing, Place and Promotions. This section is based on about how I found my target market and then fulfilling their wants and needs. Marketing Mix

Marketing mix: ‘Provides a recipe for effective marketing’: tutor2u.net Marketing is the term used to describe a range of activities within a business that are designed to keep existing customers and to gain new ones. The ‘marketing cycle’ begins with the objectives of the business, which feed into marketing objectives. Next comes, Market analysis, involving the business looking at its position in the market and the ways it can best take advantage. Market research will be used to fid out which groups can best be targeted, and how. Market planning will include how, when and where to target markets. It includes test produces and test marketing. A marketing mix needs to be developed so that a successful balance of price, product, promotion and distribution is achieved. The marketing mix: Product

The product refers to the different range of products supplied by a business. A product can be either a good or a service. It is just one part of the marketing mix and will only be successful if properly combined with marketing. Good market researchers will identify where new products are needed or existing products can expand. The product lifecycle

The product lifestyle shows the stages that a product goes through from development to decline. There are five stages to the life of a product and they are development, introduction, growth, maturity, and decline. The first stage is development. This is where the product is being developed it will not be growing as it is currently not on the market yet. Nobody will know what it is as it hasn’t yet been launched. The launch stage also known as the introduction is the second stage. This is where the product will begin to grow little by little. As it is a new product no body knows about it and therefore on a product lifecycle chart, it starts off at the very bottom, with no sales. The producer will need to create brand awareness so people know that the product exists. Brand awareness could be an objective set by the company. Brand awareness could be achieved in many different ways such as advertising in the local paper or on national T.V. depending where the product will be sold in my case it will be sold locally so it will be most likely to be advertised in a local paper. When the consumers are more aware of the product they are most likely to buy it, as, sales will go up and the product then goes into its next stage of growth. Once, the product comes to the end of the decline stage then it is likely that the company will stop producing it, as they will eventually make a loss instead of a profit. However, not all products will reach the declining stage. The product lifestyle can be shown on a graph to the left. Currently, my product is at the development stage. I am currently finding out my customers need and wants through market research such as field and desk research, I am developing my product around what they want, this is important as they are buying it. If my product is successful it will evolve through the product lifecycle. As my product is a new product and not yet on the market I will need to do a lot of advertising to create brand awareness, through carrying this out successfully it will mean my product will get a good head start in the launch stage. When it becomes more popular I will the advertise in different ways such as television advertising, as this was the most effective way of advertising (results from questionnaire), with advertising in this way my product will be known nationally instead of originally locally. The marketing mix: Price

Price is one of the elements of the marketing...
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