BSBMKG502B - ESTABLISH AND ADJUST THE MARKETING MIX
Assessment Task 1 – Work Based Knowledge Test
1. What are the characteristics of the products and/or services in your business? Ans. I am working in . We are selling burgers as well as fries and soft drinks. But recently we start selling frozen coke and ice cream, which Mc d was selling and now we are making good money.
2. How do these products and/or services relate to the market they are in, and to the immediate competitors? Ans. We have many competitors in market but Mc d is our biggest competitors because they are selling same product what we are selling.
3. How would you determine the effect of pricing variables on demand? Ans. It is depend on main four factor place, price, product and promotions.
4. What promotional Methods and channels of distribution would you use to obtain the marketing outcomes established in your business? Ans. At the movement we are using electronic media more than paper media. Customers can use our iphone app and they will get something free.
5. Describe the channels of distribution that you would use to ensure greater market penetration? Explain how you would develop a pricing strategy for these products/services Ans. For greater market penetration, I shall not only market through the advertisement I will also take help from marketing agencies who can promote my business on a larger scale.
6. Explain how you would develop a pricing strategy for these products/services If product is sold at the lowest price regarding all my competitors, we practice competitive pricing. Sometimes, competitive pricing is essential. For instance, when the products are basically the same, we use this strategy The success of competitive pricing strategy depends on achieving high volume and low costs. If prices are lower than costs, we are going straight to bankruptcy! To avoid such a mistake, we take notice of the break even ratio. -Cost-plus-profit: It means that add the profit need to cost. It is also called cost-orientated strategy and is mainly used by the big contractor of public works. The authority may have access to the costing data and should like to check if the profit added to the cost is not too high. In fact, this strategy is only good for a business who’s the customers is public collectivities or government agencies.
-Value pricing: It means that base the prices on the value we deliver to customers. For example, when a new technology has a very large success, you can charge high prices to the customer. This practice is also called skimming. It is easy when you are in the introductory phase of the product life cycle. Value pricing is also common in luxury items. Sometimes, the higher the price, the more you sell.
7. Identify and analyse the level of customer service that you would pursue relevant to the products/services associated with your business. Ans. First of all, personal presentation, although not necessarily a key factor of customer service, is however critical. It is imperative that one is open and honest with the customers. It is therefore imperative that employees employed to promote the product are not paid on commission but rather at an hourly rate. This ensures more honesty and less pushiness, and less aggressive sales ‘tactics’.
8. Describe your target market in terms of demographic, psychographic, and behavioural variables. Ans. Psychographic / Behavioral variables– Psychographic variables refer to any attribute relating to personality, lifestyle, values, interests or attitudes. These factors consider various influences on a person’s buying behavior. Different lifestyle choices like parenting, exercise decisions, religion, marriage or health can greatly affect a person’s requirements or preferences for certain products or service. People have different lifestyle patterns and behavior could change as people pass through different stages in life. On the other hand, a consumer’s opinions, interests or...
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