marketing mix

Topics: Marketing, Target market, Target audience Pages: 21 (7179 words) Published: April 29, 2014
Assessment 1 part1

TASK 1

Identify the key characteristics of visual music products or services by gathering relevant information about the product and services of visual music from the case study and other resources that are applicable

A) You will need to provide a paragraph or brief explanation of the following characteristics of products or services below

Brand

The brand or branding of a product is the image of how a company is view among the general public, the brand is their identity in the market and what the consumer is aiming to associate itself with. Visual music is seen as a specialist in music and ‘cult’ movie DVDs Their aim is to be seen as a respected retailer within the industry and give their customers the reputation that they are ‘cool’ and current for using them. Their brand is also associated with supplying leading industry knowledge in the ‘cult’ segment of the music industry.

Brand loyalty

Brand loyalty is how a company keeps gaining return customers over a long period of time, by giving the potential consumer a value for money experience they become loyal to the product because they know they are getting what they pay for. Currently visual music has a customer satisfaction rate of 95%, this along with promotional programs such as VM club members they would gain and retain a large following of loyal customers.

Compatibility

Compatibility is how the product or service fits in or is compatible with the consumer and against similar companies in the industry. At the moment the industry is largely moving online more and more consumers are asking for online ordering and being able to view the products without coming in store. Visual music needs to provide this service to continue to be more compatible with the consumers demands at the moment visual music only have a telephone order system. Also another avenue for visual music to look into would be to expand their range into mainstream DVD’s, their consumer base has been asking for them to do this so there is a demand for them to do this along with a DVD rental service.

Degree of customization

The degree of customization is in relation to the product on offer, how it differentiates and the varying products. At the moment visual music deal with a very segmented market share, Visual music could look into other areas of media entertainment that have ‘cult’ followings, This will leave visual music’s image as a specialist ‘cult’ music and DVD supplier intact and help expand their customer base and increase revenue.

Design

This is the individual elements that make up a company’s image and style, for example visual music have a ‘cult’ and counter culture image portrayed by the posters and media they have around the store their logo and the products they sell to the general public have a ‘cult’ feel about it which is what they have been aiming to achieve. Design is deciding on the image the company wants to portray then ‘designing’ the individual elements that will come together to achieve this.

Durability

Music is an ever-changing industry, new products are always being made and new music is always coming out, in recent times CD’s are becoming obsolete with people using them once to put the music onto their computers and then forgetting about them. Durability is how long will a company last is it sustainable in the long term.

Ease of maintenance

Ease of maintenance is how easily the company is able to maintain its current business structure and model. Visual music is able to maintain their current structure and model easily but they will not achieve their targets easily with their current model.

Features

The features of a company are what it offers the potential consumers of the product or service. The company aims to provide potential consumers who are interested in ‘cult’ music and music DVDs. They also offer their customer’s specialist industry knowledge and a one on one service. At the moment...
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