SWAT ANALYSIS OF TESCO
An exclusive brand of jewellery uses the best materials but comes at a high price. Such designer brands can only be bought at exclusive stores and are promoted using personal selling sales assistants. By contrast, cheap and cheerful jewellery for the mass market is best sold in supermarkets and can be promoted using television adverts.
Market research findings are important in developing the overall marketing mix for a given product. By identifying specific customer needs a business can adjust the features, appearance, price and distribution method for a target market segment.
New technologies and changing fashion means goods and services have a limited product life cycle. Ideally, the marketing mix is adjusted to take account of each stage. For example, the life of a product can be extended by changing packaging to freshen a tired brand and so boost sales.
A clothes stall on the market in Eastenders. Kat and Ruby arrange clothes on the stall.
Market stalls generally sell inexpensive items
There is no single right marketing mix that works for all businesses at all times. The combination of product, price promotion and place chosen by a business will depend on its size, competition, the nature of the product and its objectives.
The overall marketing mix is the business’ marketing strategy and is judged a success if it meets the marketing department’s objectives, eg increase annual sales by 5%.
The law gives customers protection against unfair selling practices. You do not need to know specific Acts but you do need to understand how fair trading regulations protect consumers.
The consumer has basic legal rights if the product is: given a misleading description of an unsatisfactory quality not fit for its intended purpose
Sale and Supply of Goods Act 1994
This Act says that all products have to be of a 'satisfactory quality'. This means that they have to: be safe last for a reasonable amount of time be fit for their intended
Market research findings are important in developing the overall marketing mix for a given product. By identifying specific customer needs a business can adjust the features, appearance, price and distribution method for a target market segment.
New technologies and changing fashion means goods and services have a limited product life cycle. Ideally, the marketing mix is adjusted to take account of each stage. For example, the life of a product can be extended by changing packaging to freshen a tired brand and so boost sales.
A clothes stall on the market in Eastenders. Kat and Ruby arrange clothes on the stall.
Market stalls generally sell inexpensive items
There is no single right marketing mix that works for all businesses at all times. The combination of product, price promotion and place chosen by a business will depend on its size, competition, the nature of the product and its objectives.
The overall marketing mix is the business’ marketing strategy and is judged a success if it meets the marketing department’s objectives, eg increase annual sales by 5%.
The law gives customers protection against unfair selling practices. You do not need to know specific Acts but you do need to understand how fair trading regulations protect consumers.
The consumer has basic legal rights if the product is: given a misleading description of an unsatisfactory quality not fit for its intended purpose
Sale and Supply of Goods Act 1994
This Act says that all products have to be of a 'satisfactory quality'. This means that they have to: be safe last for a reasonable amount of time be fit for their intended