Bsbmkg502b †establish and adjust the marketing mix Essay

Assessment Task 1 Work Based noesis Test1. What are the characteristics of the crossroads and/or services in your caper? Ans. I am working in . We are change burgers as thoroughly as fries and soft drinks. But recently we start selling frozen coke and ice cream, which Mc d was selling and direct we are making good money.2. How do these products and/or services stir to the securities industry they are in, and to the immediate competitors? Ans. We brace mevery competitors in foodstuff but Mc d is our biggest competitors beca drill they are selling same product what we are selling.3. How would you determine the effect of legal injury variables on demand? Ans. It is figure on main four factor protrude, harm, product and promotions.4. What promotional Methods and impart of scattering would you use to obtain the merchandise outcomes established in your caper? Ans. At the movement we are using electronic media more than root word media. Customers house use our iphone ap p and they leave get aboutthing free.5. Describe the channels of scattering that you would use to find out greater market penetration? condone how you would cause a pricing scheme for these products/services Ans. For greater market penetration, I shall not only market through and through the advertisement I will a manage take help from merchandising agencies who puke 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 value regarding all my competitors, we practice competitive pricing. Sometimes, competitive pricing is essential. For instance, when the products are fundamentally 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 leaving straight to bankruptcy To avoid such a mistake, we take find out of the break even ratio. -Cost-plus-profit It means that add the profit need to cost. It is as well as called cost-orientated strategy and is mainly used by the big contractor of humanity 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 whos the nodes is world collectivities or government agencies.-Value pricing It means that base the prices on the value we generate 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 psychoanalyse the level of customer service that you would pursue relevant to the products/services associated with your business. Ans. archetypical of all, somebodyal presentation, although not neces sarily a key factor of customer service, is however critical.It is desperate that one is open and honest with the customers. It is thitherfore imperative that employees employed to promote the product are not paid on commission but rather at an hourly rate. This manipulates more satinpod and less pushiness, and less aggressive gross revenue tactics.8. Describe your organize 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 persons buying behavior. Different lifestyle choices like parenting, exercise decisions, religion, man and wife or health can greatly uphold a persons requirements or preferences for certain products or service.People have variant lifestyle patterns and behavior could change as people pass through different stages in life. On the othe r hand, a consumers opinions, interests or hobbies will have a huge electrical shock on the products or services they will choose to buy. Demographic are the statistical characteristics of a population As the prices of our set up products are comparable with other whatsis stores, it is not a good idea to open a deli store in may lands. So from my point of view it would be great to open a store near to bays water as there is no shop near to that place9. Describe how separately fragment of the marketing shamble interrelates to the design market? Ans. Marketing com integrate is a mixture of 4 variables product, price, place and promotion. These variables make up the nerve marketing strategy as they help to define the marketing surroundings in which they operate. carrefourFocusing on digesting the customers needs.A good product makes its marketing by itself because it gives benefits to the customer. Design, packaging and the arctic and the green a friendly product to environment gets an advantage among some segments. Price The price should not be above or at a lower place the price of other sellers, as this would not suit the needs of the target market.PromotionPromotion strategies will be focused to the target market segment. Given the importance of word-of-mouth/referrals among the areas resident. We shall strive to service all our customers to sop up their business regularly, which is the recipe for our long-term success. We shall focus on direct resident marketing, publicity, trial food demonstrations, and advertising as proposed.PlaceChannels of distribution include Distributing Pamphlets Build up stalls in big plaza or outside of it Adding advertisement on local newspaper or channels Use of social sites (internet as well)10. What environmental factors will propel the marketing mix in your business Ans. Environmental factors that can affect the marketing mix in any business include heathenish factors, technological factors, demog raphic factors,government factors and economic factors.11. How do customer priorities, needs, and preferences impact on your marketing mix components? Ans. The Target Market in which our store aims to sell to, is everyone The customers needs, priorities and preferences influence the marketing mix compentants such that price should not be more or less than the recommended retail price.Channels of distribution include stores such as word of mouth, advertizement and also pamphlets and internet as well. Design what you consider is the most let marketing mix to satisfy the target market and meets the marketing objectives? For purloin marketing we need to consider four keys Product, promotion, price and place Product-It is a tangible good or an intangible service that is piling produced or manufactured on a large scale with a specific volume of units. Promotion represents all of the communications that a vendor may use in the marketplace. Promotion has four distinct elements adverti sing, public relations, personal selling and sales promotion. Price The price is the amount a customer pays for the product. The business may increase or decrease the price of product if other stores have the same product. Place  Represents the location where a product can be purchased. It is often referred to as the distribution channel.It can include any physical store as well as virtual stores on the Internet  12. What do you consider is the most allot marketing mix to satisfy the target markets and meets the marketing objectives? Ans. Convenience stores are currently in the planning stage resources are limited. Currently we have received a $10000 grant from the government to get started. To ensure the marketing mix decisions meet the companys strategic and usable objectives, I shall ensure the scarce resources are allocated as follows Website Design $1500Web- hosting $45.00 otherwise Web Costs $150.00Stock including some Samples $20000Business Cards $99Shop Leasing Sta rt-up Costs (Rent and Bond) $115013. Explain how you would manage the marketing mix against marketing performance and isolate components for testing. Ans. As the marketing mix is comprised of 4 components, that is, price, promotion, place and product, to isolate each of these components for testing, that is, to test each component and its marketing feature performance, one must do simply that isolate each component for testing.To isolate each component for testing, and monitor the marketing mix, for marketing performance, I should first establish or seek to research some benchmarks for sales. It would be easy to test the effectiveness of place, of product and of promotion, but to test price would be somewhat difficult if it were not for industry benchmarks that establish the sales benchmarks.14. How would you valuate the implication of altering one or more components of your marketing mix in relation to marketing factors and consumer rejoinder Ans. I evaluate that altering one o r more component of the marketing mix in relation to factors or consumer response would be effective however, I do feel that only the price component would need to be altered in response to consumers. I do feel that I have a solid marketing strategy.15. Describe the process you would use to adjust the components of the marketing mix in response to test results and military rating of market response. Ans. The process I would use, to adjust the components of the marketing mix, in response to test results and in response to the market response is as follows I would adjust the price to below recommended retail price and only in such a way as to reach sales benchmarks of my competitors and meet the prices of my competitors, as after all the majority of the profit is donated to worthy causes.16. Explain how you would ensure that the adjusted marketing mix would meet budgetary requirements. Ans. If I were to adjust my price to meet the benchmarks and prices of my competitors I would like t o assume there would also be an increase in the number of sales. I am however aware this is merely an assumption.17. What procedures would you use to ensure that the adjusted marketing mix continued to meet organisational, strategic and operational marketing objectives, and desired situation? Ans. Procedures I would you use to ensure the adjusted marketing mix continued to meet organisational, strategic and operational marketing objectives, and desired positioning include Adjusted price I would need to continuously monitor sales and profit benchmarks and speak to an accountant in order to ensure that my business is still an effective profitable business.