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Developing Marketing Mixes to Meet the Needs of Different Target Groups

Autor:   •  August 4, 2017  •  2,456 Words (10 Pages)  •  318 Views

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Penetration pricing: For entering a new market where competition is high the organization can adopt this penetration pricing strategy to create a center of attention of customers. It will assist the organization to incarcerate more customer share (Kotler and Keller, 2009).

Price skimming: this pricing strategy can be adopted to enjoy the benefits of more profits from the upper layer customers who are prepared to compensate more prices for the innovative products. Innovative products are launched by using this pricing strategy (Uncles, 2002).

Premium prices: There are some customers who make purchase decision on the basis of perceived value of the product which is highly related to the premium prices. When the more the prices of the products the more the perceived values of customers for that product.

Psychological pricing: The price of the product can be set up in such a way so that it takes into account the psychology of customers. For instance, the price of specific clothes can be set £995 instead of £1000.

Product bundle pricing: A set of children clothing can be sold at a single price instead of using segmented prices. This will help the organization to push some product to customers for which customers are not willing to buy.

Discount and allowances pricing: This strategy is followed in off period of demand to stimulate the demand of products.

Value base pricing: The price of children clothing can be set considering the value or features of the product. Those Customers who are willing to purchase product with extra features will pay extra prices for the extra features (Mayrhofer, 2012).

3.4 Illustrating how promotional activity can be integrated to achieve marketing objectives.

Different types of promotional activities are taken by organization to achieve the objectives of marketing.

Advertising: TV, radio, newspaper and magazine.

Sales promotion: Store decoration, social media and viral videos.

Personal selling: Empathetic employees.

Direct marketing: website, telephone, email.

These promotional activities are integrated to achieve marketing objectives of the organization. Advertising is used to inform customers about the goods and services of the organization (Sheehan, 2011). The merits of products are communicated to customers through advertising as result customers become motivated to purchase the product. Advertisement is also used to remind customers regarding a particular product. The objectives of sales promotion are to stimulate sales for a short period of time. It also helps to attract new customers. Personal selling is mainly used for those products for which customers normally don’t think to purchase. Direct marketing is used to obtain an immediate response and cultivate lasting customer’s relationship.

3.5 Explaining the additional elements of extended marketing mix.

Process

Specific processes are used to receiving customer’s order, deliver goods and services to the customers, maintaining relationship with the customers, managing human resources. The employees of the organization are needed to follow the procedures established by the organization to bring good results for the organization. These processes may get changed with the change of time as new technology may provide better opportunities for the organization.

People

Human resources in the organization are working in marketing department, financial department, accounting department, management department and sales department. These personals are working for the accomplishment of organizational goals. All the employees of the organization directly or indirectly are associated in the provision of services for the customers. The proper management of human resources is essential to accomplish the goals of the organization (Chaffey, 2012).

Physical evidence

First impression of customers plays a critical role in the buying behavior of customers which is highly related to the physical evidence of the organization. Shop floor layout, lighting, decorations are included in physical evidence of the organization (Chaffey, 2012). The order tracking of customers is also included in physical evidence. For online space, the presence of employees the color, design and arrangement of different menus falls under the physical evidence part.

Task 4

4.1 Planning Marketing mixes for two different segments in consumer markets

Premium range of children clothes (marketing mix)

Product: as the target market for the premium range of clothes, Product will compose of high quality with special features. The children will also contain some benefits away from the expectation of customers and Innovative and luxurious product will be provided to customers (Pasco and Le Ster-Beaumevieille, 2007).

Price: the price will be high seeing that the features as well as quality of the product are high. The prices of the children clothes will amplify if the more features are added to the clothes.

Place: Special spaces should be provided in the stores for the product as the product has some special features from the other products. This will help to draw customer’s attention very easily.

Promotion: Selective magazine, personal selling and billboard will be more fruitful the premium range product to attract the high income people.

Economy range of children clothes (marketing mix)

Product: Medium quality having low features children clothes will be supplied to the customers. Mainly, the Essential features should be provided to the customers as the target customers are the economic person.

Price: Price of the children clothes should be kept low by decreasing operating as well as marketing cost.

Place: The availability of children clothes in the convenience stores as well as density areas so that customer can without difficulty purchase them.

Promotion: Advertising in local newspaper and billboard can be more effective for the promotional purposes of selling children clothes.

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