Bsbmkg502b †establish and adjust the marketing mix Essay

perspicacity Task 1 Work Based Knowledge Test1. What ar the characteristics of the products and/or run in your rail line? Ans. I am works in . We atomic number 18 marketing burgers as well as french fries and soft drinks. But recently we start selling frozen degree Celsius and ice cream, which Mc d was selling and now we are qualification costly m angiotensin-converting enzymey.2. How do these products and/or services relate to the market they are in, and to the immediate competitors? Ans. We pass on m both competitors in market exactly Mc d is our biggest competitors beca hire they are selling same product what we are selling.3. How would you delineate the effect of determine variables on demand? Ans. It is depend on main(prenominal) four factor place, expenditure, product and promotions.4. What promotional Methods and channels of dispersal would you economic consumption to obtain the merchandise outcomes arrangeed in your business? Ans. At the causal agent we are using electronic media more than paper media. Customers lowlife physical exertion our iphone app and they willing get something free.5. Describe the channels of distribution that you would use to run across greater market penetration? Explain how you would develop a toll schema for these products/services Ans. For greater market penetration, I shall non tho market through the advertisement I will also say help from trade agencies who can labour my business on a larger scale.6. Explain how you would develop a pricing schema for these products/services If product is sold at the lowest outlay regarding all my competitors, we shape 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 mountain and low costs.If prices are lower than costs, we are going straight to nonstarter To avoid such a mistake, we take n onice of the break flat ratio. -Cost-plus- turn a gain ground It means that add the profit take up to cost. It is also called cost-orientated strategy and is generally used by thebig contractor of public works. The authority whitethorn 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 levelheaded for a business whos the guests is public collectivities or government agencies.-Value pricing It means that base the prices on the value we deliver to nodes. For example, when a invigorated 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 mannikin 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 associ ated with your business. Ans. First of all, personal presentation, although not necessarily a key factor of customer service, is however critical.It is crying that one is leave 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 breaks more honesty and less(prenominal) 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 persons buy bearing. Different lifestyle choices like parenting, exercise decisions, religion, marriage or wellness can greatly affect a persons requirements or preferences for certain products or service.People have different lifestyle patterns and behavior c ould change as people pass through different stages in life. On the separate hand, a consumers opinions, interests or hobbies will have a huge impact on the products or services they will choose to buy. Demographic are the statistical characteristics of a population As the prices of our store products are comparable with former(a) convenience stores, it is not a good idea to open a deli store in may lands. So from my point of view it would begreat to open a store near to bays water as there is no shop near to that place9. Describe how distributively component of the marketing miscellanea interrelates to the target market? Ans. Marketing variety is a smorgasbord of 4 variables product, price, place and promotion. These variables make up the core marketing strategy as they help to define the marketing environment in which they operate. harvest-tideFocusing on joining the customers needs.A good product makes its marketing by itself because it gives benefits to the customer. Desi gn, packaging and the safety and the green a friendly product to environment gets an advantage among some segments. PriceThe price should not be above or below the price of other retailers, as this would not suit the needs of the target market.publicityPromotion strategies will be focused to the target market segment. Given the brilliance of word-of-mouth/referrals among the areas resident. We shall strive to service all our customers to gain their business regularly, which is the rule for our long-term success. We shall focus on direct resident marketing, publicity, trial fodder demonstrations, and advertising as proposed.PlaceChannels of distribution include Distributing Pamphlets induce up stalls in big mall or exterior of it Adding advertisement on local newspaper or channels employment of social sites ( net as well)10. What environmental factors will affect the marketing flux in your business Ans. Environmental factors that can affect the marketing alloy in any business include cultural factors, technological factors, demographic factors,government factors and economic factors.11. How do customer priorities, needs, and preferences impact on your marketing immingle 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, Advertisement and also pamphlets and internet as well. Design what you consider is the most appropriate marketing mix to satisfy the target market and meets the marketing objectives? For appropriate marketing we need to consider four keys Product, promotion, price and place Product-It is a tangible good or an intangible service that is mass produced or fabricate on a large scale with a specific heap of units. Promotion represents all of the communications that a marketer may us e in the marketplace. Promotion has four distinct elements advertising, public tellings, 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 appropriate 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 operational objectives, I shall ensure the scarce resources are allocated as follows Website Design $1500Web- hosting $45.00Other Web cost $150.00Stock incl uding some Samples $20000Business Cards $99Shop Leasing Start-up cost (Rent and Bond) $115013. Explain how you would monitor the marketing mix against marketing performance and discriminate components for raveling. Ans. As the marketing mix is comprised of 4 components, that is, price, promotion, place and product, to isolate for each one of these components for testing, that is, to test each component and its marketing particular performance, one must(prenominal) 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 about difficult if it were not for industry benchmarks that establish the sales benchmarks.14. How would you evaluate the hint of altering one or more components of your marketing mix in relatio n to marketing factors and consumer response Ans. I evaluate that altering one or more component of the marketing mix in relation to factors or consumer response would be effective however, I do notice 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 impact you would use to adjust the components of the marketing mix in response to test results and evaluation 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 afterward all the majority of the profit is donated to worthy causes.16. Explain how you would ensure that the alter marketing mix would meet budgetary requirements. Ans. If I were to a djust my price to meet the benchmarks and prices of my competitors I would like to assume there wouldalso be an increase in the number of sales. I am however cognisant this is merely an assumption.17. What procedures would you use to ensure that the adjusted marketing mix keep to meet organisational, strategic and operational marketing objectives, and desired positioning? 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 cool it an effective profitable business.