moon4
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#1
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#1
I have an assignment with a question regarding a business launching a new plastic product that could have various applications, and under the marketing mix, for each of the four Ps, you have to make two suggestions about the elements the business needs to consider. Can anyone help please please?!
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Anthos
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#2
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Price, Product, Promotion, Place (marketing mix)

Price - the business needs to consider competitor prices and make sure their target market can afford the product (if it's too expensive people won't buy it)
Product - make sure it meets customer needs and consider quality, convenience, etc.
Promotion - choose appropriate promotion for their target market
Place - Not sure what to put for this? Be located near customers for customer convenience or use e-commerce to sell online

Business Studies isn't my best subject, and these are only suggestions, but I hope they help
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almondtitan3152
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#3
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(Original post by moon4)
I have an assignment with a question regarding a business launching a new plastic product that could have various applications, and under the marketing mix, for each of the four Ps, you have to make two suggestions about the elements the business needs to consider. Can anyone help please please?!
Price- must take into consideration if the the Target audience can afford this product at the price in which the business is setting the price at, secondly, what price strategy is the business going to use, if the product is an innovative product in which it has a competitve advantage as no one in the market has this plastic product as it is very adpatable and as you said it has varouis applications, perhaps the business can adopt a price skimming stratergy apporach where the business sets the price high and gradually set the price lower as the demand of the product lowers as the demands has already been met after some time has passed and will probably lower it during the decline stage in the product life cycle

Promotion- Is the target auidence old or young? If young, it would be complementray to use Ecommerce as young people spend most of their time on the internet, (ecommerce is the buying and selling of product and services online) However, using the context you have given, a plasic product would prob adhere to a older target auidence in which you could argue they may not being on the inter web as much so perhaps promoting the product via television where a older auidence would more likely be and watch. Second point which is abit of a stretch is what kind of promotion are you trying to aim for, theirs 3 types, informative, persuasive and reminder promotion. As the product is new, the business cannot adhere to a reminder promotion strategy as the product is new, however, they can either promote to persuade consumers to buying the plastic or just promote to give the consumer information regarding the product.

Product. What type of USP does this product have, (unique selling point) what makes this product different, perhaps its the ethical side of the manufactring stage in which the producers get a higher share then usual of the overall profit e.g fairtrade, or is the fact that the product can be used in various applications making the product very adaptable and can be used by a wide range of people. Secondly what kind of product is this? A shopping, convience or specialty product? A convience product is a product that is frequently brought and takes very little time for the consumer to think about, or is the product a shopping product, a product in which the consumers purchase less often and take more time to think about purchasing it. The last one is one of speical types of products e.g houses and cars that do not get purchased very often... in this content you'd say this product is a conveince product that would be aimed to be brought very frequently

Last one, bare with me. Place. Firstly is this place going to be near the target market? If so, how is the infrastrucutre, does the business have a lot of buses or trains in which the consumers can get to Place A to B from their house to the place of the business, furthermore does the business have parking space for the consumers to come and park their car, for convience, this is a big word that has alot to do with place. Lastly, is the place going to be near competiton? e.g Westfield you have all the big brand news Gucci, hugo boss etc, this is because it allows the consumer to travel to one place and allow the consumer to contrast and compare the different products, or will the business not have a place at all? in which it only sells online or will it only sell in bulk, so the business is a type of B2B, it sells to other businesses only, and doesn't really think about selling directly to consumers.

Sorry for the long spam, I hope this info gets you that top grade, im in year 13 studying Business in which i hope to gain an A*, if there is any info in which is not correct or does not make sense, can anyone please correct me as im trying to improve so i can achieve that top grade. Thanks
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moon4
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#4
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#4
(Original post by almondtitan3152)
Price- must take into consideration if the the Target audience can afford this product at the price in which the business is setting the price at, secondly, what price strategy is the business going to use, if the product is an innovative product in which it has a competitve advantage as no one in the market has this plastic product as it is very adpatable and as you said it has varouis applications, perhaps the business can adopt a price skimming stratergy apporach where the business sets the price high and gradually set the price lower as the demand of the product lowers as the demands has already been met after some time has passed and will probably lower it during the decline stage in the product life cycle

Promotion- Is the target auidence old or young? If young, it would be complementray to use Ecommerce as young people spend most of their time on the internet, (ecommerce is the buying and selling of product and services online) However, using the context you have given, a plasic product would prob adhere to a older target auidence in which you could argue they may not being on the inter web as much so perhaps promoting the product via television where a older auidence would more likely be and watch. Second point which is abit of a stretch is what kind of promotion are you trying to aim for, theirs 3 types, informative, persuasive and reminder promotion. As the product is new, the business cannot adhere to a reminder promotion strategy as the product is new, however, they can either promote to persuade consumers to buying the plastic or just promote to give the consumer information regarding the product.

Product. What type of USP does this product have, (unique selling point) what makes this product different, perhaps its the ethical side of the manufactring stage in which the producers get a higher share then usual of the overall profit e.g fairtrade, or is the fact that the product can be used in various applications making the product very adaptable and can be used by a wide range of people. Secondly what kind of product is this? A shopping, convience or specialty product? A convience product is a product that is frequently brought and takes very little time for the consumer to think about, or is the product a shopping product, a product in which the consumers purchase less often and take more time to think about purchasing it. The last one is one of speical types of products e.g houses and cars that do not get purchased very often... in this content you'd say this product is a conveince product that would be aimed to be brought very frequently

Last one, bare with me. Place. Firstly is this place going to be near the target market? If so, how is the infrastrucutre, does the business have a lot of buses or trains in which the consumers can get to Place A to B from their house to the place of the business, furthermore does the business have parking space for the consumers to come and park their car, for convience, this is a big word that has alot to do with place. Lastly, is the place going to be near competiton? e.g Westfield you have all the big brand news Gucci, hugo boss etc, this is because it allows the consumer to travel to one place and allow the consumer to contrast and compare the different products, or will the business not have a place at all? in which it only sells online or will it only sell in bulk, so the business is a type of B2B, it sells to other businesses only, and doesn't really think about selling directly to consumers.

Sorry for the long spam, I hope this info gets you that top grade, im in year 13 studying Business in which i hope to gain an A*, if there is any info in which is not correct or does not make sense, can anyone please correct me as im trying to improve so i can achieve that top grade. Thanks
I really appreciate the long response, thank you very very much for your help
Last edited by moon4; 3 years ago
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almondtitan3152
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#5
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#5
its all good, good luck with your assignment
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moon4
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#6
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#6
(Original post by almondtitan3152)
its all good, good luck with your assignment
I made a bit of an error in my first post because I said it was a business launching a new plastic product, but actually it would be a manufacturer. How would that change things?
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almondtitan3152
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#7
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#7
(Original post by moon4)
I made a bit of an error in my first post because I said it was a business launching a new plastic product, but actually it would be a manufacturer. How would that change things?
Ok, so in terms of promotion, first the manufacturer needs to consider what kind of promotion and who they would promote too, either above the line promotion or below the line promotion, in this context, a manufacturer wouldn't really advertise via above the line promotion (this is basically tv newspapers, its where a business requires another business to promote for them) the manufacturer would most likley use below the line promotion (this is where the business promotes themselves through there own methods i.e leaflets, emailing... they don't need another business helping them out) this is because the nature of a manufacturer, they would more likely be a B2B. meaning they are more likely sell to other businesses only not to individual consumers, this is because there is a high chance that a manufacturer does not have the facilities of a retailer, i.e they don't have a physical store or website that they can sell directly to consumers., therefore selling to businesses would make sense.(this assumes that the manufacturer doesn't have any facilities, if they do have a physical store perhaps they could sell to consumers also and could do with a website...) secondly, what type of businesses are they going to promote too. Is the manufacturer going to sell to businesses who buy in bulk which are called wholesalers e.g CostCo or will they directly sell the plastic/ or whatever product they have directly to retailers like a pound store

Price would be much different. Pricing strategies such as price skimming etc... wouldn't work with businesses. This is because if a manufacturer is selling to a business, businesses would usually buy hundreds if not thousands at once, so the price manufacturers would need to think about is how much economies of scale would the manufacturer offer businesses? (economies of scale is where the unit costs lower as the more you sell, please search this up on youtube there are many helpful videos on this) secondly, they need to think about if their product has a USP and if they can set the price higher then competitors or lower, so if this manufacturer has a unique product, they would have a high price, if the product is quite common and easy to buy everywhere, you must offer lower prices, this is because businesses who buy from you want to make the highest amount of profit margin as possible.

product would be the same. It needs to think about quality, the ethical side of things, e.g how much co2 is being produced, the fact a manufacturer now sells to businesses who also has a reputation to maintain, being ethical is much more important, because if costCo purchased products from a manufacturer who produced 10x co2 then any other plastic making producer, costCO would have bad publicity and lead to a chain reaction of negative effects such as lower sales, lower profit....

In terms of place, the manufacturer needs to think about where the businesses are that they are selling to . i.e where the consumers are(don't get confused, in this context, consumers aren't individual consumers, they are businesses) Lastly, they must think about the ease of distribution of their products, is the place where they manufacturer, an easy space to send off different products, is there parking space for large trucks to come in and fulfil the order of 500 plastic products..
Last edited by almondtitan3152; 3 years ago
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moon4
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#8
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#8
(Original post by almondtitan3152)
Ok, so in terms of promotion, first the manufacturer needs to consider what kind of promotion and who they would promote too, either above the line promotion or below the line promotion, in this context, a manufacturer wouldn't really advertise via above the line promotion (this is basically tv newspapers, its where a business requires another business to promote for them) the manufacturer would most likley use below the line promotion (this is where the business promotes themselves through there own methods i.e leaflets, emailing... they don't need another business helping them out) this is because the nature of a manufacturer, they would more likely be a B2B. meaning they are more likely sell to other businesses only not to individual consumers, this is because there is a high chance that a manufacturer does not have the facilities of a retailer, i.e they don't have a physical store or website that they can sell directly to consumers., therefore selling to businesses would make sense.(this assumes that the manufacturer doesn't have any facilities, if they do have a physical store perhaps they could sell to consumers also and could do with a website...) secondly, what type of businesses are they going to promote too. Is the manufacturer going to sell to businesses who buy in bulk which are called wholesalers e.g CostCo or will they directly sell the plastic/ or whatever product they have directly to retailers like a pound store

Price would be much different. Pricing strategies such as price skimming etc... wouldn't work with businesses. This is because if a manufacturer is selling to a business, businesses would usually buy hundreds if not thousands at once, so the price manufacturers would need to think about is how much economies of scale would the manufacturer offer businesses? (economies of scale is where the unit costs lower as the more you sell, please search this up on youtube there are many helpful videos on this) secondly, they need to think about if their product has a USP and if they can set the price higher then competitors or lower, so if this manufacturer has a unique product, they would have a high price, if the product is quite common and easy to buy everywhere, you must offer lower prices, this is because businesses who buy from you want to make the highest amount of profit margin as possible.

product would be the same. It needs to think about quality, the ethical side of things, e.g how much co2 is being produced, the fact a manufacturer now sells to businesses who also has a reputation to maintain, being ethical is much more important, because if costCo purchased products from a manufacturer who produced 10x co2 then any other plastic making producer, costCO would have bad publicity and lead to a chain reaction of negative effects such as lower sales, lower profit....

In terms of place, the manufacturer needs to think about where the businesses are that they are selling to . i.e where the consumers are(don't get confused, in this context, consumers aren't individual consumers, they are businesses) Lastly, they must think about the ease of distribution of their products, is the place where they manufacturer, an easy space to send off different products, is there parking space for large trucks to come in and fulfil the order of 500 plastic products..
Thank you very much!
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jeet sarvaiya
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#9
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#9
(Original post by almondtitan3152)
Price- must take into consideration if the the Target audience can afford this product at the price in which the business is setting the price at, secondly, what price strategy is the business going to use, if the product is an innovative product in which it has a competitve advantage as no one in the market has this plastic product as it is very adpatable and as you said it has varouis applications, perhaps the business can adopt a price skimming stratergy apporach where the business sets the price high and gradually set the price lower as the demand of the product lowers as the demands has already been met after some time has passed and will probably lower it during the decline stage in the product life cycle

Promotion- Is the target auidence old or young? If young, it would be complementray to use Ecommerce as young people spend most of their time on the internet, (ecommerce is the buying and selling of product and services online) However, using the context you have given, a plasic product would prob adhere to a older target auidence in which you could argue they may not being on the inter web as much so perhaps promoting the product via television where a older auidence would more likely be and watch. Second point which is abit of a stretch is what kind of promotion are you trying to aim for, theirs 3 types, informative, persuasive and reminder promotion. As the product is new, the business cannot adhere to a reminder promotion strategy as the product is new, however, they can either promote to persuade consumers to buying the plastic or just promote to give the consumer information regarding the product.

Product. What type of USP does this product have, (unique selling point) what makes this product different, perhaps its the ethical side of the manufactring stage in which the producers get a higher share then usual of the overall profit e.g fairtrade, or is the fact that the product can be used in various applications making the product very adaptable and can be used by a wide range of people. Secondly what kind of product is this? A shopping, convience or specialty product? A convience product is a product that is frequently brought and takes very little time for the consumer to think about, or is the product a shopping product, a product in which the consumers purchase less often and take more time to think about purchasing it. The last one is one of speical types of products e.g houses and cars that do not get purchased very often... in this content you'd say this product is a conveince product that would be aimed to be brought very frequently

Last one, bare with me. Place. Firstly is this place going to be near the target market? If so, how is the infrastrucutre, does the business have a lot of buses or trains in which the consumers can get to Place A to B from their house to the place of the business, furthermore does the business have parking space for the consumers to come and park their car, for convience, this is a big word that has alot to do with place. Lastly, is the place going to be near competiton? e.g Westfield you have all the big brand news Gucci, hugo boss etc, this is because it allows the consumer to travel to one place and allow the consumer to contrast and compare the different products, or will the business not have a place at all? in which it only sells online or will it only sell in bulk, so the business is a type of B2B, it sells to other businesses only, and doesn't really think about selling directly to consumers.

Sorry for the long spam, I hope this info gets you that top grade, im in year 13 studying Business in which i hope to gain an A*, if there is any info in which is not correct or does not make sense, can anyone please correct me as im trying to improve so i can achieve that top grade. Thanks
is this A levels or igcse
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almondtitan3152
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#10
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#10
(Original post by jeet sarvaiya)
is this A levels or igcse
A level aqa
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