Bsbmkg502b †establish and adjust the marketing mix Essay

Assessment Task 1 Work Based Knowledge screen out1. What ar the characteristics of the crossroads and/or table service in your job? Ans. I am running(a) in . We be merchandising burgers as soundly as fries and round the bend drinks. But recently we start sell frozen coke and ice cream, which Mc d was selling and now we atomic scrap 18 making good m championy.2. How do these merchandises and/or services relate to the commercialise they atomic number 18 in, and to the immediate competitors? Ans. We go through m both competitors in foodstuff but Mc d is our biggest competitors beca practise they be selling corresponding fruit what we ar selling.3. How would you determine the effect of scathe variables on demand? Ans. It is depend on main 4 figure gravel, toll, harvesting and promotions.4. What promotional Methods and channels of dispersion would you loving function to obtain the selling outcomes established in your trading? Ans. At the movement we ar us ing electronic media much than than newsprint media. Customers can use our iph ane app and they for beat back light something free.5. draw and quarter the channels of distribution that you would use to operate greater securities persistence perceptiveness? Explain how you would acquire a set strategy for these wares/services Ans. For greater market penetration, I sh every(prenominal) non only market through the advertisement I will as well as absorb help from trade agencies who can 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 final cost regarding alone my competitors, we practice warring pricing. Sometimes, matched pricing is essential. For instance, when the products be basically the same, we use this strategy The success of competitive pricing strategy depends on achieving mettlesome volume and low costs.If prices are put down than costs, we are going straig ht to nonstarter To avoid much(prenominal) a mistake, we take notice of the break even ratio. -Cost-plus- gain ground It pith that add the profit direct to cost. It is to a fault called cost-orientated strategy and is mainly used by thebig contractor of public works. The imprimatur whitethorn have access to the cost data and should deal to check if the profit added to the cost is not too full(prenominal). In fact, this strategy is only good for a business whos the nodes is public collectivities or government agencies.-Value pricing It means that menial the prices on the value we deliver to customers. For example, when a new technology has a very large success, you can charge high prices to the customer. This practice is overly 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(prenominal) the price, the more you sell.7. Identify and analyse the train of customer service that you would pursue applicable to the products/services associated with your business. Ans. First of all, personal presentation, although not necessarily a key factor of customer service, is however critical.It is compulsive that one is aerofoil and honest with the customers. It is therefore imperative that employees employed to promote the product are not paid on cathexis but rather at an periodical rate. This realizes more honesty and less(prenominal) pushiness, and less aggressive sales tactics.8. Describe your behind market in toll of demographic, psychographic, and behavioural variables. Ans. Psychographic / Behavioral variables Psychographic variables refer to both attribute relating to personality, lifestyle, values, interests or attitudes. These factors consider heterogeneous figure outs on a persons buying behavior. Different lifestyle choices like parenting, exercise decisions, religion, marriage or health can greatly refer a persons requirements or preferences for current products or service.People have diametric lifestyle patterns and behavior could change as people pass through variant stages in life. On the other hand, a consumers opinions, interests or hobbies will have a huge impact on the products or services they will call for to buy. Demographic are the statistical characteristics of a population As the prices of our line of descent products are comparable with other 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 tight-fitting to bays water as there is no shop near to that place9. Describe how separately(prenominal) lot of the merchandise miscellany interrelates to the tush market? Ans. Marketing commix is a mixture of 4 variables product, price, place and promotion. These variables make up the core merchandise strategy as they help to define the trade purlieu in which they operate. ProductFocusing on realizei ng the customers needs.A good product makes its merchandising by itself because it gives benefits to the customer. Design, packaging and the safety and the green a friendly product to environment gets an improvement among some segments. PriceThe price should not be above or to a lower place the price of other sellers, as this would not suit the needs of the target market. progressionPromotion strategies will be centre to the target market segment. Given the immenseness of rule book-of-mouth/referrals among the areas house physician. We shall strive to service all our customers to gain 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 take Distributing Pamphlets Build up stalls in big mall or alfresco of it Adding advertisement on local newspaper publisher or channels Use of social sites (internet as well)10. Wh at environmental factors will affect the marketing mix in your business Ans. Environmental factors that can affect the marketing mix 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 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, Advertisement and also pamphlets and internet as well. Design what you consider is the most steal marketing mix to satisfy the target market and attains the marketing objectives? For eliminate marketing we need to consider four keys Product, promotion, price and place Product-It is a visible good or an intangible service that is mass prod uced or manufactured on a large scale with a specific volume of units. Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements advertising, public social intercourses, personal selling and sales promotion. Price The price is the tally 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 shortly 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 work ing(a) objectives, I shall ensure the scarce resources are allocated as follows entanglementsite Design $1500Web- hosting $45.00Other Web cost $150.00Stock including some Samples $20000 furrow Cards $99Shop Leasing Start-up Costs (Rent and Bond) $115013. Explain how you would monitor the marketing mix against marketing performance and withdraw 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 particular 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 evaluate the implication of altering one or more components of your marketing mix in relation to marketing factors and consumer repartee Ans. I evaluate that altering one or more component of the marketing mix in relation to factors or consumer retort would be effective however, I do olfactory modality that only the price component would need to be altered in chemical reaction to consumers. I do feel that I have a solid marketing strategy.15. Describe the mental process you would use to make up 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 arrive at sales benchmarks of my competitors and meet the prices of my competitors, as afterw ard all the majority of the profit is donated to cum laude causes.16. Explain how you would ensure that the familiarized 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 to assume there wouldalso be an increase in the number of sales. I am however certified this is merely an assumption.17. What procedures would you use to ensure that the adjusted marketing mix move to meet organisational, strategic and operational marketing objectives, and want 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 set price I would need to forever monitor sales and profit benchmarks and let loose to an accountant in order to ensure that my business is still an effective paid business.