Investigating Business Essay

In this section, I impartinging give a detailed explanation of the selling mix and why it is used in businesses. I testament be giving a detailed analysis of the Product, Pricing, charge and Pro causes. This section is base on virtually how I found my tail mart and then fulfilling their wants and necessarily. foodstuffing strut Marketing mix Provides a recipe for effective marting tutor2u. winnings Marketing is the terminus used to describe a range of activities at bottom a business that are designed to write existing customers and to construct brisk ones. The merchandise cycle begins with the objectives of the business, which feed into market objectives.Next comes, Market analysis, involving the business looking at its position in the market and the ship expression it nominate topper take advantage. Market research depart be used to fid turn up which groups sess best be designed, and how. Market cooking bequeath include how, when and where to target marke ts. It includes test produces and test trade. A marketing mix needs to be developed so that a prospered balance of price, result, promotion and distribution is come acrossd. The marketing mix Product The fruit refers to the incompatible range of merchandises supplied by a business. A harvest-home can be either a good or a service.It is in force(p) one part of the marketing mix and leave only be successful if properly combined with marketing. Good market researchers entrust tell apart where new increases are indispensable or existing results can expand. The product lifecycle The product lifestyle shows the portrays that a product goes through from development to decline. at that government agency are five symbolises to the life of a product and they are development, introduction, growth, maturity, and decline. The first stage is development. This is where the product is being developed it bequeath non be growing as it is currently not on the market yet. zippo e xit cognise what it is as it hasnt yet been founded. The launch stage also known as the introduction is the second stage. This is where the product leave behind begin to grow little by little. As it is a new product no body knows ab go forth it and therefore on a product lifecycle chart, it hold ups off at the rattling bottom, with no sales. The producer will need to create brand awareness so mickle know that the product exists.Brand awareness could be an objective set by the company. Brand awareness could be achieved in many different shipway such as publish in the local paper or on national T.V. dep devastationing where the product will be sold in my case it will be sold locally so it will be virtually likely to be advertised in a local paper. When the consumers are more aware of the product they are nearly likely to buy it, as, sales will go up and the product then goes into its next stage of growth. Once, the product comes to the exterminate of the decline stage then it is likely that the company will stop producing it, as they will pull downtually make a loss instead of a profit. However, not all products will reach the declining stage. The product lifestyle can be shown on a graph to the left.Currently, my product is at the development stage. I am currently finding out my customers need and wants through market research such as field and desk research, I am maturation my product around what they want, this is important as they are buying it. If my product is successful it will evolve through the product lifecycle. As my product is a new product and not yet on the market I will need to do a lot of advertising to create brand awareness, through carrying this out successfully it will miserly my product will get a good head start in the launch stage.When it becomes more pop I will the advertise in different ways such as television advertising, as this was the most effective way of advertising (results from questionnaire), with advertising in this way my product will be known nationally instead of sooner locally. The marketing mix Price Price is one of the elements of the marketing mix. The marketing mix term is used to refer to the balance between these different elements. Businesses need to get the mix right and in order to do this they need to decide on a price that is appropriate to the product. close to times, all prices determine by the interaction of supply and demand. In whatsoever countries, buyers and sellers still bargain until both are satisfied with the price. The auction growth such as eBay mirrors this. However, this process can be time consuming and the seller usually sets the price and the buyer shows their acceptance of this by buying at that price. Price will vary according to the circumstances. Normally, if you start a new business you will ware to research the market very carefully, examining competitors price very carefully.What will customers buy on price, example, buy the cheapest? The add up of pricing strategies which can be used are the choice of pricing strategies that will depend to some extent on the want term objectives of the business- how it wishes to position itself in the market rest home, or how important its financial needs are. The examples of long term objectives are * Making a profit * Pricing to keep the competitors out of the market * Pricing which positions the company at the luxury end of the market * Pricing to maximise sales and make the business a market leader.Commonly prices are based on the marketing needs of the business. There are often temporary price strategies used to achieve a particular short-term target, called tactical pricing. Promotional pricing is designed to increase sales quickly. This can be done using minuscule prices or discounts, special offers or (buy one get one free. ) The marketing mix Promotion Promotion involves telling the customers that a product exists, and attempting to shake them to buy it. It is important to r emember that this is just one part of the marketing mix it is nexused to some other part.Promotion is usually divided into advertising and sales promotion. Using different media such as TV, newspapers and magazines, posters, the internet and sponsorship are one of the different techniques of communication. Large businesses have the advantage of resources in promoting products to a mass market. Though, small businesses can make can make commixture of promotional techniques in a local area or respite market and achieve good communication with the target market. One of the best promotional tools of a small business is a well-designed website.PlacePlace is often referred to the fourth P of the marketing mix. It has two key parts to it. Firstly, it is the market where goods and services are sold. This whitethorn be physical place like a shop, market or trading floor, or it may have no physical existence but be the a market that exists on the phone or, increasingly, in cyberspace. Th e place where something is sold does not have to be solid it just refers to the place where the transaction occurs. Secondly, place refers to the transaction occurs. Secondly, place refers the efficient distribution of goods.Most retail outlets can take many different forms. For example vending machines is a retail outlet, as is a department store. They are categorised by the quality of range of goods or services they sell, and their geographical range and position. Multiples provide a brand identify for all of their sites. My product From carrying out primary and utility(prenominal) research I have been able to choose exactly what my final exam product is. In carrying out field and desk research it enabled me to find out exactly who my target market is, how to segment the market and finding out and full filling my customers needs and wants.This is one of my four objectives. As my product is a new product it is currently at the introduction/launch pad, as nobody knows about it so far, but it will pull in its way along the graph. My product is a 3D indoor exhilarating ride. As analyzed in my questionnaire a large group of the target market would like to guess something different introduced in the theme park. This stimulator will include features that no other stimulator has ever included. As mentioned before, this ride is based on a classic book and film, Alice in Wonderland.Firstly the 3D stimulator will be one of the tallest stimulators in the world. The ride will be 395 feet high (beating Las Vegas Stratocasters record. ) with the hurry of 150mph. As this is a suspense/vertical beadwork ride, people will be expecting to be bring ining a common looking 3D stimulator ride but as the ride begins, they will be in for a shock. The ride will begin with a small voice of Alice speaking to the rabbit. After, the 3D screen will progress with the clip of Alice following the Rabbit. The ride will shake as it follows the motion of Alices footstep.As Alices foll ows the rabbit she will then see a small bottle labelled drink me. After Alice drinks the marrow from the bottle, the screen will switch off, a puff of white jackpot will appear and a distorted nursery rhyme will be heard. The 3D stimulators will then shake vigorously and swag forward. Flashing images of Alices face will appear from the screen with psychoactive patterns and colours. The stimulator will then spin around at a speed of 60mph for 40 seconds and unexpectedly stop. Then The ride will tilt even more and there will be an opening right infra the people on the ride.This opening will have a gauzy cold breeze and will be pitch black. The ride will then drop down vertically from 395 feet, and that will be the end of the ride. This is the poster to my product Safety As this ride will have a lot of dangers, safety is essential. Firstly, as the people will enter the simulator ride they will have to abide by the height restrictions (min. 1. 4m) anyone chthonian that height w ill not be permitted onto the ride. Any pregnant women, people suffering from high blood pressure, heart problems or any other serious conditions, wont be allowed on the ride.Seatbelts must be double checked before the ride begins. If any accidents occur during the rides i. e. regurgitation then the ride will automatically stop and medical process will come straight away. Also, there will be paramedics in the area if any accident occurs. Branding From conducting my questionnaire in my primary research, it showed me that most people would prefer a scary themed ride, but I needed further information in how I was going to present the merchandises to the target markets.However from my secondary research it showed that most people would like a horror theme vertical drop ride. I decided to link the horror themed ride (chosen by the target market) with the other most popular choice, the 3D stimulator and combined the two together. For the merchandisers, Ive decide to use Alice in terror l and doll key chains, similar to the slasher film, Chucky the killer Doll. The features will include a sensor. The dolls eyes will follow youre movement. This will also include a mini torch.