Develop a coherent marketing mix for a new product or service
In this task there will be information which shows the
coherent marketing mix for a new product And also the coherent marketing mix
that will be targeted at the potential groups of customers
The new product I am going to describe the marketing mix for
is apple`s product IPhone X, which Was released on 3 November 2017.
The marketing mix (also known as 4 Ps) is a basic marketing
model. The marketing mix is a set of marketing tools that the company uses to
achieve its marketing goals. Since the marketing mix refers to four broad
levels of marketing decision, namely: product, price, promotion and place,
marketing has been going on for millennia, but marketing theory emerged at the
beginning of the 20th century by Neil Borden, the president of the
American Marketing Association in 1953.
Price: Pricing is one of
the most important elements of the marketing mix, as it is the only element of
the marketing mix, which generates a turnover for the organisation. Price
refers to the sale price of the product. Consider factors such as the cost
price of the product, marketing expenses and distribution costs. Determine if
these costs are likely to be fixed or variable when calculating an appropriate
price. Price can also be used to position the product in respect to perceived
quality. Your pricing strategy should
reflect your product’s positioning in the market and the resulting price should
cover the cost per item and the profit margin. The amount should not project
your business as timid or greedy.
Low pricing hinders
your business’ growth while high pricing kicks you out of the competition.
The price must be relevant to the product and the market in
which it is placed. A decision about business prices often aims to attract a
particular market segment. For example, if you want to sell at the higher end
of the market, you will demand a higher price and a lower price for a product
at the lower end of the market. IPhone X is able in different price, you can
buy it for £999.00 and you can also buy it for £1,149.00. The price changes
with upgrades. For example IPhone X with 64GB is for £999.00 at Argos; however
IPhone X with 256 GB is for £1,149.00 at Argos.
Place: It alludes to where the item is sold and how it is
sold. This could be a circuitous dissemination or an immediate circulation.
This is the way toward moving stocks from the maker to the client. It is the
manner by which the item is brought and where it is purchased. The measure may
be through a mix of delegates like merchants, wholesalers and retailers. Apple
sales Iphone X is online, in store and retailers.
Customers can buy IPhone X from apple’s website. It is also
sold in apple stores. Customers are able to buy Iphone X form retailers like
Argos. Because apple is an international company, they have stores in around
the world which means they are able to sell Iphone X to people in other
countries like China, India, and America etc.
Place: It refers to how the product is available to the customer. The distribution
is a key element of the location. The location strategy evaluates which channel
is better for a product. Access to a product by the end user must also
complement the rest of the product strategy. This could be an indirect
distribution or a direct distribution. This is the process of changing the
producer’s stock to the customer. Then the product is brought and where it is
bought. The action could be through a combination of intermediaries that resemble
distributors, wholesalers and retailers.
Apple sales Iphone X on apple`s website. It is also sold in
apple stores. Customers are able to buy Iphone X form retailers like Argos.
Because apple is an international company, they have stores in around the world
which means they are able to sell Iphone X to people in other countries like
China, India, and America etc.
Product: The product is a tangible good or an intangible service that meets a
specific need or requirement of the client. All products follow a logical life
cycle of the product, and it is crucial for marketers to understand and plan
the different phases and their unique challenges. It is important to understand
the problems that the product tries to solve. The advantages offered by the product
and all its properties must be understood and the only point of sale of the
product must be investigated. In addition, potential buyers of the product must
be identified and understood.
Iphone X has the first OLED screen that rises to the
standards of IPhone, with accurate, stunning colours, true blacks, high
brightness, and a 1,000,000 to 1 contrast ratio. Iphone X including the cameras
and sensors that enable Face ID.
Promotion: It refers
to the process of communication with customers. In terms of marketing, the
advertising of products and services encourages customers to take advantage of
the offer. Promotion processes include brands, advertising and packaging.
Promotion consists of different methods of communication with the target group
of a company. Promotion should inform, convince and influence a consumer to buy
Apple used a lot of different promotion techniques for Iphone
X. they used bill board to promote Iphone X, they made a video which included
of models and celebrity using the Iphone X. they used models and celebrity to
attract young people`s attention and to match Iphone X look luxuries.
Develop a coherent marketing mix
In this task I will develop a coherent marketing mix that is
targeted at a defined group of potential customers.
The main target audience for Iphone
X is teen agers and Adults who has permeant job or a permeant source of income.
People who have good income can afford Iphone X, however on other hand I
college student who does not work, will not be able to buy Iphone X but his
family can buy Iphone X for him. Adults that are target customers for Iphone X
are adults who has a permeant and good paying job like a manager of the store,
teacher etc. Iphone X`s target audience are both females and males teenagers
and adults. Their main target audience are people living in urban areas like
London. Their target audience are people living in urban
areas because more people living in urban area comparing to rural areas,
however people living in rural areas also can buy Iphone X online but they have
to travel to urban arear to buy it from the store because their Apple`s stores
are in urban areas because majority of the customers of Apple live in urban
The interests of the target
audience are that it should have features like better camera, waterproof, easy
to carry. For example if a photographer buy a Iphone X he will be interested in
if it has a good camera and feathers
will can help in taking better pictures.
Iphone X`s price meets the needs of the customers in a way that it has new
and different features that not a lot of other phones have. It`s target
audience are people who gets paid a lot and people who wants to show
luxury. So Iphone X shows luxury because only people certain people can
afford it, so it shows to people that person with Iphone X havegood
meets people needs because Iphone X is one step forward for Apple. It is
more secure then before with face ID lock. It makes it hard for other
people to open your phone and use it. It has two cameras in place one
which improves picture and video quality. They replaced headphone jack
with speaker, in Iphone X they have two speakers for better audio.
is an international company, it has store all over the world. They have
two types of audience one who wants to buy Iphone X online to save time
and other is are people who wants to buy Iphone X in store, from apple
store or from other retailers like Argos. Apple provides both services for
IPhone’s customers. They sell Iphone X in stores and they also deliver the
Iphone X your house.
It is important that the marketing
mix is designed to meet the needs and wants of the target audience because it
helps the business to advertise their product and tell the features of their
product to their customers and potential customers. More customers will buy
IPhone X if you make it easier for customers to buy the product. Marketing mix
also it makes it clear to the business who is the target audience and to
provide them with best service.
Overall, believe this product does
not meet the needs of the target audience because they didn’t introduce
anything that is unique. Because of the price it only target small group of
people. Comparing to the price other phone like Samsung, one plus etc are
cheaper but have similar features, so believe that it does meet the need of its
customers because it similar feature to phone but a lot more expensive.