Marketing Mix Summary Essay Example

obvious.

Place is something very important as it is where products will be exposed. A good visibility will make sales become easier, thus Mr. Sherman use a range of outlet and all facilities available to make its goods visible for the mass. The example of department store shows how much Mr sherman has a good control over the demand and provide required stock constantly, also the customer feels as if they are in a Ben Sherman store. Furthermore the company expansion is unavoidable and will strengthen the label worldwide. Another key element is promotion, which main aim is to attract new customer. Ben Sherman is very aware of his market and makes use of technology to attract same. Direct mails are maybe more costly but is a type of advertisement that attains directly a required segment in the market.

After analyzing the marketing mix of Mr. Sherman shows clearly that each element is vital for the success of an industry. If ever one is neglected all the marketing strategy will be obsolete. Another crucial point is the understanding of target market to be able to give satisfaction to each group of people. Thus Ben Sherman with his balanced marketing mix has got the secret that has made him become a very important person in the fashion industry.

Question 2

a. Outline the importance of segmentation, targeting and positioning for Ben Sherman. Market segmentation is a crucial step to know which marketing strategy to adopt for each group. We can also says that market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers

with similar taste, demand and preferences. Mr. Sherman use segmentation to be able to have a clear picture of customer in the market and this made him decide on which group he will focus and with which type of product.

Having already made the segmentation Mr. Sherman can target a segment, for example in the fashion industry which is a very creative sector it tends more to attract youngsters. Thus targeting is very important has Mr. Sherman has been able to identify the needs of this youth market. Finally positioning is also very important as the last step before commercialization of the product. Mr. Sherman with analysis made before on the market was sure about the needs and demands of his chosen segment so that his products reveal to be successful.

b. Describe the different criteria which enable Ben Sherman to assess viable market segments in the fashion industry. Some very important criteria have been taken into account by Ben Sherman to access the viability of a segment. First of all the segment should ne measurable, the size has to be measured in terms of the number of customers in the market, frequency and volume of purchase. Mr. Sherman has also assessed to see if the selected segment can generate adequate income to be able to generate profit and thus recover the investment.

The targeted segment should be substantial so that at the end of day Ben Sherman make profit. Accessibility is a very important term for measuring the viability of the segment. Chosen segment should be accessible by the firm and firm needs to reach the customer in order to effectively

sell the product. Mr. Sherman should make sure that for example his advertisings reach his targeted segment. As the final criteria of evaluation Ben Sherman should have the ability to actually end up selling goods to the chosen segment and the selected segment should have the need to purchase the product.

Ben Sherman has already assessed those criteria because if failing to do so he will not have been able to understand the market and consequently fail in selling his product. He has also study fashion industry as a whole, competitors and evolution of the market also. Mr. Sherman also keeps on innovating with new theme and a strong brand that attract customer which means that he is always in advance on his competitors. All these criteria are important but the crucial point is that Ben Sherman creates the customer needs.

a. Explain the various steps in the marketing research process that can be used to determine whether there is a market for body care products?

To begin with the very important thing is to define the main objective of the research; in this case it concerns the determination of a market for body care products. The second step of the marketing research process calls for determining the information needed is to develop a plan to gather information efficiently. There are two types of collecting data sources, primary and secondary data sources.

Primary Data collection is the act of collecting bespoke information for specific marketing research requirements- Ex Observations and Surveys and Secondary data sources, also known as published data, come from credible and independent sources. Secondary sources should be the

first line of collecting data when conducting marketing research, as they are widely available and often inexpensive. All these data collection will help to have a picture in the market concerning body care products. A crucial step is the data analysis, as the name suggests an analysis must be done with data collected so that to be able to make an overview of the demand and wants in the market. Finally with the result obtained from data collection a report can be done for the body care products whether it will be profitable or not.

b. Describe the different stages in the pricing process that the Marketing Manager should examine while setting the price of body care products.

Firstly the Marketing manager should understand the cost of production to know how much expense is needed to produce the body care products. By doing so he will be able to determine as from what selling price apply profitability will be obtained. The Marketing Manager should also pay attention about the competitor’s price to be able to adjust the price if need be. Another important thing is to know to what segment the product is design, the goal is to get a detailed view of who’s customers are targeted and just how much they can spend. If segment is a worthy one the price can be a high one. Promotion also should be considered for launching of the product so that a large mass is touch instantly.