Marketingcan be defined as an activity, process, or set of actions devised byan organization to create, communicate, bring, and exchange goods andservices with customers (Baker & Hart, 2008). Marketing involvesadvertising, selling, and delivering products to the consumers. There are two tactics to marketing that are effective and balanceeach other for superior competence. These include the traditional andthe experiential marketing. Traditional marketing approach employsadvertisements as well as promotional methods, while experientialmarketing concentrates on the client’s emotions and experience.This implies that the product is designed in such a way that thecustomers find a reason to recall and recommend it to their friends.
Marketingmix, on the other hand, is a tool that individuals and organizationsuse to generate sales. It plays a significant role in thedetermination of a product or brand’s offer. In other words, it isa set of actions and methods that an organization or individual usesto promote his/her products. A well-planned marketing mix comprisesof four elements that must be controlled in the selling plan of aproduct. These elements are commonly referred to as the 4Ps ofmarketing and include Product, Price, Place and Promotion. Thesuccess of the marketing mix depends on how the four elements areapplied. It is imperative to note that these elements must beadjusted continuously until a balanced marketing mix is realized(Tobias, 2012).
Forthe purpose of creating a marketing mix, this paper selected aproduct referred to as a satchel. It is a bag with a strap worn onthe shoulder across the body diagonally hanging on the opposite hip.Satchels are currently trendy and a darling to most women making themmarketable in the fashion industry. This product is of interest to mebecause it is trendy and fashionable. Therefore, selling it to thewomen in college and outside will be easier.
Theprimary target market for these products will be women aged 25 yearsabove. This class of women is a suitable target market because theyform the working class with well-paying jobs. Their financialstrengths make it easier to purchase the products as long as theymeet their quality taste. Moreover, this group consists of ladies whoadore fashion. Another potential target market for these productswill be the ladies aged between 18 and 25 years. They form themajority of students presently in the university and tertiaryinstitutions deeply engrossed in fashion and would positively respondto quality products. To quickly penetrate the market, these productsmust be designed to reflect the current trends in the fashionindustry.
Product-thisis the most fundamental aspect of the marketing mix. The quality ofthe products will dictate the other dimensions of the marketing mixsuch as pricing. Satchels will be picked from different designersacross the country and packaged for sale. The product choice will bebased purely on the quality of the fabric used to make the satchel aswell as design. The design and creativity put into the productmanufacture must reflect the current market trends in the fashionindustry. Therefore, the product is anticipated to be unique andattractive as well as provide optimal customer satisfaction.
Thepricing of the satchels must reflect their quality. Being a new brandin a market full of similar products, the pricing should be fair andaffordable to allow for an easy penetration into the target group andcut a niche. The product will, therefore, require a lot of modesty inpricing to guarantee quick sales. The price can be set slightly belowthe existing ones to attract more customers. The prices can graduallybe increased with time as more people acquire the product and providefeedback. The initial price of a special satchel can be set atbetween $200 and $250.
Aftersetting an affordable price for the product, the other dimension ofthe marketing mix that needs to be handled is promotion. Owing to thefact that the primary target market for the satchels will be theyounger women the appropriate marketing strategy employed forpromotion will involve using online advertising methods such as thesocial media platforms. Promotion will ensure that the productawareness reaches a wider audience. Later on, the promotion strategywill include using brand ambassadors, such as the college students toincrease product awareness. The ambassadors will go round the collegeand other social places selling and marketing the satchels. The otheroptions will cover print, audio, audio-visual, and printadvertisement mediums.
Onlinepromotional strategy will provide an opportunity to sell the productsto an increased number of customers. This implies that the potentialcustomers can visit the websites of retailers stocking the product,place an order and have it delivered to their doorstep. Depending onthe success level of the products, permanent physical stores will beestablished across different towns. The target market, accessibility,and product availability will form some of the factors consideredwhen setting up these stores.
Baker,M., & Hart, S. (2008). Themarketing book.Boston, MA: Routledge.
Tobias.R. (2012).Internationalmarketing mix management.Berlin: Logos Verlag GmbH.