P6 – Imogen Durston
For P6 you must develop a coherent marketing mix for a new product or service.
Evidence for P6
Topshop/Topman has contacted you to launch a new range of children wear. They have asked you to develop a coherent marketing mix for the new products and service. The marketing mix can be an Information sheet/Word Document and should include the 4 Ps along with an Introduction to the technique.
Introduction – the product I am creating for Topshop is a children’s clothing range. I am going to call this TopKidz. Products from this range will be sold online and in all Topshop stores. To promote this new range I am going to use celebrity endorsement and TV adverts to ...view middle of the document...
My products will be reasonably priced so people of all economical statuses will be able to afford the clothes. Although, there will be some items that have premium prices as they will be made with more expensive materials. An example of this is a real fur coat. Because the cost of real animal fur is expensive, Topshop will need to sell products like this at a more expensive price or it would not be fair on the animal and it could result in the business being prosecuted. When the TopKidz range is first released some items will be sold together as a deal to celebrate the range being released. For example, a t-shirt will be sold with a matching pair of pants for a set price for a short period of time after the range has been released, this is called penetration pricing. As well as this there will be certain clothes within TopKidz that will always be sold at a low price, this is called economy pricing. This means that people of the lowest economic status will be able to afford the clothes. I will also use psychological pricing throughout my clothing range to make the customer think they are getting a good deal. For example, a lot of clothes within the TopKidz range will be sold at £7.99 and because these items will be advertised as under £8 the customer will think they are getting a better deal than what they would get if the price was £8.Pricing strategies – Price skimming –Captive product pricing – Product line pricing - |