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Marketing Busniess Plan Research

Essay by 24  •  June 15, 2011  •  348 Words (2 Pages)  •  825 Views

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Marketing Strategy

 Four P's- Product Place Price Promotion

Price -This is a very important factor within any business, The business must use specific strategies and techniques. These will help me find the perfect price range for the Product /Service I will be providing.

One of the techniques used by a competitor of mine would be skimming. This is when ever a new product or service is researched by research and development department to collect the different ranges of prices available for products of the same nature. This will allow me to set prices for the individual products and services that are not going to be too expensive when compared to any other market leader.

Another of the strategies used is Penetration. This will enable me to captivate a lot of the market by setting a low introductory price and then raising it afterward.

Promotion -this is another important factor that must be analysed closely by any business.

I feel that I could use money off coupons to attract new customers and also to keep existing customers satisfied. This is achieved by adverts that are placed in magazines and also in newspapers. To keep customers interested in my business I will sometimes give out free samples of a new product to the Customers.

I will try to attract all ages and genders to my restaurant. I will take into consideration that most students and pensioners can not always afford a meal at a restaurant therefore I will offer students and pensioners a lower rate for my products and services.

Product- when I am designing new products I will always hand out comment cards to their customers and ask them to fill them in. This allows me to have a vast idea on what the customer is expecting when the new product is released. Some

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