Marketing
There are many options available to consumers when they are considering the purchase of goods and services.
A consumer's decision can be impacted by the product, price, place and promotion (4P's). This is referred to as the marketing mix.
How well a business or product is marketed depends on these four critical elements.
A consumer's decision can be impacted by the product, price, place and promotion (4P's). This is referred to as the marketing mix.
How well a business or product is marketed depends on these four critical elements.
4P's Marketing Mix
1.Product – what the product is, who it is designed for/used by. Products should be designed with the end use and intended user or target market in mind.
2.Price – the price point, relative to the target market. Justification of pricing based on prestige, quality, cost of raw materials, competition, designer style, range of design styles, functionality and versatility
3.Place – Place of origin, design ,manufacture and retail. Place refers to where a product is marketed and the distribution channels used to reach consumers.
Businesses have 2 main selling or distribution options. Either selling direct to consumers or selling wholesale to retailers.
4.Promotion – The advertising and selling aspect of marketing. In retail stores, TV, media, fashion parades, events, celebrity and red carpet events, print, online adds, sponsored adds, radio, electronic media, social media, social media influencers and paid product endorsements, etc.
2.Price – the price point, relative to the target market. Justification of pricing based on prestige, quality, cost of raw materials, competition, designer style, range of design styles, functionality and versatility
3.Place – Place of origin, design ,manufacture and retail. Place refers to where a product is marketed and the distribution channels used to reach consumers.
Businesses have 2 main selling or distribution options. Either selling direct to consumers or selling wholesale to retailers.
4.Promotion – The advertising and selling aspect of marketing. In retail stores, TV, media, fashion parades, events, celebrity and red carpet events, print, online adds, sponsored adds, radio, electronic media, social media, social media influencers and paid product endorsements, etc.
Product Lifecycle
4 distinct stages:
1.Introduction stage: product launched into the market, consumers have little knowledge regarding the qualities and advantages of the product. Marketing strategies used to promote the product so consumers are aware of its existence and its qualities. Sales are usually slow with little profit made.
2.Growth stage: Consumers become aware of the product and sales increase. Further promotion by the retailer pushes selective demand and profit growth.
3.Maturity stage: Greatest sales and profit. Supply meets demand and the marketplace becomes saturated with the product. Competition increases and marketing strategies/advertising used to maintain high sales.
4.Decline stage: Newer or better products may replace the textile product, promotion is then reduced or stopped and sales and profits decline, or, the product may be modified and repromoted to extend its life.
1.Introduction stage: product launched into the market, consumers have little knowledge regarding the qualities and advantages of the product. Marketing strategies used to promote the product so consumers are aware of its existence and its qualities. Sales are usually slow with little profit made.
2.Growth stage: Consumers become aware of the product and sales increase. Further promotion by the retailer pushes selective demand and profit growth.
3.Maturity stage: Greatest sales and profit. Supply meets demand and the marketplace becomes saturated with the product. Competition increases and marketing strategies/advertising used to maintain high sales.
4.Decline stage: Newer or better products may replace the textile product, promotion is then reduced or stopped and sales and profits decline, or, the product may be modified and repromoted to extend its life.
Activity 1
Select a fashion brand and relate the 4 P's of the marketing mix to this brand. Explain and justify each of the 4P's for this brand. Submit to Google Classroom.
Past HSC Exam Questions
2018 HSC Paper
Section II Question 11 – ATCFAI (8 marks)
(a)Explain how changes to the production of TWO textile fibres can reduce pollution.
(b)Describe how the price of a textile product is determined during the maturity stage of its life cycle, with reference to a range of factors.
Section II Question 11 – ATCFAI (8 marks)
(a)Explain how changes to the production of TWO textile fibres can reduce pollution.
(b)Describe how the price of a textile product is determined during the maturity stage of its life cycle, with reference to a range of factors.