Hi, my work was marked and invigilated which meant I achieved both the criteria (P6 and M3) with this piece of work. Perhaps your course is slightly different to mine? I achieved a Pearson (Edexcel) qualification distinction star with all and only the work that is uploaded on here. Sorry I can't help further.
Unit 3 – Introduction to marketing
Pass criteria 6 Merit criteria 3
P6 – Develop a coherent marketing mix for a new product or service
M3 – Develop a coherent marketing mix that is targeted at a defined group of potential
customers
Rumpus Parties
Product: A new product that I have created for Rumpus Parties is parties for teenagers ages
14-17. This widens the market for Rumpus Parties and introduces younger ages to the
company in hope that they would continue to party with Rumpus Parties, it also adds to the
product range of the company. Opening up the product range could be beneficial to
Rumpus Parties because if one of its current product starts to lose sales then there will be a
‘back-up’ product to keep the business ticking over. My product is a level 2 product meaning
that it is an actual product, it is a tangible item. This product will offer a range of different
parties for 14-17 years old, some that are aimed at easing them in and some that are aimed
at getting them ready for becoming older and being able to use their existing product range
which requires people to be 18+. The parties would be age appropriate meaning that no
alcohol would be served and anyone 20 or over would be welcome to attend to ensure that
the young people would be kept safe, this would also be a way of reassuring parents that it
is a safe environment for their kids.
The product would appeal to the core market because young people are always looking for
a way to party and this product allows them to do so. The young people would also learn
how to act at a party and may learn a sense of responsibility from doing so as they are being
trusted by their parents. The parties would also offer them a place where they are able to
express themselves and ‘let their hair down’ for a few hours which may be a sense of relief
that they are able to have a break from school and stressful exams.
Price: As the product allows for different types of parties to take place, the prices will vary.
There will be an introductory price to help the parties to penetrate the market and grab the
attention of people to try to create buzz about the events. The introductory price would be
£4 per person including one soft drink token and a free Rumpus Parties bracelet. The price
would then rise depending on the success for smaller parties £10 per person and for the
bigger events £15-£20 per person.
The costs would mainly be for the venue and the staff, the staff would cost around £7.20
per hour per member of staff, the parties would last three hours and 6 members of staff
would be needed, so about £130 in staff costs, potentially £200 for the venue and £20 for
soft drinks. The party should attract around 100 teenagers leaving around £50 for initial
profits and any unexpected costs. The ticket price would go up after the introductory pricing
to create more of a profit. The teenagers would have the opportunity to buy more soft
drinks which could increase the overall profit.
Place: The product can be purchased online, from the Rumpus Parties website, which will
have its own new teen section or be purchased at the door. There will only be a limited
number of tickets available to be purchased at the door to encourage people to purchase
online, this will hopefully prevent people from purchasing at the door so Rumpus Parties
knows how many people to expect to attend. Once purchased a unique barcode will be sent
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