Essay
Unit 9 P2 - Explain the role of promotion within the marketing mix for a selected product/service
- Institution
- Pearson (PEARSON)
P2 - Explain the role of promotion within the marketing mix for a selected product/service
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2 reviews
By: nvnieuwenhoven • 3 year ago
Not complete, only the first question of the command is described
By: shellsbells04 • 1 year ago
This was submitted and graded as a pass
By: Macywins • 7 year ago
Content preview
Unit 9 – Creative product promotionPass criteria 2
P2 – Explain the role of promotion within the marketing mix for a selected
product/service
Marketing mix is used by businesses to decide how to successfully sell a product, it involves
keeping in mind the product, deciding on a realistic price, where (place) to sell/stock the
product and how they are going to promote the product. These are known as the four P’s
(product, price, place and promotion).
The product that I am going to talk about is the Samsung Galaxy S6. The product has been
developed over a long time and the company invested a lot of money into making sure that
it would be successful.
Product
The Samsung Galaxy S6 is an upgrade of the Samsung Galaxy S5. Once the S5 was released,
Samsung would’ve already been developing new technology for the S6, this is because the
phone market is extremely competitive and Samsung rival with another big brand – Apple.
Samsung would’ve looked into what has been successful about their phones/other phones
already and what hasn’t been so successful, for example, a big change for Samsung was that
they went from plastic casing to metal casing to compete with the professional look of the
iPhone 6 (competing phone).
The unique selling point of the Samsung Galaxy S6 is the wireless charging system, that
competing phones do not have. The product needs to have a unique selling point so that the
product can be promoted effectively to ensure that the consumers know why they should
be buying it.
Price
The price will differ depending on the model, the Samsung Galaxy S6 offers different
internal storage sizes. The price needs to be set to ensure that they make enough profit so
they can continuing developing need phones and ensure that the price they set it at gets
enough volume of sales, therefore, gaining as much market share as possible. The price is
the only source of income from the marketing mix so they need to get it right to ensure that
they are able to do the other P’s of the promotional mix successfully. The price is set by
keeping in mind factors including cost, competitors and demand. The price needs to be set
based on the price of competing phones, this is because if the price is too high then people
are going to buy the phone that is cheaper because it offers similar features and if the price
is too low then they are going to not make enough profit to continuing developing phones
to compete with the other competing organisations. The price will also change over time, at
the beginning of the sales the product will be premium price to try bring in some quick
revenue and then it will be dropped to make the product seem more attractive and try to
gain more sales after the initial release, this is called skim pricing.
The price will also need to advertised so the customer would think that they are getting
good value for their money, otherwise they may buy a different phone that seems better
value regardless of whether it is or not.
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