The Major Marketing Strategies Essay -- Business and Management Studie

The Major Marketing Strategies Most of the major marketing strategies can be classified into one of the following four categories: * Product * Place * Price * Promotion These four categories are known as the marketing mix or the four P’s of marketing. These are variables that the marketing managers have to control in order to satisfy their customers. Below is a diagram of how the marketing mix comprises. Product: looks at the physical product or service offered to the consumer, it also refers to the service or the conveniences that are part of the offering. Product decisions include aspects such as: function appearance, packaging, service, warranty and any other elements related with the product. Price: Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing does not only take into account the list price but also looks at: discount, financing and other options such as leasing. Place: The place or placement serves as the channels of distribution for getting the product to the consumer. Distribution takes into account: Availability, types of outlets and market coverage and the location of the business. Promotion: These decisions are those related to communicating and selling the product to the consumer. Promotions need to take into account the value of the customer as promotions can become quite expensive and therefore you need to consider whether your customers are really worth the cost of acquiring them. Promotion decisions include: advertising, public relations, media types, publicity and image. The following table summarises the marketing mix decisions In regards to Hayes pool the marketing mix had been used to create their marketing strategy by looking at the four P’s and linking them to the consumer. Hayes pool would be looking to use a market penetration scheme as their main target consumers would be those people interested in using the swimming facility. In this case Hayes pool knows that the demand is likely to be elastic because of the fact that so many leisure centres and gym facilities are constantly opening. The product of Hayes pool is mainly the swimming complex that they have and as a subsidiary business they have involved a gym facility. The product side of the marketing mix has not been used very effectively; the appearance is very poor as the building seems quite old ... ...k workout I need to look into adding more facilities and this can be achieved by researching what other competitors are offering in the area. Opportunities * New and rapidly growing markets * Changing tastes of consumers * Could diversify into a number of product lines. I have found that my leisure centre can be shifted across the road which would mean that it lies in the zone that is funded by the government; this means that they could give the pool a complete makeover and really build up the facilities. Also if the leisure centre was to move across the road a route from central avenue could be made allowing easier access to the leisure centre for residents of the road that falls on central avenue, east holme, orchard road and coldharbour lane. Threats * Growing competition from rivals * Recession leading to poor demand in the economy * Development of foreign competitors A new leisure centre has recently opened up in the area and is offering all the benefits of the leading gym centres but at lower prices. Within a year the local elections will take place again and if the current government is voted of the chair the next government may not allow funding for my leisure centre.