Elements of the marketing mix-7P’s
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In this P6-M3 I have been asked to describe the 7p’s (product, price, place, promotion, people, processes and physical evidence) about a new product or service launched by a selected company (Apple). Product The new product that I am going to talk about is Iwatch. It will be an intelligent watch that will help people aged over 50 to use their mobile phones. The USP of this product will be that it will be the first “intelligent watch ever released”. It’s quality will be like Apple’s other big releases like iPhone, iPad, etc. Iwatch’s lifecycle will release with high prices but will come down by the time it’s competition brands will release new product. Price The price of the product will be around £350-400. Apple will take the full advantage of the season when they will release Iwatch as there won’t be any competition and they will sell quite good.
The strategies they could use in order to increase their sales are getting people’s attention by telecasting public’s review so everyone can see what people think about Iwatch, they could also use skimming price when they will have competition products. Place The place where Iwatch will release first will be in America as their headquarters are there and America is their home and the place where they sell the most. Accessibility for the customers will be easy, Apple will distribute their products in local shops so everyone can reach it. They could also use email’s and send offers to their loyal customers so that they continue buying from Apple. They could also deliver their new product for a certain time till they have sold enough. Promotion The promotion of this has to be done carefully because it will be a new product, never seen before so they have to make sure that people understand what Iwatch characteristics are.
They will make ads, they will also advertise their new product in the newspaper so that people that don’t watch TV can be targeted and they could also use a new different method that they haven’t used before and that will be radio as this product is targeted to people aged over 50. People The management of this product will be done by experienced workers because this product is a new product for Apple so they can’t take a risk and make a product with faults, that will destroy the good image of the brand. The attitude towards the customer will have to be good, they could take in mind what a customer wants from their new product and remember to make a product that reaches to the people’s expectative.
Processes The processes that will take to made this product will have to be simple and effective as this product has to be simple because if it’s difficult to use then the customers won’t like it and at the same time it has to be effective because the expectative from this product will be very high. Apple may have to utilise new technology in order to make this product work well and maybe has to deliver this product to customer’s home because this time they are targeting a new age of the market so maybe they have to change some things. Physical evidence Apple may have to launch a new website for this product that includes an easy lay out and an easy way to interact with the customers so that they can feel easy when they have to ask for help from Apple.
They maybe have to get an helpline number from where they can help customers that have difficulties using their new product. Physical evidence Apple is a very well known company so the expectative from it’s products are always high, they will need to work hard to make this product to do well because they are targeting a new section of the market this time. They also may need to put offers this time as people aged over 50 are not used to buy as expensive products as young people like. Conclusion In this task I have described the elements of the marketing mix-7P’s of a new product (Iwatch) that a selected company will release (Apple