Market Mix for Jane Pinch Tattoo Company - Case Study Example

Market Mix for Jane Pinch Tattoo Company By: Institution:’ Course: Instructor: Date of submission: Introduction The term market mix entails ensuring that the right product is placed in the right place, is sold at the right price, as well as at the right time. The four factors are commonly called the marketing’s 4 ‘Ps’. Over the last 60 years, there has been the evolvement of the definition of the concept of ‘marketing. However, the changing business environment as well as increasing integration has led to the expansion of marketing to incorporate other factors such as the product’s price, distribution means, and the consumer’s demand apart from that, there has been an increase in the significance of marketing as a business strategy’s part (Richardson, Dick, & Jain, 2014). In 1960s, Borden indicated that he was the first person to utilize the word ‘market mix’ having drawn the inspiration from the 1948’s Culliton perception of business executive as being a mixture of ingredients (50minutes.Com, n.d.). The marketing mix of Borden had 12 elements namely pricing, product planning, distribution, branding, advertising, personal selling, display, promotion, servicing, packaging, analysis and physical finding. Borden’s idea was refined in 1964 by McCarthy and introduced the 4 ‘Ps’ namely product, place, prices, and promotion as the main components of the market mix. More ‘Ps’ have been added to the definition proposed by McCarthy such P- people. The marketing mix of Jane Pinch Tattoo Company is a reflection of the strategy of the firm to have an interaction with its market. The market mix of the company is designed to address the variations existing in the local markets (Tankersley & Babic, Anna, 2010). The paper will aim at addressing the marketing mix of Jane Pinch Tattoo Company. Product The component of product of marketing mix plays an essential part in the Strategy of Jane Pinch Tattoo Company as the company rigorously compete with other tattoo companies across Canberra and nationally. This involves the offering by the company and in our case, it involves the tattooing services. While ensuring the development of the product, it is essential for any company to consider essential factors to the business and they include the following: The product’s demand The future market of the product Customers’ needs that are derived via the product Competitive products available in the market The product’s adaptability to the altering environment Product’s packaging and branding Goals attained via product’s selling (Perreault, Cannon, & McCarthy, 2015) The company offers various forms of tattoo services and these are Injecting ink on the surface of the skin to permanently alter the skin’s coloration, maintenance of the tattoo, design, and modification services touching on tattoos. Finally the company also specializes on services targeting the removal of the tattoos. The demand for the product is high in Australia and it is expected that this trend will keep growing (Cadogan, 2009). The company will also aim at investing in research regarding the various tattoo design to ensure that it is offering various types of products. Among these products would include subtle tattoos and bird tattoos targeting men, among others. Although the tattoo service industry has grown tremendously, finding the design of the tattoo that a customer want to be remain in his/her skin is a process (Pearson, 2014). To solve this problem,, the company has set up a website with a photo grid where the customers would have a chance to search the tattoo photos within the site. In Australia, the upsurge of the acceptance of the product has led to the strong growth of revenue in the industry of tattoo in the last five years. Unlike the past where tattoo was linked to criminal associations and underground scenes, the product is now perceived as an expression of art. Owing to this, the product has now infiltrated numerous previous inaccessible societies’ echelons. The company aims at offering unique products and continues to invest in research to develop new ones. This is essential in ensuring that the company remains unique and competitive (Tankersley & Babic, Anna, 2010). Price Price is an essential component of the market mix and it is not all about the product’s cost but also the product’s or services’ perceived value. The choice of the company’s tattooing service would be based on personal choices, economic condition, experience, among other factors. Therefore, it is essential to have an understanding that cost is not the only the only factor determining whether the customer will purchase the company’s service. The prices for the services would range from $150 to $250, a reduced price compared to other tattoo parlors located all over the country. During the winter, the sale is usually low because many individual are not likely to expose their skin to cold. Therefore, the company would put more focus on sales during the summer. As indicated earlier, the company would sell its products at a reduced price to attract more customers. Apart from that, the company is mindful of customers of low social-economic statures. The presence of numerous similar prices has the capacity to lower price as well as provide. To curb this problem, the company has embarked on selling the products at lower prices and at the same time ensure that the service is of high quality (Perreault, Cannon, & McCarthy, 2015). Some of the factors that are likely to affect the price include the buyer’s power. According to the studies, buyers who possess strong power of bargaining have the capacity to influence the lowering of the prices. Price should correspond to the buyer’s capability. That is why the company has decided to lower the prices to accommodate buyers of all social economic status. Regular customers shall receive a discount of 10% per year. All customers would be required to pay through pay pal, debit cards, credit cards, and pioneer. Cash payment would be discouraged to enhance accountability. The company will also use penetration price while venturing in new areas to ensure an increase in sales. The price of the product is a signal of the product’s quality to the customers. Customers have the tendency of comparing the prices offered by the company with the prices of the competitors. With this in mind, the company opted to sell its products at average prices (Pearson, 2014). Below are other factors that would influence the company’s pricing Place Jane Pinch Tattoo Company will start it operations in Canberra, Australia but with the plan to expand to other parts of the country depending on the increasing demand of the service. According to the recent studies, tattoo services are on rise across Australia and the rest of the globe. The company would aim at opening new marketing sites to places which will be accessible to the growing number of people in demand of this service. Today, approximately 19% of the Australian populations have tattoo/tattoos on their body. Each of the company’s tattoo shop shall be run by artists of tattoo who will be employed by the company. The locations of these shops will mainly be in areas with big crowds such as malls and busy streets across Canberra and other parts of Australia (Cadogan, 2009). The strategy here is to ensure that the sites are conveniently located to ensure that the customers are accessing the services with ease. The main distribution point of the company will be the tattoo parlors located in numerous places across Australia. The services will be offered in these places but in some cases, the artists will be sent to client’s residential places, mainly after a request by that client (Posner, 2015). It is essential for the business to make a decision regarding the place where the purchase of the product will take place as well as the product’s distribution point. The satisfaction of the consumers will only occur if the services are availed at the right place, right time, as well as right quantity (Hashin, 2011). It is therefore essential to strategically locate the tattoo parlors to ensure that the customers are accessing them with a lot of ease. Apart from that, the company will increase its breath of distribution. This is essential because it helps in enhancing a higher sales base because the capacity of the consumer to find the brand is facilitated by the wider availability (Cadogan, 2009). Promotion Promotion entails advertising, sales promotion, public relations, direct marketing, and personal selling. Promotion is essential to the process of market exchange that ensures the communication with potential and present stakeholders as well as general public. The company will use numerous forms of promotion to potential consumers of the service. One of the most effective methods that can be used for promotion is IMC (integrated marketing communication). Among these methods include public relations, advertisement, and personal selling and merchandise promotion. One way by which the company aims at promoting its services is through advertisement through social media such as Facebook, twitter, and other internet services. The company will also use billboards to promote its services. Other promotional techniques to be utilized by the company will include discount of prices and taking the services to the clients. Advertisement is among the ways of signaling the quality of the product and this enhances the equity of the brand (Posner, 2015). According to studies, advertisement can positively affect base sales. The aim of advertisement is to convey the benefits reaped by using the service to ensure that other customers are purchasing the service. The company also employs direct selling and sales promotion. In order to ensure maximum effect, the company will use unique mixture of activities of promotion. It essential for all the sellers to tailor the promotion of the products to ensure it suits the segment of the market. Promotion has the capacity to either positively or negatively influence the customer (Munusamy, 2015). The company is acting as a promoter as well as a communicator as this will dictate how the client perceives the service. Owing to this, the company has devised a consistent message regarding its products. Apart from that, the company uses marketing communication to provide information to the consumer regarding the services such as the places where they will be offered and at the same time assists in generating favorable perceptions and images. Price offers especially to the consistent customers are an essential promotional tactic which is essential in influencing the behavior of the consumer (Cadogan, 2009). Budget Budget entails an estimated costs’ projection essential to ensure the promotion of the business service or product. In this case, the marketing budget will incorporate promotional cost. The marketing budget is as follows: Activity Cost ($) Marketing research 100 Advertising 300 Public relations 100 Communication expenditure 90 Contingencies 100 Total cost $ 690 Implementation An essential marketing plan is a blueprint for ensuring the service and products’ marketing and at the same time is a guide for ensuring the delivery of marketing strategy of your business. The implementation of the marketing plan will involve various steps as follows: Communication with members of the staff Involving the staff members in the marketing would ensure that they (staff members) will fully support it. It is essential to ensure that the team members are confident in the info as well as actions that are outlined within the marketing plan. Each team member will receive as much information as possible regarding the marketing plan, fitting the marketing plan with the policies, goals, objectives, and priorities of the business. End Goal: The Company will put in mind its unique proportion of sales mainly the advantage it has with the company. In essence, the company does sell high quality products at affordable prices, thus maintaining its competitive nature. Monitoring progress: The company will ensure that the marketing plan is being treated as living document and there would be continuous revision of the same and numerous questions will guide the process of review such as whether you are on target, whether the budget is within the tract, among others. Bibliographies 50 minutes.Com, . (n.d.). Marketing mix;master the 4 ps of marketing. S.l.: 50minutes Com. Cadogan, J. W. (2009). Marketing strategy. London: SAGE. Hashim M.K (2011). Managing Small and Medium Sized Enterprise. The Malaysia Munusamy, J. (2015). Relationship between marketing mix strategy and consumer motive: an empirical study in major Tesco Stores. Pearson, D. (2014). The 20 Ps of marketing: A complete guide to marketing strategy. Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2015). Essentials of marketing: A marketing strategy planning approach. Perspective; UUM University press. Posner, H. (2015). Marketing fashion: Strategy, branding and promotion. Richardson, P.S., Dick A.S. & Jain, A.K. (2014), Extrinsic and intrinsic cue effects on perceptions of store brand quality. Journal of Marketing, 58 (4), 28-36. Tankersley, C. B., & Babic, Anna L. (2010). Modifying the market mix: Strategies for the mature consumer : an instructor's manual. Syracuse, N.Y.?: University?. Read More