Free Marketing Dissertations - Place: The Place For The Business Is Decided To Be Marylebone Street Of
Place: The place for the business is decided to be Marylebone Street of London where it is observed that the level of pollution is high compared to other locations. Furthermore, the fact that the effective positioning of the product plays a vital role in the sales is utilised in this venture, which is apparent from the selection of the place of business.
Promotion: Promotion is the essential element for the success of the launch of a product. It is not only the price of the product that is promoted but also the overall product itself in the target market thus making it essential to design an effective promotion strategy. The analysis in section 5 presents a promotion plan for the oxygen bar.
Price: The price of the product is an essential element that contributes to the sales of the products. This is because of the fact that the price is the final deciding element in a customer to purchase a product as argued by Frances Brassington and Stephen Pettit (2003). The price for the product being a critical element should thus be fixed at a strategic level in order to effectively accomplish the sales as well as generate revenue.
5.0: Promotion Plan
The promotion plan for the oxygen bar is devised using the 3M model for promotion. The three Ms in the model attribute for Message, Market and Media. In this section the promotion plan is presented embracing the 3M model.
5.1: Message: The message conveyed by the promotion of the product is the critical element for the success of the product in the market. This is not only because of the need for an effective communication method to reach the customers but also due to the intense competition. The fact that the customers are bombarded by promotion messages time and again by the competitors in the target market makes it clear that the message is the critical element for the success of the product in the target market. Alongside, the communication of the which is further critical is another interesting element to be considered. This is discussed in section 5.3. The message of the promotion also serves the purpose of communicating the pricing strategies and special offers in place for the customers. This sensitive element as argued by Gordon Foxwall (2000) is critical for the success of the products in the target market mainly because of the need to accomplish effective communication of the promotion to the customers.
Hence in the case of the Oxygen Bar the message should precisely communicate the value of the service whilst emphasising the leisure factor. This is essential because the product is targeted in the leisure market.
5.2: Market: Market is the second critical element for the success of a promotion plan. This is naturally because of the fact that if the company fails to identify its target market effectively, it cannot promote its products among the customers.
