Unit 3-P6 and M3 Develop a Coherent Marketing Mix for a New Product or Service Introduction Essay

Words: 3195
Pages: 13

I’m going to develop a new soft drink as part of Coca Cola, the drink is aimed to attract customers aged 13- 19.
Marketing mix -The marketing mix is commonly used marketing term. Its elements are basic, strategic components of a marketing plan. Which is mentioned as the four p’s, which include Price, place, product and promotion. More recently 3 more P’S have been added to the marketing mix which are people, process and physical evidence this is known as the extended marketing mix.
Product- A product is anything that can be offered to a market to satisfy a want or need, products include physical goods, services, experience, events, persons, places, properties organisations, information and ideas. It is therefore the combination of goods
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The development of the product is designed and created which is suitable to the product.
Growth and maturity- When going through the stage of introduction to a small group of customers (focus group) if any negative feedback has been given changes would have been changed and the product would be marketed to a wider audience.
Decline- when the product isn’t selling in the market which comes to its natural end or is re-developed.
Coca-Cola is one of the most common brand worldwide, so it’s crucial to keep their brand in the market so therefore it’s important for the new soft drink to have a strong brand name as customers would get attracted to the new product Coca Cola has made and wander what it might taste like.
● What price should Coca Cola charge for the new drink?
Coca-Cola Energize – would be sold at a reasonable price that can be affordable for teenagers which are my targeted audience the retail price would be £1.35. As most teenagers are students.
There are different pricing strategies Coca Cola should use to sale their new products these pricing strategies involve: * Premium- premium pricing is where a business keeps the price of a product or service high in order to encourage customers to associate it with high quality.

* Penetration- penetration pricing is when a product is sold in to a market at a low initial price in order to gain sales before the