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 …show more content…
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