Marketing mix is the combination of factors which help, affect and influence the business decision to sell a product. They are summarised as the 4P’s and it is important I get this factors right if my product is to be successful and increase the sales plus met my objectives. Product After all the research I carried out I came to a conclusion to that I will be marketing the ice rink.
Because from my research I found out that ice rink is used by mostly the younger generation and though majority of people who visit Somerset house are over 55+ this can be changed because statistics show that there more younger generations that 55+ in London. However in this I will also encourage my customers to use other service or buy other products that Somerset house offers. Price This is a vitally important decision that I have had to make because it is a promotional tool in many aspects, it is right that I get my prices right in line with my competitors if my strategy is going to be successful and increase the profits.
Although the pricing policy is a promotional aspect and will attract more customers when prices are low, you have to take in mind that it is the main source of income to Somerset house. If I put the prices for my product low for promotional purposes or to gain a large market share, the cash flow within Somerset house, and its long term profitability could be seriously affected.
I have decided to keep my prices for the ice at 6 for children; however I have decided to increase the age limit at which one can pay as a child from 12years as originally set by Somerset house to 18 years. I hope this will increase the number of teenagers and young adults visiting Somerset house. In the interest of promoting other products/service on site I have introduced promotional offer for any one who buys a ticket to the ice rink, can any parts of the museum for half price. Place
I can change the price, product and promotion but I can’t change the place for the simple reason that Somerset house an historic building and know changes can be made to it structure, it is protected by government and council legislation. Promotion Promotion is communication between the customers and the business. It is important that the customers are made aware that the product/service is on sale, explain what the product is and what it is used for, make the aware how the service serve there needs and lastly to convince them to buy use the service for the first time and again.
There many techniques used in promoting products and services but after the research I conducted I found out that the current advertising method being used is not very effective, cause they are using billboards though they are visual and have an immediate impact they have not been effective so taking in mind that I have a 50,000 budget I have to spend on two strategies, I have decided to use radio it is cheap and has a wide audience, my choice of radio is capital FM and Jazz FM.
I chose Capital FM because it has a mixed audience and Jazz as strategy to attract older people to the galleries which will increase sales which in turn increase my profit margin. As part of my promotion I will use public relation, this is promotion of a positive image about a product or service or business through giving information about the product/service to the press or general public. This is free publicity and it is very effective. I intend to invite the press to the opening of the ice rink.
Alternatively if the above promotional strategy does not work as effectively as I think, next second strategy I will use magazines, there in my rage cause of my limited budget. But they are useful because they are targeted at a particular segment which means I only put my adverts in the magazines for younger generations. By targeting a particular segment I can be assured that the targeted audience will respond. Magazines also have a visual impact on the public. Somerset house has to have good customer service in order to increase repeat customers.
Customer service is a major factor; customer service is one of my main objectives because it contributes to customer satisfaction. If my customer service is poor customers will not come back and also it might damage the reputation of Somerset house as word of mouth spreads through my clients. I could improve my customer service by increasing the number of staff however, this means that Somerset house will pay out more money as salary/wages. The signs at Somerset are of poor quality so by improving the signs in and outside the building to direct customers and introducing a new signing system called colour coding.
Here the signs and walls are painted according to were they lead or what they are, for example all the cafes might be painted red and the exits painted blue, this means that customers will know were they are heading. Which means less staff and it improves customer service. As a way to improve customer service I will introduce suggestion cards that customer can fill in and deposit in suggestion boxes around Somerset house, this will help me improve customer service since I will be in direct communication with the users of the service.
Staff training Staff dealing with customer service, need to be trained to find out what the customer wants from them and Somerset house in addition to the service. They need to provide accurate information as this may have an influence on whether the customer will come back of not. Staff need to be trained to deal with deferent age groups in different and friendly ways. Since my strategy is going to attract different age groups and with out a properly trained team of staff this will not be possible.
Through training the sales person’s knowledge of summerset house’s product range, main aims and knowledge about Somerset house’s competitors will be improved which is crucial as customers are always suspicious and need reasons why the products/service we offer are of more benefits than they seek. It is important to train staff on ICT; in this world of changing technology as new technology evolves staff need to have IT skills to use modern computers which save time when dealing with customers.
The government funds investment in people, in this scheme the government funds an organisation like Somerset house to train its staff. This will be a perfect opportunity to improve my staffs IT and other skills. After sales service This is an essential element of customer service in Somerset house, at Somerset house I will use this as an opportunity to keep in touch with my customers via the internet. This will help me know what my customers want and what they think about the services Somerset house provides.
This creates room for improvement as I get the customer’s opinion about the products/services Somerset house provides, since they are the users of the service. This improves the competitiveness of Somerset house’s product and services. Also I will use this as a promotion strategy to attract art lovers by offering free insurance after selling the art work for two months then the customers will have a choice to take out an insurance policy with Somerset house. This will increase sales in the art shop at Somerset house.