Create a Coheart Marketing Mix for A new Product

Unit 3, assignment 3
Marketing Mix
Marketing mix for portable wireless phone chargers.
Target audience is teenagers with mobile phones.
Used to recharge phones when out, without phone wires.
The marketing mix combines strategies to be able to achieve objectives and satisfy a customer’s needs and wants.
It is made up of the 4 P’s; Product, Place, Price and Promotion. Each P makes up a section to create a bold and strong marketing mix.
Product
The product is a wireless phone charger called WireCharge. Its main competitors are portable phone chargers that are sold every day; an example of one is the pebble smart stick, which is for sale at £18.99.
The charger is available in 6 different colours, Blue, Red, Green, Purple, White or Black. There are variable colours so that the charger will appeal to teenagers of all types.
It can be used to connect with any IPhone or Android Phone. This will benefit the business as they aren’t losing out on many customers, as most teenagers now have an IPhone or Android phone.
WireCharge battery life is up to 5 hours when fully charged, the equivalent to 2 full phone charges. This is beneficial due to when many teenagers go out their phone battery runs out fast.
Place
WireCharge is currently only available online currently from Amazon, but will be soon extended into leading phone stores such as Carphone warehouse. It is currently online so it is easy accessible to teenagers who now mostly buy their products online instead of in store.
Price
The starting price for the WireCharge is only £12.99 with a surcharge of £4.50 for delivery. We have set this price because it isn’t too high, making it affordable and available for people age 14-20 who may be on a lower wage than others. The price is also still bringing in a profit as it only costs just over £6.50 to create, and instead of £4.50 to deliver, it only costs us £1.50. This results in a £9 profit per WireCharge.
The pricing strategy was key, as there were diverse factors that we took note of, they are the following-
Competitors price
Manufacturing expenses
Target audience affordable.
Promotion
Within the first month of sales, the WireCharge will be on sale with buy one get one half price. This is so people may buy them for them and their friend which means our products are shared with more people. In the boxes also, there will be a voucher for free delivery with the next product brought. In the months of low sales, there will be a deduction in price to make the sales continuous.