marketing mix
4. Marketing Mix
There are four elements of marketing mix: product, price, promotion and place. All of the four elements are indispensable in every stage of purchasing process. They can affect customer, cost, communication and other factors during the launching period. (Banting & Ross, 2010) (Don E. Schullz, 1993)
4.1 Product Marketing
Happy Food Time is a new magazine, which has the mix contents of recipes, meal ideas, food and extensive restaurant reviews and general food related articles. This new magazine is different from other food magazine because it expands the customer range. There are more unique food and restaurants information for young people and office worker. It is also a communication media for all of the readers.
4.2 Pricing
When we deciding the price of new food magazine, the total cost is hard to work, so we choose two approaches “value-based pricing” (as same as buyer-based pricing) and “competition-based pricing”. These two approaches depend on the average same type of product cost and customers’ opinion. We have done a quick survey before working out the retail price. The result shows that, 75% of the potential customers prefer to spend 6 dollars to buy a 120 colorized pages magazine. Comparing with other food magazines, the common price is around 5 dollars. Finally, we decide that the retail price of Happy Food Time is $5.95. We assume that the retail markup is 80%, so the selling price is $3.3 to retail stores.
4.3 Promotion
Happy Food Time is a new magazine form Magazine Media (Pty) Ltd into Australia market, so we have not done some promotion activities before launching. In the promotion plan, all of the promotion actions must depend on the sales results. There are four main parts in our promotion strategy: advertising, public relations, directs marketing and sales promotion.
4.3.1 Advertising
According the marketing situation and limited launching budget, we choose three ways to do the advertising for the new magazine. The
There are four elements of marketing mix: product, price, promotion and place. All of the four elements are indispensable in every stage of purchasing process. They can affect customer, cost, communication and other factors during the launching period. (Banting & Ross, 2010) (Don E. Schullz, 1993)
4.1 Product Marketing
Happy Food Time is a new magazine, which has the mix contents of recipes, meal ideas, food and extensive restaurant reviews and general food related articles. This new magazine is different from other food magazine because it expands the customer range. There are more unique food and restaurants information for young people and office worker. It is also a communication media for all of the readers.
4.2 Pricing
When we deciding the price of new food magazine, the total cost is hard to work, so we choose two approaches “value-based pricing” (as same as buyer-based pricing) and “competition-based pricing”. These two approaches depend on the average same type of product cost and customers’ opinion. We have done a quick survey before working out the retail price. The result shows that, 75% of the potential customers prefer to spend 6 dollars to buy a 120 colorized pages magazine. Comparing with other food magazines, the common price is around 5 dollars. Finally, we decide that the retail price of Happy Food Time is $5.95. We assume that the retail markup is 80%, so the selling price is $3.3 to retail stores.
4.3 Promotion
Happy Food Time is a new magazine form Magazine Media (Pty) Ltd into Australia market, so we have not done some promotion activities before launching. In the promotion plan, all of the promotion actions must depend on the sales results. There are four main parts in our promotion strategy: advertising, public relations, directs marketing and sales promotion.
4.3.1 Advertising
According the marketing situation and limited launching budget, we choose three ways to do the advertising for the new magazine. The
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