The target market for this product is the recently graduated crop of high school leavers. These are people who are unemployed and so they have a lot of free time on their hands. When considering the product to tailor for them, we must first understand that they need a course that will make the students more presentable for employment and for further education. In this case, I select a full-time diploma program in Information technology. The program is marketable especially with the rising trends in technology. The value of the product can be improved by providing the students with a 3 month paid attachment with the institution upon completion.
The price of an undergraduate program in the UK is usually between £6000 to £9000 per year. With the benefits offered in this course, the price will require to be high since the college will also offer laboratory classes. However, the cost should be minimized since the target market consists of people who are still under parental care. For this program the fees charged per year will be £11500. Students will however to cover their own expenses in the form of accommodation and food. The price will mark the target market.
This course will be offered at Weicester college and in all its branches. It will be offered in the IT department.
In the form of promotion. The marketing department will employ advertising in all the countries in which it has branches. The school will also issue a free sponsor ship for the best student each year.
2. The marketing mix for a postgraduate program at Weicester College International
The product in this case is a post-graduate diploma in Laboratory services. This is a very marketable program since many manufacturing industries require a laboratory expert. To add value to the program, the students will also get trained on statistics since with the rising trend in technology, statistical knowledge will come in handy.
The price of this program will be £11000. This will be able to cater for tuition and laboratory classes. Other charges to be covered by the student include accommodation, transport, food and stationery.
The program will be offered at all branches of the college and also at affiliated colleges. It will also be offered online.
The product will be promoted through TV advertisements and through workshops organized by the college on careers.
3. Differences in marketing products and services to businesses rather than to consumers
While both forms marketing target people, there is a big difference between them. First, businesses that market to other businesses are driven by relationships. When business are marketing to consumers, however, they are product driven. The starting strategies are the same in both cases. However, the source of motivation for the purchase is very different. Market make buying decisions to satisfy different needs and requirements than consumers. In business to business marketing, the sales cycles are longer but markets are smaller. The sale is therefore critical in every case. It is very common for business to business marketing for the brand or the people making the sale to help the decision makers to decide on the sale. Finally, since the purchasing process is more logical and less emotional in business to business marketing, there are rarely regrets in the par of the company.
4Difference between domestic and international marketing
International marketing is the transfer of goods form one country to another while domestic marketing refers to transfer transactions within one country.
International marketing is characterized by non-tariff and tariff barriers while these barriers do not affect domestic marketing
International marketing involves the exchange using different currencies while only one currency is used for domestic marketing.
In international marketing, the government gets more involved while in domestic marketing, minimal or zero government interference is experienced.
In International marketing, trade is affected by culture while domestic marketing is not affected by culture.
The agility of manufacture factors is less compared to domestic marketing
There is intense competition in international marketing while competition is lower in domestic marketing.
International marketing involves a lot of complex documentation while little or no documentation is required for domestic marketing.
International marketing is subject to high risk factors unlike domestic marketing experiences much lower risk
Constantinides, E. E. (2006). The Marketing Mix Revisited: towards The 21st Century Marketing. Journal of Marketing Management, 22(3/4), 407-438
Luan, Y., & Sudhir, K. (2010). Forecasting Marketing Mix Responsiveness for New Products. Journal Of Marketing Research(JMR), 47(3), 444-457. Doi: 10.1509/jmkr.3.444
Mintz, O., and Currim, I. S. (2013). What drives Managerial Use of Managerial and Financial Metrics and does Metric Use Affect Performance of marketing-Mix Activities?. Journal Of Marketing, 77(2), 17-40
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