Determine the marketing mix specific to your selected global product/service. Explain your choice of marketing mix. Prepare a marketing plan that addresses product modification, pricing, promotional programs, distribution channels, and e-business in your chosen country. Include market indicators and trends for your product or service.
Make final recommendations about the feasibility of this global venture.
Product: The product mix of the Peso Store will be governed in part by the cost of the product. By definition a Peso Store means that every product in the store will be available at one Peso. Since, the value of the Peso is 0.09$ this puts some limitations on the products that the Peso Store can stock.
General Merchandise Items:
The choice of each of these items will be driven by the need to price the items at one Peso. There can be some loss-leaders, items that clearly cost above one Peso. The purpose of stocking these items will be to draw the customers to the Peso store.
Price: The Peso store will be a discount store. Price will be kept low, a penetrating pricing so that customers are drawn to the store.
Distribution: The basic means of distribution will be the brick and mortar store that has been rented. In addition, online booking of orders on the Internet as well as phone will be offered. Deliveries will be made to the customers.
Advertising: there will be advertising on three local channels that will show the location of the store, it unique selling proposition, and its interior so that the potential customer gets an idea about the products that will be available.
Publicity: there will be articles in the local newspaper that will discuss the concept of a Peso store.
Public Relations: The PRO of Peso Store will establish contact with and explain to environmental agencies how Peso Store is an environmentally friendly store.
CHOICE OF MARKETING MIX:
The choice of Marketing Mix emerges from the basic concept of the Peso Store:
The selection of merchandise should be wide enough to attract customers to the store and still fall within the limit of one Peso.
The pricing of the product is dictated by the concept of Peso Store, however, the size of the packing will be affected by the pricing strategy. For instance, groceries, green groceries and other merchandize needs to be purchased in such quantities that belong to the category of a Peso Store.
The distribution channel has been given to us because of the selection of a single 10,000 sq. ft store. This is the brick and mortar outlet. The additional channel of distribution can be a Peso Store online website. Moreover, orders can be received over the telephone and deliveries made in accordance to the instructions of the customers:
The selection of the promotion ...
Marketing Mix is discussed very comprehensively in this explanation.