“As a New Zealand owned and operated large scale retailer, the warehouse sells a variety of goods to customers ranging from apparel, sporting, gardening, groceries and entertainments to electronic goods. It was establishes in 1982, and has grown to have 92 warehouse stores across the country” (the Warehouse, 2015).
In this paper I will analysis the four 4 P’s and explain how I apply the four P’s to my Product Warehouse. Warehouse is one of the biggest retailer’s stores in New Zealand and this one of the store where people always love to buy their product because is the cheapest prize in New Zealand.
1.1 THE FOUR P’s
Theory of the four P’s.
“The first four P’s of Marketing is PRODUCT. A product can be either a tangible good or an intangible service that fulfils a need or want of consumers” (Lamb, Hair ; McDaniel, 2012).
“That which is given up in an exchange to acquire a good or service” (Lamb, Hair ; McDaniel, 2012).
“Communication by marketer’s that informed persuades and reminds potential buyers of an opinion or elicit a response” (Lamb, Hair ; McDaniel, 2012).
“Often you will hear marketer’s saying that marketing is about putting the right product at the right place at the right time. It’s critical then, to evaluate that the ideal locations are to convert potential clients into actual clients” (Lamb, Hair ; McDaniel, 2012).
1.2 Application of the 4 P’s to the Warehouse.
To apply the four P’s to my company Warehouse, according to my research and my knowledge is Warehouse is the right product for New Zealand population. The Warehouse as a Product is very popular to both New Zealander and visitors. Most of the visitors came to New Zealand they really interesting on the warehouse also the people of New Zealand they usually use to buy different goods from the Warehouse.
PRODUCT: The Warehouse Company provide different product to the people of New Zealanders and the visitors. The Warehouse sells wide range of products ranging from Apparels, Jewellery, Fragrances, and Gift sets, Books, Music, Entertainment, Gaming, Toys, Electronics, Sports and Outdoor etc. Warehouse carries all types of goods to meet the demand of the public. Warehouse have everything what customer needs, the image of warehouse product is attracting the people.
PRICE: The Warehouse always offers the lowest price in New Zealand as a promotion. At the Warehouse every time they offer the public if they buy one product you get second for free the lowest prizes of the Warehouse Company. The prize is so friendly and also it’s attractive to all level of customers. Affordable all by level of customers.
PROMOTION: Warehouse using Advertising, public relation, social media etc promotes their product to their targets customer and they explain the benefits of their product and services in such a way that the customers understands what the product they are selling and special etc.
PLACE: The Warehouse store are located both suburbs and cities. Their locations are conveniently located for customer to reach them. New Zealand is the right place for Warehouse Company because visitors always visit New Zealand and what I known Nowadays visitors always want to go and shopping at Warehouse.
2.1 THE MARKETING MIX.
Theory of the Marketing Mix
• “A unique blend of product, placed, promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market” (Lamb, Hair & McDaniel, 2012).
• “A combination of factors that can be controlled by a company to influence consumers to purchase” (oxford dictionary English, 2012).
2.2 Application of Marketing Mix to your product.
The 4 P’s Product, Price, Promotion and Place are commonly known as the four P’s, they are combine to form the Marketing mix, “successful marketing mixes have been carefully designed to satisfy target markets” (Lamb, Hair &McDaniel). Warehouse are competitors with the K-mart store they are similarities between the company they selling clothing, facilities etc but the Warehouse store is more branded than K-Mart store.
• The product of the Warehouse store is brand and also some of the product a warranty and provides want the target markets want.
• Warehouse prices are cheapest in New Zealand for target markets to afford buying the product.
• Warehouse are located where their target markets are to make sure their target markets are afford to come to the Warehouse.
• Warehouse use the Advertising, social media, sale person etc to promotes the Warehouse to the New Zealander people and visitors.
3.1 TARGET MARKETS
Theory of Target Markets:
“A defined group most likely to buy a firm’s product/ A group of people or organizations for which an organization designs, implements and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges” (Lamb, Hair & McDaniel). From my own knowledge Target Markets is what the business or service is target to for example if my business is the Warehouse what is my target Market? My Target markets it’s depend from the product that the business provide.
3.2 Application of Primary & Secondary Target Markets to your product.
The target market of the Warehouse is Families. The product, promotion, prize and place are focus on this particular group.
Primary Target Market:
• Male and female 7-25 years old (young adults).
• The target markets in New Zealand include the entire youth whether they are in school or drop out of School.
The warehouse provides different products for age of 7 to 25 years old.
Product: Clothing, shoes jewellery, gaming, toys, candies.
The product that warehouse offer is to young children and adults and that product will fit them and the prize will offer is cheap because they are very young from 7- 12 years old and 12- 19 years old also 20-25 the prize will depend on the size of the target markets but at the same time the prize is still cheap for primary target markets to buy.
Secondary Target Markets:
• Female and Male 25- 50 years old.
• Our other target market is the parents because it depends on them to approve and finance their children’s buying their clothing, etc.
Warehouse Store provides different products for this age of female/male. For example, the clothing and the price is still cheap for this age.
I believe our target markets willing to buy our products because I know from the experience nowadays, youth are love to wear style shoes and clothing and we provide the best products for our customer to satisfy their need. We promote our product on Face book, Twitter, TV and Newspaper etc because we know social media is everywhere they will know where the warehouse locates, but the age o 45-60 maybe they are not using Face book but we provide newspaper and also advertising on the TV for them to see our products. Last but the least our location, Warehouse are locating in place that easy for young and adult to reach them. For example, you can walk, go on a bus, train and also your own vehicle.
4.1 CUSTOMER RELATIONSHIP MANAGEMENT.
Theory of Customer Relationship Management:
• “A company-wide business strategy designed to optimize profitability, revenue and customer satisfaction by focusing on highly defined and precise customer groups” (Lamb, Hair & McDaniel, 2012).
• In my own understanding Customer relationship means that how the customer interacts with the company or the staff.
4.2 Application of Customer Relationship Management to your Product.
Customer relationships of Warehouse they are look after their customer and make sure they satisfy with what they buy.
Product: We make sure the customer is getting the right product and satisfy with the product.
Customer Satisfaction: The warehouse always keeps their promise with the customer and look after their customer. The warehouse is usually to talk face to face with their customer, email and contact the customer, Warehouse says Customer is very importance and customer are the first priority of warehouse store. Warehouse doing a survey for customer to know what the customer like and dislike. We always set a low prize for our product to matches a buyer’s expectation.
Warehouse build long lasting relationship with their customer by focusing and what satisfy and retains valuable customers. For example, the Game PlayStation the staff will teach the customer knowledge how to use the PlayStation, to increase customer loyalty and ensure that the company meet the needs and want of customer.