Business – 8.2 Marketing strategy – Planning the marketing strategy | e-Consult
8.2 Marketing strategy – Planning the marketing strategy (1 questions)
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| Marketing Mix Element | Budget Allocation (£) | Justification |
|---|---|---|
| Product (packaging, labelling, testing) | 30,000 | Eco‑friendly packaging and certification are critical to the product’s USP and influence retailer acceptance. |
| Price (pricing research, introductory discounts) | 20,000 | Market research to set a competitive price point and fund limited‑time discounts to stimulate trial. |
| Place (distribution set‑up, retailer listings) | 40,000 | Securing shelf space in major supermarkets and setting up an online fulfilment channel require logistics and slotting fees. |
| Promotion (advertising, PR, social media, sampling) | 60,000 | A strong promotional push, especially digital and influencer campaigns, is essential to create awareness for a new eco‑product. |
| Contingency | 0 | All funds allocated to core 4‑P activities; any shortfall will be covered by re‑allocating from the promotion budget if necessary. |
The allocation reflects the strategic priority of building product credibility (Product), ensuring market‑fit pricing (Price), achieving wide availability (Place), and generating demand (Promotion).