Principles of Marketing

Assignment- 2

Submitted By: Submitted To:

Dharvi Maheshwari Ms. Neha Singhal
1022047
B.Com (H)
Section-A
Question:
Take any product of your choice and suggest
a marketing mix for the same.
Explain all the 9 P’s (product, price, place,
promotion, people, process, physical
evidence, packaging and payment).
 Product Analysis
Heels

Since years, heels have been a common fashion

accessory among women. These elevated shoes,
characterised by the raised heels at the rear have been the
reflection of women’s femininity, sophistication and style.
From Jimmy Choo to Bata, heels have been sold in variety
of ranges over the years. It has been a premium luxury
product while also being an everyday wear. It has been a
fashion accessory for parties while has also been a
common office footwear.

Why is the heels business much in demand?

 Profit Potential: The fashion industry, including
footwear like heels, is a lucrative market with a
considerable profit margin, especially for well-
designed, high-quality products.

 Diverse Customer Base: Heels appeal to a wide range

of customers, from fashion-forward individuals to those
looking for special occasion footwear. This diversity
can help one reach a broad customer base.
 Seasonal Opportunities: Heels are suitable for various
occasions and seasons, from casual wear to formal
events. Offering seasonal collections and promotions
can boost sales throughout the year.

 Brand Building: Building a brand in the fashion industry

is rewarding. A distinct brand identity can create
customer loyalty and make business memorable.

 Online and Offline Sales: A business in heels has the

flexibility to sell heels both online and offline, catering
to a broader audience.
1. Product

The product refers to the tangible or intangible

offerings that a company provides in order to meet the
needs and wants of its customers. It's not just the
physical item itself but also includes its features,
quality, and any associated services.
-For physical products, considerations include product
variations, packaging, sizes and any unique selling
points that differentiates it from competitors.
-For services, the product includes the specific service
offerings, delivery process and additional benefits
provided.

The product chosen is heels and the best way to

market it is to make sure the availability of-
 Large variety of heels ranging from wedges, block
heels, stilettos etc.
 Different heel heights and widths to cater to
comfort and need of customers.
2. Price
The price of the product is basically the amount that a
customer pays for to enjoy it. Price is the most critical
element of a marketing plan because it dictates a company’s
survival and profit. Adjusting the price of the product, even a
little bit has a big impact on the entire marketing strategy as
well as greatly affecting the sales and demand of the product
in the market.
While deciding the price- value and utility of the product
must be the prime consideration.

The product chosen is heels and the pricing strategies to be

implemented are-
 Three-tiered pricing strategy to be implemented on the
classification of heels as everyday wear, plain and luxury
heels.
 Availing offers and discounts during events, seasonal
sales and promotions.
3. Place

The place specifies how the goods will be delivered or

offered to the customer. This focuses on the most
accessible approach for the target clients to access the
company’s product.
One should position and distribute the product in a place
that is easily accessible to potential buyers/customers.

The product chosen is heels and the distribution

strategies are:
 Establishing high end retail stores in high traffic areas
of the city or malls.
 Creating a user-friendly e-commerce website with
easy and safe payment options to capture the online
customers.
4. Promotion

It is a marketing communication process that helps the

company to publicise the product and its features to the
public. It is the most expensive and essential components
of the marketing mix, that helps to grab the attention of
the customers and influence them to buy the product.
Most of the marketers use promotion tactics to promote
their product and reach out to the public or the target
audience. The promotion might include direct marketing,
advertising, personal branding, sales promotion, etc.

The product chosen is heels and the promotional

strategists incorporated are:
 Utilising social media platforms like Instagram and
Facebook to promote heels with visually appealing
content which includes outfits pairings style
inspiration.
 Running influencer marketing campaigns,
collaborating with fashion influencers to promote the
product.
 Hosting fashion shows and and virtual events to
debut new items in the store.
5. People

The company’s employees are important to an organisation

because they are the ones who deliver the service to clients.
It is important to hire and train the right people to be able to
deliver superior services.
The organisation must also be open to accept honest
feedback from their employees and must input their own
thoughts as well to help on scaling the business.

The product chosen is heels and the best kind of people

required by the company will be:
 Knowledgeable and well-trained staff to be employed in
the physical stores with prior experience in fashion and
retail outlets.
 Creating a strong customer support and feedback team
in order to address all the customer issues as well as
ensuring areas for improvement in the goods produced.
 Hiring young students and designers as interns or full
time for designing variety of heels produced by the
brand.
6. Process

It refers to the procedures, systems, and workflows a

business uses to deliver its products or services to customers.
It's one of the essential components that organisations
consider when developing their marketing strategies.
It comprises of the journey that a customer takes, from initial
awareness to final purchase of goods.
It also comprises of how effectively and efficiently tasks are
carried out in the organisation.
Quality control is also an important element.

The product chosen is heels and the best process mix for the
product is:
 Ensuring proper inventory management in the
organisation to avoid all kinds of delays/ stock-outs.
 Implementing a proper return and exchange policy and
making sure that it is hassle free.
 Streamlining the shopping process by offering orderly
management in retail outlets and efficient checkout.
7. Physical Evidence

It refers to the tangible elements or physical cues that

customers encounter when they interact with a company's
products or services. This element is particularly relevant in-
service industries where the intangible nature of the service
makes it challenging to assess quality and value.
A concept of this is branding. Eg: When one thinks of luxury
cars, BMW cars come to mind.
Apart from this physical evidence also indicates how the
physical outlets look which includes beautiful decor, proper
lighting etc.

The product chosen is heels and the physical evidence as

marketing mix is:
 Maintaining an aesthetically pleasing outlet with
window-side display of premium heels.
 Investing in eco-friendly and visually appealing packages
to enhance the unboxing experience.
 Showcasing heels through high quality images on
websites and pamphlets.

8. Packaging
It is a crucial element that plays a significant role in
shaping a customer's perception of a product. It goes
beyond just the physical container and encompasses
various aspects related to the presentation,
protection, and promotion of the product.
It not only sets apart the product as different from its
competitors but is also responsible for proper
communication of important data to customers.

The product chosen is heels and it’s packaging must

be as follows:
 Sturdy and aesthetically pleasing shoeboxes that
reflect the quality and style of your heels will be
chosen.
 Labelling the shoe size from outside properly
becomes quite essential.
 Care instructions and tips for maintaining the
heels' condition, such as cleaning
recommendations and storage advice must be
included.
9. Payment

It refers to the methods and processes customers use

to pay for a product or service. It's a crucial element
because it directly impacts the customer's purchase
experience and can influence their decision to buy.
It includes the mode of payments accepted, terms of
payment (companies often offer discount on larger
purchases if amount is paid in lump sum), security of
transactions etc.
Companies that have limited payment options can face
the issue of limited customers. A company must make
sure that all the payments made are secure and a
variety of payment options are offered.

The product chosen is heels and the payment options

are as follows:
 Offering a variety of payment options to cater to
diverse customer preferences. Common payment
methods include credit and debit cards, digital
wallets (e.g., Apple Pay, Google Pay), PayPal, and
Buy Now, Pay Later (BNPL) services like After-pay.
Ensuring that these methods are secure and
widely accepted.
 Establishing an e-commerce platform that
prioritises the security of online payments
becomes essential. Implementing SSL certificates
and trusted payment gateways to protect
customer financial information will help in
securing payments.
 Focusing on providing a smooth and user-friendly
payment experience. Streamline the checkout
process with minimal steps, easy-to-fill forms, and
clear calls to action.
 Conclusion

The heels business is an everlasting business in

the fashion industry. Every year new trends are
introduced, and fashion industry keeps up with
them. Besides that, classics are still in demand.
The demand of comfortable heels along with
increased heel height is ever-growing.
Due to the increasing demand of heels, the heels
business implemented with proper business
strategies can flourish well in the business world.

On keeping 9P’s (product, price, place, promotion,

people, process, packaging, physical evidence,
payment) in mind while creating marketing
strategies, it can lead to customer attraction as well
as increased sales and retention.

Hence, the marketing mix plays a huge role in the

growth and success of a business.