Marketing Mix of shiverpool 1

Marketing Mix:-

As a small firm, Shiverpool should be very clear about the services it offers because services offered are the heart of the marketing mix. Shiverpool should be very clear about the core benefits of their services. The core benefit which shiverpool has is the rich history and culture of the Liverpool which shiverpool is using quite well in designing the scripts for its ghost tours. From the other P’s of marketing, placement is of immense importance because if the placement of services is correct then it can save a lot off advertising money for the small firm which can be used somewhere else. So for Shiverpool it is very important that it carefully select its locations and stories during the ghost tours to capture a favorable place in the mind of the customers which will ultimately create a positive word of mouth and will create a customer relationship and can also save advertising money. Price is the third P of Marketing and if the business has taken all the other steps right but still the business can be a failure if the products/services are priced incorrectly. Price depends on various factors such as competition, costs and demand so businesses should be very careful in setting the prices as all the other P’s of marketing which include product, place and promotion add value to the customers and costs the business and price is the thing through which business can recover its costs and make profits. Shiverpool has no direct competition in Liverpool but as a tourist place and former capital of culture it has indirect competition from other tourist attractions in the city so it has to be very careful in setting the prices for its ghost tours and Shiverpool mostly does market penetration pricing in which they charge very low prices then expected from the customers in order to gain more market share in highly competitive market. The 4^th P of marketing is promotion and the objective of any promotional campaign is to communicate and deliver the message to the target market. Any firm has to choose from the four major promotional tools (Advertising, Sales Promotion, Personal Selling and Public Relations) that how much weight they are going to place in each of the tool depending on the nature of the business.