Marketing assignment on: Marketing P’s of Virgin
Marketing Mix for Virgin low rate credit cards is consisted of four P’s of marketing. These four P’s of marketing in the context of virgin’s newly launched credit cards can be presented as below:
Product:
The product for the campaign of the company is low interest rate credit card. The credit card provides the opportunities of purchasing things on credit. The customer is not required to pay to the shopkeeper or service provided. In lieu to customer, Credit Card Company pays bills. The customer is required to pay to the company after a specific period of time with pre specified interest rate. The prime feature of the product is that the interest rate charged on the product is not quite high.
Price
As the company is running in its introductory phase in the market, the company has undertaken market penetration strategy for setting its prices. In this method, the company keeps its price low and targets to cater a mass market. As per this strategy along with low interest rates, the company has also kept maintenance charges lower as compared to competitors.
Place:
The company has launched the marketing campaign at a broad level. In different major locations of the country such as Sydney, Melbourne, Perth and so on, the product is planned to be launched simultaneously. However, in the starting phase the inclusion of small towns and cities are not taken into considerations for the purpose of launching of the product.
Promotions:
For the purpose of promoting the products across the country, the company has undertake integrated marketing communication channels in which, different market communication channels such as print media, electronic media, internet marketing, direct marketing measure and so on. However, as the company is undertaking market penetration strategy, focus of the company over promotions will be comparatively less (FitzGerald and Arnott 2000).
These are some of the crucial elements that can explore the marketing mix of the organization quite prominently.
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