A Matter of Time
Analyse two possible factors which might influence George Liddell’s choice of promotional mix.
One factor that might affect his marketing mix is his targeted age range of 30 to 50 years old, he’s chosen this is because in this range there are the most amount of people who want to own luxurious watches which are affordable, however it also means that they can taylor the rest of their marketing strategy around their needs and likes, meaning that it is much more likely to be relevant to them and is more likely to grab their attention. This increases the chances of sales as with more successful marketing comes with an increased amount of awareness for the products they are selling. Making it more likely to reach the consumers who would want to buy it.
A second factor which might heavily influence the marketing mix that they choose is the price, they have specifically chosen out the price to be cheaper than their rivals to make their products look more appealing to customers and therefor gain more sales from this. Even though this might make their product look inferior to people who believe in the worth of having expensive items over the actual worth of the product. However it is assured that his products are high value and are actually worth more than his rivals, which might help to turn consumers towards his products, resulting in an increase in sales and revenue. Therefore resulting in an increase in profitability.
Examine two possible drawbacks to GL ltd of using financial methods to motivate its employees.
One drawback of using financial methods to motivate its employees is that it costs the company a lot of money, which reduces its profitability overall. As they’ll be putting quite a lot of money into paying their employees their benefits, on top of their wages. It can also be quite expensive to provide health insurance as health treatment can be quite expensive for certain illnesses.
Which might end up costing the company even more money. This overall could be a negative factor as the business may end up paying out too much money in terms of the productivity they get back for their money spent.
Another drawback is that it might not properly motivate employees, which could be a reason which the complaints about faulty products has risen from 1.5 percent to 4.5 percent. It could be due to the fact that employees aren’t fully motivated by the idea of money and health insurance. Especially when they might be people who don’t fall ill that often, meaning that they won’t actually be feeling the effects...