The study of the 7P's of Tatty Devine

Table of Contents

INTRODUCTION1

Mission of the Company1

Company Background1

DISCUSSION2

Analysis of 7P2

7P Analysis of Tatty Devine4

Product4

Price6

Promotion6

Place7

People7

Process8

Physical Evidence8

References9

INTRODUCTION

Mission of the Company

The mission of the company is to:

To make the most original jewellery in the world (Tatty Devine (2013)

Company Background

Tatty Devine is an independent British company. In the United Kingdom, the company is famous for designing and manufacturing original jewelery. Tatty Devine is the name of a jewellery business in London. The products of the company are handmade and based on the principles of fairness and fun. The products of Tatty Devine are sold in boutiques all around the world. Tatty Devine was set up by Harriet Vine and Rosie Wolfenden. Tatty Devine has become the cult classic of British fashion. The jewellery products are designed by designers themselves. The brand introduces two main collections each year (Miller, 2012, pp. 10).

DISCUSSION

Analysis of 7P

Marketing mix is the core of a marketing plan. Marketing mix can be defined as a set of tools that allow marketers to achieve their objectives. The marketing mix concept is the core concept of marketing theory. However, in recent years, the concept of marketing mix has been modified in different contexts. The 7Ps is an extended framework for marketing mix which can be applied to consumer goods, marketing situations, and others(Needham, 1999, pp. 102).

Marketing mix is also referred as the 4Ps of marketing. This is a way used to translate marketing planning into practice. Marketing mix is not a theory but a conceptual framework which facilitates managers to devise specific marketing strategies in a way that suit the needs of customers (Belohlavek, 2008, pp. 80). The tools of marketing mix are used to develop both long term and short term strategies. The concept of marketing mix has long dominated marketing research since it is influential in the development of marketing theory and practice (Wenderoth, 2009, pp. 60). The reasons that make marketing mix a powerful tool include the separation of marketing from other business functions, delegation of marketing tasks, and an easy way to handle strategies. If devised carefully, the components of marketing mix can change the competitive position of a firm. Marketing mix also allows companies to develop a competitive advantage by enabling them to allocate their resources in an effective and efficient manner (Bowman and Gatignon, 2010, pp. 101).

In the marketing framework, the product, promotion, and pricing strategies are controlled by the manufacturer. However, the distribution function is delegated to intermediaries. In this regard, the services of distributors should also be considered. The presence of place in the 4Ps network suggests that importance of distribution framework in marketing mix. Intermediaries also allow people to explain features of a product and market them. The training of intermediaries is, therefore, a crucial element (Masterson and Pickton, 2010, pp. 145).

The traditional marketing mix consists of four critical elements including product, price, place, and promotion (Akrani, 2010, pp. 14).

According to Stewart (2013), product can be defined as anything that can be offered to a market for the purpose ...