MARKETING OF LONDON EYE Essay Example | Topics and Well Written Essays - 1750 words

MARKETING OF LONDON EYE - Essay Example All these questions can be answered with a help of marketing research that is irreplaceable in business strategy. If we try to look at the modern economic sector more attentively, we can state that indeed marketing is everywhere. It is rather hard to imagine a firm that proposes new product to the market without using any marketing principles and after all successfully operates in the conditions of free competition. Today wide range of goods and services compel to care about advertising elements more meticulously, making any attempt to attract consumers’ attention and persuade them to purchase a product of your brand. Only detailed analysis of the market situation is able to lead entrepreneur to the right direction. In this respect, it is vital to use marketing strategies that contain several interconnected elements and elaborate clear step-by-step scheme concerning each of them. Historically marketing appeared long time ago. In 1960 American professor and marketer, McCarthy, has formulated the concept of Marketing Mix, which consists of four elements called simply Four Ps. It is fair to admit that each factor of the mentioned concept is vital for the life circle of the product, because consequences of one element are able to influence on the work of others, which in own turn affect financial results of the company’s performance. Therefore nowadays small and large enterprises assign a big role to the marketing department, which conducts marketing surveys, researches, analysis and creates stimulus for the work of other departments. For further and deeper understanding of the Marketing Mix principles, the London Eye has been chosen as an example of favorable marketing performance. With a help of information about observation wheel’s performance it is easy to see the Four Ps on stream and draw up recommendations concerning a future development of the company. As it has been already mentioned before, all elements