Marketing_Mix

Shopping Centres are all about the customer; to get better sales and happier tenants. The success of a shopping centre depends on a great understanding of consumer behaviour. Stakeholders, marketers and managers of shopping centres study consumer behaviour to gain insights that will lead to more effective marketing strategies such as target market selection, product or services offerings, location and positioning. The Marketing Mix combines all the marketing tools to establish a detailed marketing plan and reach the company’s marketing objectives. The designing of an appropriate marketing mix strategy for a shopping centre is a difficult and complex process. Product: Product refers to the tangible and intangible benefits of a product or service, and how it meets customers' needs. The Plaza Shopping Centre offers space to retailers and office suites. Tenants generate the income for the Plaza Shopping Centre and the value of this depends on the forecast of consumer demand for the products or services sold by tenants. Through balanced tenancy, the stores are planned to complement each other in the quality and variety of their product offerings. The total rentable area of Plaza is set to increase by a further 1,600 sqm and the leasing of the new extension is moving according to expectations. At the time of the last public announcement by the company in November 2010, the company had indicated that 70 per cent of the new area had already been leased out. The March 2011 extension on Bisazza Lane will also enable Plaza to cater for the changing needs of retail operators. Initially, retailers requested smaller shops but with the increased presence of global branded outlets, a demand for larger shop floor area is clearly evident. The Plaza Shopping Centre is a convenient one stop shop, for quality goods and services, its choice of local and international brand names, as a safe and clean environment and for hosting the “best names under one roof.” Price: Price as a tool in marketing mix is very critical as it should reflect company’s image and the need to give a consumer best value for their money. Pricing is the process of determing what a company will receive for its product. Pricing is the only mix which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. It costs to produce and design a product, it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. The Plaza Centre managers should think about generating sales before they think about generating rent. When this is done, it will get the right priority in property performance and happier tenants. In the end result the property will be a better performer all-around for all concerned. Place/Distribution: This involves all the activities to make the product accessible to consumers. Distribution is a very important element in the marketing mix. Plaza Centres p.l.c. is Malta’s foremost Shopping and Commercial Centre situated at the heart of Sliema’s commercial and shopping district. The Plaza Commercial Centre comprises a mix of retail, catering and office suites spread over nine floors built around a central atrium. A company needs to make the product available to their consumers. This means that the consumer needs to be in situation to find his product in the outlets. For customers to purchase from the Plaza they have to physically go to the shopping centre. Promotion/Communication: A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organisations promotional mix can consist of: Stakeholders, marketers, managers and tenants of the shopping centre have to communicate with their consumers. There is a wide variety of information which they want the consumers to know about. To attract consumers to the shopping centre they have effective communications programmes. These inform consumers about location, website, products and services offerings, types of shops and several events. There are a variety of ways to reach the customer but it’s important to reach them weekly so that the company strengthens. The most effective advertising campaigns for retail shopping centres are launched through multi-media channels, printing, internet TV and radio broadcast. All of these should send out clear messages and creative around the shopping seasons. The Plaza Shopping Centre website that offers a lot of information to customers such as shop directory, office suites, Plaza Magazine, Investor Information and also the contact details. It also often features adverts in newspapers and on the radio.