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Pick the Mix

Pick the Mix. Explain the importance of marketing strategies to business. Explain the nature of the marketing mix. OBJECTIVES. Spontaneous or last minute purchases? Consider the amount of planning that went into getting you to buy that product. How do you get an item you want?.

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Pick the Mix

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  1. Pick the Mix

  2. Explain the importance of marketing strategies to business. Explain the nature of the marketing mix. OBJECTIVES

  3. Spontaneous or last minute purchases? Consider the amount of planning that went into getting you to buy that product. How do you get an item you want?

  4. Goals: an objective you plan to fulfill Strategies: a plan of action for achieving your goals and objectives Tactics: specific actions used to carry out strategies Where are we headed?

  5. Marketers plan thoroughly Marketers must research to chose the best strategy option Marketers keep their plans flexible Strategy Planning Tips Does the same strategy work in every situation?

  6. The Marketing Mix: a combination of the four elements of marketing; the mix is a unique blend of elements that are valuable individually • Product • Price • Place • Promotion The Marketing Mix

  7. Product: what goods, services, or ideas a business will offer its customers Marketers research and use creativity to figure out what customers need and how they will meet that need. Customer must see product as the best solution. Product

  8. Price: the amount of money a firm asks in exchange for its products Marketers first determine their pricing objectives How to measure pricing success Price

  9. Place: Getting a selected product in the right place at the right time Must create convenience for the customer To be successful at distribution, marketers must consider a variety of things… Place/distribution is successful if the customer can buy the product when and where s/he wants. Place

  10. Promotion: the various types of communication that marketers use to inform, persuade, or remind customers of their product Success in promotion = the customer is sure that making the purchase is the right thing to do at this time Promotion

  11. Instructions: read the marketing-related sentence. Determine which marketing-mix element this is associated with. Hold up your sign to answer either Price, Place, Product, or Promotion Mix & Match Activity

  12. A flake cereal becomes a strawberry flake cereal. PRODUCT A customer buys a magazine from the checkout aisle. PLACE A customer thinks the benefits outweigh the costs. PRICE A firm runs an advertisement in the newspaper. PROMOTION A firm communicates a message to a customer. PROMOTION A firm ships a product to a retail store. PLACE A firm figures out what a customer needs. PRODUCT Mix & Match Activity

  13. The marketing mix works as a unit • The marketing mix elements are interrelated • A change to one element affects the others Putting it All Together = The Marketing Mix

  14. Target’s strategy: to offer discount shopping for the fashionable crowd. How strategies affect the marketing mix Product—Target offers both typical household necessities and products unique to its stores. Price—Target features quality products at lower prices. Place—Target is part of an extensive online system to get products from its suppliers. Promotion—Target’s advertisements sport a cutting-edge image.

  15. Work in groups • Select 3 competing companies with which you are familiar • Examples: GAP, J Crew, Forever 21 Sprint, AT&T, T-Mobile • Using what you already know, compare the marketing mix for all 3 companies • Which company do you think has the most successful marketing mix & why? • Present your thoughts to the class. Group Activity – Marketing Mix Comparison

  16. Should Victoria’s Secret and Abercrombie & Fitch use sex to sell their products? Why or why not? If you were a marketing decision maker at one of these firms, how would you determine which strategy to use?

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