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The Marketing Mix

Mrs. Alexander-Harrison. The Marketing Mix. Product, Place, Promotion, & Price. The marketing mix is referred to as the 4P’s - product, price, place, & promotion. http://www.netmba.com/marketing/mix/. Marketing Mix.

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The Marketing Mix

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  1. Mrs. Alexander-Harrison The Marketing Mix

  2. Product, Place, Promotion, & Price The marketing mix is referred to as the 4P’s - product, price, place, & promotion. http://www.netmba.com/marketing/mix/

  3. Marketing Mix • The marketing mix is the different products and services you offer. It includes the 4P’s –product, place, pricing, and promotion • Product – product features • Promotion – advertising, publicity, sales promotions, and personal selling • Place (distribution) – how will you distribute products and services to customers is referred to as distribution channels

  4. Pricing Strategies • Pricing – pricing cost-based pricing; competition-based; demand-basedpricing • cost-based pricing is determined by using the wholesale cost of an item as the basis for the priced charged • A markup price is determined by adding the amount to the wholesale cost of an item • A markdown price is a price determined by subtracting an amount from the retail price of an item

  5. Pricing Strategies • Pricing – cost-based; competition-based; demand-basedpricing • Competition-based pricing is determined by what competitors are charging for the same good • Demand-based pricing is determined by how much the consumer is willing to pay for a product or service

  6. Promotion • Advertising is a paid form of communication sent out by a business about their product or service • Public-relations is establishing a favorable relationship with customers and the general public – getting involved with the community; making charitable donations

  7. Advertising Mediums • Television • Radio • Newspaper • Telephone directory • Direct-mail • Magazine • Outdoor • Internet • Transit Public-relations is free promotion generated by media coverage

  8. Advertising Mediums • Contests • Free samples • Coupons • Rebates • Frequent purchaser programs • Gifts • Special events Personal selling – personal contact with the customers. Telemarketing– inexpensive, but new laws restrict unsolicited phone calls

  9. Goals • Goals help to shape a marketing plan • Short-term goals are what you want to achieve in 1 year • Medium-term goals are what you want to achieve in 3-5 years • Long-term goals are what you want to achieve in 5, 10, 20 years

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