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THE MARKETING MIX

Learn about the various methods and strategies for promoting and marketing products or services. Understand the importance of the marketing mix and how it is tailored to the specific objectives and target market. Explore the elements of product, price, place, and promotion, and discover how they work together to create a successful marketing plan.

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THE MARKETING MIX

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  1. THEMARKETING MIXProductPricePlacePromotion(the four P’s)Watch these videoshttps://www.youtube.com/watch?v=Mco8vBAwOmAhttps://www.youtube.com/watch?v=zFENz_nnrq8

  2. THE MARKETING MIX • Various methods for promoting and marketing products or services; marketing strategies • An effective marketing mix is based on the right recipe; a mix of marketing elements based on the type of product/services you with to market

  3. THE MARKETING MIX • Aset of marketing decisions that management (one or more individuals) make to meet the company’s objectives (i.e. sell X number of products per year) • Marketing objectives are aimed at a specific target market, i.e. youth ages 15-17 and young adults, ages 18-30

  4. THE FOUR P’s • PRODUCT– features and benefits that provide customer satisfaction • PRICE –value perceived in the mind of the customer/consumer • PROMOTION– marketing communications • PLACE – location, distribution, channels and logistics

  5. PRODUCT Anything that satisfies a customers needs A package of benefits A product or service designed to match consumer needs • Physical good • Quality • Style • Packaging • Durability • Installation • After sales • Branding • Warranty • Features

  6. PRICE • Basic price • Discounts • Pricing Policy (direct sale vs. retail sales) (minimum orders) • Price Variations • (i.e. buy 10 and you get a discount) • Payment Terms • Credit Terms $ $ $

  7. PROMOTION • MARKETING COMMUNICATION – how product is communicated to the market • ADVERTISING – message and media • Personal Selling • Sales promotion • Public Relations/Publicity • Sponsorship

  8. PROMOTION • Direct Marketing (door to door, i.e. flyers in the newspaper) • The chosen combination of promotional activities is known as the PROMOTIONAL MIX Promotional Mix: Facebook Twitter Instagram Flyers on cars Flyers in newspapers etc.

  9. PLACE • Role of the intermediary • Physical distribution/logistics • Location • Pushing and Pulling through the channels

  10. THE PRODUCT LIFE CYLE

  11. THE PRODUCT LIFE CYLE

  12. THE BLEND • PRODUCT and PRICE – production costs must be taken into account when setting the price • PROMOTION and PRICE – cost of promotion is taken into account when setting the price • PRODUCT LIFE CYCLE and PRICE – price set in relation to stage in the product life cycle

  13. THE BLEND • PRODUCT and PROMOTION – the promotional mix should be varied in relation to the product • PRODUCT and PLACE – the nature of the product is a major factor in the distribution strategy

  14. How will you market your product or service? Who will you market to? When? Where? How will you do this? How much will it cost?

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