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Building a Successful Marketing Mix

Building a Successful Marketing Mix. Unit 3 Topic 3.1.2. Aim for today. To understand the role of balancing the ‘4Ps’ in managing the marketing mix. Podcast http://www.bized.co.uk/cgi-bin/chron/typein/typein.pl?itn=2979. The Marketing Mix.

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Building a Successful Marketing Mix

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  1. Building a Successful Marketing Mix Unit 3 Topic 3.1.2

  2. Aim for today • To understand the role of balancing the ‘4Ps’ in managing the marketing mix. Podcast • http://www.bized.co.uk/cgi-bin/chron/typein/typein.pl?itn=2979

  3. The Marketing Mix • The Marketing Mix is a combination of factors that help businesses sell its products • The marketing mix is made up of the 4 P’s • Product • Price • Place • Promotion

  4. Marketing Mix Neil H.Borden

  5. 1. Product • A product is a good or service produced by a business. • To be successful, the PRODUCT must meet customer needs. It must do what it says, have the appropriate specifications and be appealing (where design/looks are important).

  6. Task 1: Heinz Beans List everything you know about Heinz Baked Beans. • Product: High quality Haricot Beans • Formula: Unique tomato sauce formula (updated to meet changing consumer needs) – reduced sugar & salt, micropots, meatballs, organic beanz. • Name: 2004 Heinz Baked Beanz then 2008 changed to Heinz Beanz. • Label: Changed to highlight nutritional benefits. • Varieties: Adapted for different countries

  7. Heinz through the years

  8. Heinz Packaging Innovation • North America: The Heinz Dip & Squeeze™ for the foodservice industry makes eating on-the-go more fun and convenient. • In the U.K., Australia, Indonesia & New Zealand, Heinz are converting to lighter-weight cans for products such as beans and soups.  • In China, infant food jars are wrapped in paper sleeves, a more environmentally friendly alternative to plastic shrink-wrap. http://www.heinz.com/our-food/innovation/packaging-innovation.aspx

  9. 2. Price • The price of a product must reflect the value customers place on it. • No matter how good the product is, it is unlikely to succeed unless the price is right. • PRICING can also be used as a strategy to build reputation and attract customers. • Brands can be sold at a premium price. Why?

  10. Task 2: Price – arrange these products in order from lower to higher • Asda • Tesco • Staples • VIKING • WH Smith • Xerox

  11. How many did you get? • Asda £1.94 • Tesco- £2.18 • Staples £2.99 • VIKING – £2.99 • WH Smith - £5.99 • Zerox - £8.49

  12. Brands attract a premium as: • Cost of product is usually higher; • Cost of marketing is higher – ad campaigns & other promotions used to support big brands. • Higher price suggests to consumers that it is higher quality; • Higher prices allow the business owning the brand to make more profit.

  13. 3. Place • Place is about how products are distributed from producers to consumers. It involves ensuring that goods/services are available to customers where and when they want them.

  14. Place – distribution channels • Distribution channels can be direct or indirect. • Wholesalers can sell their products to retailers who then sell them to consumer. • The fastest channel and often the cheapest for the consumer is where manufacturers sell directly to the customer, this is more common due to the growth of the internet. TASK: Identify 2 products that use direct and indirect distribution methods and explain why the method is suitable.

  15. 4. Promotion • Promotion is the communication between businesses and customers. • It informs customers about the product, where it is, what it does and persuades them to buy it. • Task: Create a 30 second radio ad to promote a new brand of Dog Food.

  16. Promotions Promotions methods include: • Personal Selling • Sales Promotion • Public Relations • Direct Mail • Trade Fairs and Exhibitions • Advertising • Sponsorship • Task: For every method, identify two businesses that use that type of promotion.

  17. Informative Persuasive Generic – advertise an industry or business rather than a specific product

  18. TV advertising costs

  19. Other advertising costs

  20. Advertising & the law • Ad’s must be ‘legal, decent & honest & truthful’. They are controlled by the ASA and Ofcom .

  21. Sales promotions

  22. Sales promotion methods In your groups, find 3 promotions that Asda or Ikea are currently running.

  23. Packaging can also used as a method of promotion

  24. Packaging task

  25. Paired Task • Think of a product that you always use no matter if the competitions product is cheaper. • Why do you do insist on the original product?

  26. Marketing Summary • The most important thing about marketing is anticipating and fulfilling customer needs. This is called consumer-orientation. • To identify these needs, businesses carry out extensive market research. • The marketing mix encourages businesses to consider customer needs when developing products. • The mix is made up of 4 P’s but often extended to the 7P’s (people, physical resources & processes).

  27. Revisiting the Aim • Why is it important for do businesses to balance the ‘4Ps’ of the marketing mix?

  28. Analyse KFC’s marketing mix

  29. Continue working on 1 of the 3 independent study options

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