03 marketing mix
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Transcript of 03 marketing mix
Product Price
Place Promotion
Marketing Mix (4p’s)
The marketing mix principles are controllable variableswhich have to be carefully managed and must meet the needs of the defined target group. All elements of the mix areLinked and must support each other.
Marketing Mix (4p’s) Product
Product Decisions
Branding Quality Features
We must remember that Marketing is fundamentally about providing the correct bundle of benefits to the end user, hence the saying ‘Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer’ (P . Tailor 7/00)
Benefits offered
Marketing Mix (4p’s) Pricing
Pricing Strategies
Penetration
Skimming
Competition
Product Line
Bundle
Psychological
Pricing is the only mix which generates a turnover for the organization. The remaining 3p’s are the variable cost for the organization. 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.
Marketing Mix (4p’s) Promotion
Promotional Mix
Advertising
Public Relations
Sales Promotion
Personal Selling
DirectMail
Internet/E-commerce
A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organizations promotional mix can consist of:
Marketing Mix (4p’s) Place
Manufacturer
Consumer
Manufacturer
Retailer
Consumer
Direct Distribution Indirect Distribution