Download 05 Marketing Mix (Four Ps)

Survey
yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Document related concepts

Marketing research wikipedia, lookup

Pricing science wikipedia, lookup

Bayesian inference in marketing wikipedia, lookup

Grey market wikipedia, lookup

Social media marketing wikipedia, lookup

Ambush marketing wikipedia, lookup

Visual merchandising wikipedia, lookup

Shopping wikipedia, lookup

First-mover advantage wikipedia, lookup

Product lifecycle wikipedia, lookup

Multi-level marketing wikipedia, lookup

Perfect competition wikipedia, lookup

Pricing wikipedia, lookup

Product placement wikipedia, lookup

Price discrimination wikipedia, lookup

Food marketing wikipedia, lookup

Dumping (pricing policy) wikipedia, lookup

Viral marketing wikipedia, lookup

Digital marketing wikipedia, lookup

Marketing plan wikipedia, lookup

Guerrilla marketing wikipedia, lookup

Neuromarketing wikipedia, lookup

Marketing communications wikipedia, lookup

Market penetration wikipedia, lookup

Predictive engineering analytics wikipedia, lookup

Youth marketing wikipedia, lookup

Segmenting-targeting-positioning wikipedia, lookup

Service parts pricing wikipedia, lookup

Marketing wikipedia, lookup

Direct marketing wikipedia, lookup

Supermarket wikipedia, lookup

Integrated marketing communications wikipedia, lookup

Multicultural marketing wikipedia, lookup

Street marketing wikipedia, lookup

Target audience wikipedia, lookup

Pricing strategies wikipedia, lookup

Green marketing wikipedia, lookup

Marketing mix modeling wikipedia, lookup

Retail wikipedia, lookup

Target market wikipedia, lookup

Sensory branding wikipedia, lookup

Advertising campaign wikipedia, lookup

Product planning wikipedia, lookup

Marketing channel wikipedia, lookup

Global marketing wikipedia, lookup

Marketing strategy wikipedia, lookup

Transcript
MARKETING MIX
Mr. Thompson
Marketing Mix cont’d…


All decisions about the four elements are made
based upon the correct identification of the target
market
PRODUCT: what products do we make and sell?
 Features,
brand name, packaging, service, warranty
 Update or improve existing products
 Extend the life of a product by finding new uses or new
target markets (e.g. – V8Fusion – original V8 on the
market for 75yrs)
Marketing Mix cont’d…

PRICE: what are we willing to exchange for the
product?
 Customer
willingness AND ability
 Consumer market and Organizational market –
different prices?
 Competitors’ pricing is a big factor
 Discounts, allowances, credit terms, payment periods
 Special promotional pricing (adjusted retail)
Marketing Mix cont’d…

PLACE: how are we getting the product into the
customers’ hands?
 How
and where a product will be distributed
 Domestic or global?
 Retailers (7-11, Mac’s, Safeway, Costco, all of them?)
 Direct to customer, internet, reseller, catalogues, etc.
 Transportation methods
 own
service or contract out?
 train, car, plane, boat?
 Stock
levels (how much to keep on hand)
 Perishable
goods, expensive items, overstock appearance
Marketing Mix cont’d…

PROMOTION: how will customers know about the
product?
 Advertising,
personal selling, sales promotions, publicity,
social media, etc.
 Determine the “message” – what are we saying?
 Determine the “media” – where are we saying it?
 Determine the “deal” – special offers available?
 Determine the “time” – when and for how long?
Product: type and quality of products
Place: type of location
Price: cost, discounts, member rewards
Promotion: in-store and media advertising
The four “P”s
Pick two stores that you know well.
Evaluate them according to the four “P”s,
answering the main questions asked in each area.
Describe each store’s marketing mix and discuss
whether or not it is effective.