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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.