Download 05 Marketing Mix (Four Ps)

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.