Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download 05 Marketing Mix (Four Ps)
Document related concepts
Marketing research wikipedia , lookup
Pricing science wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Grey market wikipedia , lookup
Ambush marketing wikipedia , lookup
Social media marketing wikipedia , lookup
Visual merchandising wikipedia , lookup
First-mover advantage wikipedia , lookup
Product lifecycle wikipedia , lookup
Multi-level marketing wikipedia , lookup
Perfect competition 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
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
Target market wikipedia , lookup
Sensory branding wikipedia , lookup
Advertising campaign wikipedia , lookup
Product planning wikipedia , lookup
Marketing channel 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.
