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An introduction to Marketing The tasks Why has the Wii been so successful? It has a unique control system The games are easy to play and aimed at all ages It’s cheaper than the Xbox360 and PS3 It has been heavily publicised There are lots of good deals about You can buy them in a massive range of shops So is this just good luck? •A number of different factors have come together to ensure that the Nintendo Wii is a global, commercial success •This is NOT a coincidence! •The product, price, place of sale and the promotion techniques have all be carefully thought about and planned. •This is known as the MARKETING MIX The Marketing Mix- The 4 Ps • Product/service – What makes the product or service stand out? What is new or different about it? • Price – How much is it? Why is this appropriate? Is it good quality? Value for money? • Place – Where is the product available? Is it available to it’s target group? • Promotion – How do people know about it? Advertising? Sponsorship? Events? The Marketing Mix has to be right! All 4 Ps have to be right for a product, service or business to be successful: It will fail… • If the product is useless or already available • If the price is too high, (poor value for money) or too cheap (most people prefer expensive perfume!) • If it is not available where you need it – surf shops on the beaches in North Cornwall are bigger and more successful than those in Blackpool! • People do not know about it! I.e. it is not promoted or advertised! Marketing Mix: Case study Vs. Werther’s Originals Vs. Haribo Starmix Werther’s Originals Vs Haribo Starmix • They’re both bags of sweets, sold in the confectionary • They both available in similar sized bags • They both cost about the same amount • They’re both advertised on the TV • BUT They have a different marketing mix… How is the product different to other products? Who are they aimed at? How does the design/name reflect it’s target group? How are they promoted? How is the product different to other products? Who are they aimed at? How does the design/name reflect it’s target group? How are they promoted? Werther’s Originals Vs Haribo Starmix Conclusions • Both products are in the same market, but aimed at different target groups • The product and promotion are differentiated to appeal to these groups • By changing the marketing mix, you can define the success/failure of your product The Sinclair C5 Top Speed: Just 15mph £399 The UK’s first Battery-Electric vehicle! Despite a relatively cheap price, a massive international marketing campaign, and being widely available, the Sinclair C5 was a huge commercial failure. Despite millions of pounds of investment, the C5 sold fewer than 17,000 units. What do you think the main problems with the product are?