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The Marketing Mix Marketing Mix Product Price Marketing Communications Distribution Consumer Public Image Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-1 Product Strategy A product may have tangible and intangible characteristics. Product decisions are numerous and embrace: Quality Size and Format Features Service Brand Name Guarantees Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-2 Product Differentiation “A strategy that focuses marketing activity on the unique features or differential advantages of a brand in order to distinguish it from other brands.” Visa…All You Need Sunlight…Go Ahead. Get Dirty. Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-3 Pricing Strategy Establishing a fair and equitable pricing structure for consumers while being profitable for the organization. Wal-Mart…Low prices everyday. Always. Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-4 Marketing Communications Strategy The goal of communications is to create awareness, interest, desire and action among potential customers. Communications tools include: Advertising Sales Promotion Direct Response/Online Personal Selling Public Relations Event Marketing Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-5 Distribution Strategy The selection and management of marketing channels and the physical distribution of products. Mode of transportation Degree of Coverage in a market Inclusion of direct channels (Internet) Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-6 Public Image and Its Influence A good reputation is an important asset. Reputation is earned through good marketing. Customer Sensitivity Community Support Social Responsibility Marketing Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-7 External Influences on Marketing Competition Social and Demographic Economy Marketing Strategy Technology Laws and Regulations Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-8 Economic Influences A variety of factors contribute to the state of the economy: Disposable Income Employment Canadian $ Interest Rates Inflation Recession Depression Recovery Prosperity Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-9 Canada’s Market Structures Monopoly One firm serves market Oligopoly A few firms serve market Monopolistic Competition Many firms; unique marketing mixes to differentiate offerings Pure Competition Many firms; similar products with no differential advantage Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-10 Competitor Classifications Direct Competition Competition from alternate or substitute products: Coke, Pepsi, 7Up, Hires. Indirect Competition Competition from products offering similar benefits: Coke, Clearly Canadian, Gatorade. Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-11 Market Share The strength of a brand (company) relative to its competition is determined by market share. Market share is: “the sales volume of a company or brand expressed as a percentage of total market sales volume.” Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-12 Competitive Position Competitive position often determines nature of strategy: Market Leader Market Challenger Market Follower Market Nicher Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-13 Social and Demographic Trends Demographics is the study of the characteristics of a population. Staying in touch with demographic trends and adapting marketing strategies to the trends presents challenges to an organization. Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-14 Social and Demographic Trends Size and Age Location Family Formation Spending Power and Wealth Education Multiculturalism Lifestyle and Environmental Concerns Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-15 Technological Influence Perhaps the greatest single force to shape and reshape the marketplace: Internet communications and transactions ATMs, debit cards and P2P payment systems (by e-mail) Direct distribution channels New economy versus old economy companies Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-16 Laws and Regulations Industry Canada and the Competition Act govern business practices in Canada. The objectives of the Competition Act are: To maintain and encourage competition To ensure participation by small business To provide consumers with choice and fair prices. Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-17 Inputs for Satisfying Customers Uncontrollable Environment • Competition • Economy • Legal • Technology • Social Company Resources Marketing Plan Consumer Controllable Environment • Marketing Mix • Corporate Culture • Nature of Business Canadian Marketing in Action, 6th ed. Keith J. Tuckwell ©2004 Pearson Education Canada Inc. 2-18