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Transcript
AGENDA • • • • Introduction to Marketing Mix………….5 min. Pair-Sharing …………………………….5 min. Identifying the 4 P’s……………..…..…10 min. Identifying the 2 C’s…………………….10 min. • Group Activity….………………………..45 min. The Marketing Mix Identifying the 4 P’s & the 2 C’s “A company executive is just like a kitchen chef : a mixer of ingredients, who sometimes follows a recipe as he goes along, sometimes adapts a recipe to the ingredients available, and sometimes experiments with new ingredients no one else has ever tried yet“ (Culliton, J. 1948) The 4 P’s Product What product should we sell? Product Target Price Market Price How much should we charge for our product? Promotion How do we make the consumer buy our product? Promotion Place Place Where, when and how will consumers buy our product? The Marketing Mix The marketing mix is: • A combination of the 4P’s (product, price, place, promotion) designed for a specific target market • A model of decisions that helps a manager construct an appropriate marketing strategy The 2 C’s Who is our target market? Who are our competitors? What are their wants and needs? What do they offer? How can we differentiate ourselves? Essential Terms Target market - group of customers at whom a seller aims its marketing mix Marketing strategy - strategy that ensures the steady sales of a product Customer - the person who makes purchase decisions and buys a product Competition - similar products directly competing for one target market • The Marketing Mix-video Group Activity You are the executive members of a marketing firm X. Your clients have approached you with the following problems. Read the Mini Case Studies and in capacity of experts give your suggested solutions. Always keep in mind the specified Target Market and the 4 P’s related questions, which we ask. Try to make the best possible decisions in the Marketing Mix in order to solve the cases. To facilitate your brainstorming draw a Marketing Mix Model for each Case.
