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Class # 3

The 4 P’s&

Marketing Environment

Marketing Policies & Strategies

INTRO…

Strategic Decision Making …the 4p’s & your Marketing Environment

• Marketing Managers receive or develop goals/objectives for their Marketing Organization.

• Next, once Marketing Managers “have” approved goals/objectives …they need to strategically know what to do with these goals/objectives in order to accomplish them.

– Internal/External research methods …SECONDARY and PRIMARY research methods …strategic frameworks …help Marketing Managers understand what’s happening with their businesses, consumers, target markets, economy, and industries

• This analysis disciplines them to “pour” what they’ve learned into their 4P’s to create a comprehensive STRATEGIC plan …to help them achieve goals/objectives

• Marketing Environment…Internal and External forces that affect your business. Not as detailed as Porter’s 5-Forces, but detailed nonetheless.

2 concepts

• 4P’s …Product, Price, Place, Promotions

• Marketing Environment …6 Elements

Marketing Policies & Strategies

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The 4p’s

Marketing Policies & Strategies

Product:• Features/Benefits

– Features tend to be tangible …Flavor, High Quality, etc– Benefits tend to be emotional …Happiness, Satisfaction,

Confidence, Validation, Security, Belongingness, Connectedness

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Marketing Policies & Strategies

Price:– Level of Price: Low/medium/high?

– Quality of Product: Good/Better/Best?

– Does level of Price and quality of Product match?

Place:– Where sold?

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The 4p’s

Marketing Policies & Strategies

Promotions:– Awareness, Interest, Trial, Action– Advertising

• Manufacturer to Consumer

– Coca Cola uses …TV, Print, Radio, Outdoors, Internet, Social Media, etc.

– Promotions• Retailer to Consumer

– Retailers name always in promotion– CVS Circular …BOGO, 20% of Crest Toothpaste

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Marketing Environment

Do any of the following influence consumption of your company’s products?

•Demographic:

• Income

• Age

• Gender

• Culture

• Geographic

• Family Structure

• Lifestyle

• Population

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Marketing Environment

Do any of the following influence consumption of your company’s products?

Cultural:

•Families

•Community

•Parents, schools, religion, businesses, government

•Peers

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Marketing Environment

Do any of the following influence consumption of your company’s products?

Economic:

•Economy

•Other factors that affect consumer purchasing power and spending patterns…tastes, trends, opinions, lifestyles

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Marketing Environment

Do any of the following influence consumption of your company’s products?

Natural:

•Natural resources …– Oil– Water– Trees– Natural Gas

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Political Environment

Do any of the following influence consumption of your company’s products?

Political:Political:

•LawsLaws

•RegulationsRegulations

•Pressure Groups Pressure Groups

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Marketing Environment

Do any of the following influence consumption of your company’s products?

Technological:•Maturing technologies•New technologies.

– That could create or inhibit consumption habits.

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Question #1

Marketing Policies & Strategies

Slides 3-6…

1. You work in Senior Management for Your Brand/Co. Use slides 3-6 to …

• Choose a Product from your Brand/Co. Then…

• Note a Feature and Emotional Benefit of this Product Line.

• Do Price and Quality match?

• Note 3 examples of Place

• Example of how your Brand/Co Advertises

• Example of how your Brand/Co Promotes

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Slides 6-11…

1. Please use these slides to complete -1 bullet point- from each of the 6 Elements of the Marketing Environment …for your Brand/Co.

Question #2

Marketing Policies & Strategies