MARKETING MIX

Marketing Mix

The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P's

Marketing Mix (4 Ps)

Product Promotion PricingPlace

Marketing Mix (4 Ps)Product: The product, service,

or program includes both tangible and intangible elements.

Price: The price is what the customer pays. The benefits of the product have to be great enough to warrant the price. Price includes all costs associated with the product, service, or program.

Marketing Mix (4 Ps)

• Place: The place is where the customer receives the product, service, or program. The place of delivery. The organization must determine how much the target market is willing to pay for atmosphere and physical resources of place.

Marketing Mix (4 Ps)

Promotion: includes all forms of communication you use to communicate the benefits of your offering to the target market(s). The objective is to persuade the customer in such a way that he or she recognizes that your offering is uniquely qualified to meet his or her needs.

Marketing Mix (4 Ps)

The term promotion mix is commonly used to refer to the types of communication that are available: advertising, public relations, personal selling, publicity, and sales promotion. Some authors include direct marketing. Word of mouth, though seldom discussed, is powerful promotion.

Elements of the Marketing Mix Sub-Elements PRODUCT Product design  Product positioning

  Product name and branding

  Packaging and labeling

  Breadth and depth of product Line

 Level and type of customer service

  Product warranty

 New product development process

  Product life cycle strategies

PRICE Manufacturer, wholesaler and retailer selling

  Prices

Terms and conditions

  Bidding tactics

  Discount policies

  New product pricing (Skim Vs. Penetrating Pricing)

PROMOTION (MARKETING & COMMUNICATION) Advertising

  Sales force policies

  Direct marketing (mail, catalog)

  Public relations

  Price promotions – for the consumers and the channel

  Trade shows and special events

PLACE (DISTRUBATIONCHANNEL)

Direct Vs. Indirect channels

  Channel length

 

Channel breadth (exclusive, selective or Intensive)

  Franchising policies

  Policies to ensure channel coordination and Control

  Marketing Programs

3P’s For Service Marketing

• People - customer-provider relationship, training, culture, skills, and attitudes.

• Physical- ambience, appearance, equipment, machines Evidence – Buildings, physical facilities.

• Process – Activity sequence, quality management, customer participation and delivery process

PEOPLE

• Training

• Personal Selling

• Customer Service

Physical Evidence

• Packaging

• Internet/web pages

• Paperwork (such as invoices, tickets and dispatch notes)

• Brochures

Physical Evidence

• Furnishings• Signage (such as those on

aircraft and vehicles)• Uniforms• Business cards• The building itself (such as

prestigious offices or scenic headquarters).

Process

• Processes essentially have inputs, throughputs and outputs (or outcomes)

THANK YOU!