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The Marketing Mix

The Marketing Mix. Marketing Mix. The blend of the four marketing elements of product, place (distribution), price and promotion. Product. Product Mix: The different products and services a business offers Two Aspects to Consider: Selecting Product Features

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The Marketing Mix

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  1. The Marketing Mix

  2. Marketing Mix • The blend of the four marketing elements of product, place (distribution), price and promotion

  3. Product • Product Mix: The different products and services a business offers • Two Aspects to Consider: • Selecting Product Features • Color, size, quality, hours of operation, warranties, delivery, and installation • Branding, Packaging, and Labeling • Branding: the name, symbol, or design used to identify the product • Package: the box, container, or wrapper in which the product is placed • Label: information about the product on the package

  4. Positioning • Placing a product in a certain market to get a desired customer response • What are the differences between a Hyundai and a Jaguar?

  5. Place (Distribution) • Channels of Distribution: the routes that products and services take from the time they are produced to the time they are consumed • Aspects to consider: • Getting the product in a timely manner • Channels of distribution usually result in lower costs than trying to do everything yourself • Channels save time for buyers and sellers

  6. Channel of Distribution for Retail Goods • Cotton fields/farmers (Raw Materials) • Textile Mills • Manufacturer • Wholesalers • Retailer • Consumers

  7. Channel of Distribution for Retail Goods • Stay open in evening hours and on weekends • Use catalogs, fliers, other advertisements to reach customers outside living area • Take orders by phone, fax, or ship directly

  8. Distribution through Internet • Websites • On-line Catalogs • ebay • On-line Auctions

  9. Channels for Service Businesses • Single direct channel from entrepreneur to customer • Product and consumption happens at the same time • Some services utilize retailers to distribute their product (film developers)

  10. Channels for Manufacturing • End customers are generally NOT the customer for manufacturing • Broad distribution or narrow distribution

  11. Physical Distribution • How is the product transported? • How is product stored? • Transportation: • Air • Train • Transfer truck • Pipeline • Ship • Combination of methods

  12. Physical Distribution • How is the product transported? • How is product stored? • Storage and Handling Options: • Warehouses • Packages must protect the product from production to sale

  13. Price • Set Your Price Objectives: • Maximize sales? • Increase profits? • Discourage competition? • Attract customers? • Maintain an image?

  14. Return on Investment • One pricing strategy is to determine cost involved and then decide how much you desire to gain as a return on your investment

  15. Obtaining Market Share • Market share: percentage of total sales by all companies in the market that a business captures • Pricing strategy that gains market share will either be a lower price than competition or a comparable price for a higher quality product

  16. Determining Price • Demand-Based Pricing: price set by how much the customer will pay • Cost-Based Pricing: determining wholesale cost and placing a markup amount on the price • Markup: amount added to the wholesale price • Markdown: amount subtracted from the retail price

  17. Determining Price • Competition-Based Pricing: price determined by what the competition is charging for the same good or service

  18. Service Pricing • Time-Based Pricing: hourly rate for a service performed • Bundling: services are bundled together and sold at a discounted price • Breakeven Point: all costs for a service are added to determine the lowest price a service may be sold at in order to cover costs (the point where sales revenues equal production cost)

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