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The Marketing Mix

The Marketing Mix. The Marketing Mix – The 4 Ps. What is it?. The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives. The marketing mix are controllable variables. PRICE.

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The Marketing Mix

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  1. The Marketing Mix

  2. The Marketing Mix – The 4 Ps

  3. What is it? • The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives. • The marketing mix are controllable variables.

  4. PRICE • How much does it cost to design, produce, and distribute the product? • Pricing is difficult and must reflect the supply and demand relationship. • Pricing a product too high or too low could mean a loss of sales for the organization. • Marginal Cost Pricing, but not dumping

  5. PRICE • Pricing should take into account the following factors: • production and marketing costs • competition • company objectives • proposed positioning strategies • target group and willingness to pay • all costs that are specific to exporting or importing (shipping, letters of credit, freight forwards, leads, middlemen, etc.)

  6. PRODUCT • When an organization introduces a product into a market they must ask themselves a number of questions. • Who is the product aimed at? • What benefit will they expect? • How do they plan to position the product within the market? • How will the product be differentiated from its competitors? • What are the accessories? • How will the product be packaged?

  7. PLACE • The means by which products and services get from producer to consumer and where they can be accessed by the consumer • Market Channel • Shipping • Distribution • Retail

  8. PROMOTION • Strategies to make the consumer aware of the existence of a product or service • Strategies to differentiate the product • NOT just advertising • Social Media, Trade Shows, Leads, PR, Government Relations, Word-of-Mouth, Displays, Free Services or Product, etc.

  9. EXAMPLE 4 Ps – Stella Artois • Price is relatively high compared to other brands, suggesting it is not as important in the mix whereas the product itself is important - it relies on a reputation of quality to justify the higher price. • Place is vital - the more places it is available, the higher sales are likely to be. The combination of bottles, cans, draught, etc. means it has a wider availability. This suggests, with the increased methods of selling recently introduced, that process is becoming more important. • Promotion is high profile - using 'upmarket' events such as the summer tennis championships, sophisticated adverts highlighting its quality - emphasized by the phrase 'reassuringly expensive'. • People and physical environment play little part in the overall marketing mix of the product. AD for Stella ArtoisSKOL in Brazil AD for Budweiser 2013 AD for HeineckenHeinecken (India) Ad for Belgian Beer (with beer master)

  10. Culturally Specific Promotion of Beer AD for Budweiser 2013 (U.S.) AD for HeineckenHeinecken (India) Ad for Belgian Beer (with beer master)

  11. 4 Ps Video • Marketing: A New Look at the 4Ps of Marketing

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