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MARKETING PLANNING THE MARKETING MIX . IB Business & Management – A Course Companion p186-224. THE MARKETING MIX. A crucial aspect of successful marketing planning is establishing the right marketing mix. The mix tries to cover all of the key elements needed in the marketing of a product.

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marketing planning the marketing mix

MARKETING PLANNINGTHE MARKETING MIX

IB Business & Management –

A Course Companion p186-224

the marketing mix
THE MARKETING MIX
  • A crucial aspect of successful marketing planning is establishing the right marketing mix.
  • The mix tries to cover all of the key elements needed in the marketing of a product.
  • It was traditionally referred to as the `four Ps` of price, product, place & promotion.
  • More recently and with particular relevance to the service sector: the additional “Ps” of people, process, physical evidence & package have been added.
the marketing mix price
THE MARKETING MIXPrice
  • How much the consumer is going to pay for the product.
  • It can be changed but consumers are far more sensitive to price rises, than price falls.
  • It can be a good indicator of the value of the product: eg: products based on new technology such as the latest games consoles are usually priced at a very high level to start with, then the price is reduced over time.
the marketing mix product
THE MARKETING MIXProduct
  • This involves the characteristics of the product or service being offered.
  • New innovation in a market will be heavily relied on to create a unique selling point for a product.
  • EG: The use of iTunes as a convenient download and music storage platform has allowed Apple to lock in customers to its products.
the marketing mix place
THE MARKETING MIXPlace
  • Where the customer can buy the product.
  • This usually encompasses not only the location, such as shops, the Internet or catalogues, but also the distribution channels (how the product actually gets to the customers)
  • On a more specific level, place can also refer to where a product is located in a shop.
  • Eg: Supermarkets always put the higher priced, branded products at eye-level, with the cheaper ranges on the lowest shelf.
  • Research tells them that, given similar products in a range, buyers are far more likely to take the first items they set their eyes upon.
the marketing mix promotion
THE MARKETING MIXPromotion
  • How the product is communicated to consumers.
  • It will involve advertising, sales promotions, special offers, trade fairs, magazine articles and more.
the marketing mix people
THE MARKETING MIXPeople
  • The use of human capital is bringing a product to market.
  • All employees have an impact on the life of a product, from manufacturer through to sales.
  • Ensuring the employees are clear on the marketing objectives will help to attain a successful marketing mix.
  • Customer interaction with employees will also affect their views of the product they are buying – friendly staff make a big difference to the success of a product
  • The skills of the workforce can also have a large impact on the success of the business: products based on a high quality approach will need sufficiently trained and qualified staff to provide this.
the marketing mix process
THE MARKETING MIXProcess
  • Process is the systems used to allow the organization to deliver the product.
  • Customer loyalty may be increased by organizations able to use their processes to ensure that customer needs are met.
  • Eg: When you order your meal at McDonalds there is a set process in place to ensure that you get your burger in as short a time as possible. Waiting for 10 minutes may mean that you choose Burger King next time.
the marketing mix physical evidence
THE MARKETING MIXPhysical Evidence
  • The element of the mix that allows a consumer to make a judgment on the organization.
  • Consumers might ask the following questions:
  • Is the hotel room really clean?
  • Are the highest price seats in the theatre more comfortable with a better view of the stage?
the marketing mix packaging
THE MARKETING MIXPackaging
  • The look of the product can have a huge impact on consumer buying decisions.
  • Making products stand out to a potential buyers is a key part of any buying decision.
the marketing mix combining the different elements
THE MARKETING MIXCombining the different elements
  • Only when all elements above are combined in the correct way will the marketing objectives be met.
  • Its like baking a cake – too much or too little of one of the ingredients will result in an end product that goes unwanted.
  • Given the varied nature of products and markets, it also important to realize that each product and market situation has its own individual marketing mix.
limitations on the marketing mix
LIMITATIONS ON THE MARKETING MIX

Cost

  • Does the business have the available resources to carry out its plan effectively?
  • Small businesses may be forced to choose cheaper, less effective methods of marketing as they simply do not have the cash to run a huge TV campaign.
limitations on the marketing mix1
LIMITATIONS ON THE MARKETING MIX

Competition

  • Rivals will be doing their upmost to gain market share at their competitors expense.
  • Eg: If a rival launches a huge advertising campaign, a business may be forced into running its own campaign to maintain its market share and avoid losing customers.
limitations on the marketing mix2
LIMITATIONS ON THE MARKETING MIX

New Technology

  • The use of the internet and social networking sites can allow businesses to use `viral` campaigns through social networking sites.
  • This offers a convenient “place” for the distribution of the product, and allows cheaper pricing through cost savings.