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Indicator 1.04 – Employ marketing information to develop a marketing plan. Marketing Part 1. THE MARKETING MIX.

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Presentation Transcript
the marketing mix
THE MARKETING MIX
  • Includes four basic strategies called the 4 P’s or elements of marketing. For each strategy, decisions have to be made for each product the business offers to best reach their target market.
  • Product
  • Place
  • Price
  • Promotion
the 4 p s
The 4 P’s
  • Product - decisions include what to make or obtain as the business’s product mix.
      • Level of quality, features, branding, packaging, service, and warranty are items to decide and develop for each product.
product examples
PRODUCT Examples:
  • Product: the goods, services, or ideas a business will offer its customers.
  • Marketers conduct research and use their creativity to figure out what customers need and how they will meet those needs
the 4 p s1
The 4 P’s
  • Place - decisions include where the customer can obtain the products. Many businesses utilize multiple channels of distribution.
      • For example, store locations, website, and catalogs are the standard for most retailers today. Decisions of direct distribution or indirect distribution (intermediaries/middlemen) must be made.
place example
PLACE Example:
  • The place element can make or break the buying experience.
  • Getting a product in the right place at the right time is all about creating convenience for the customer.
the 4 p s2
The 4 P’s
  • Price - decisions include determining what a customer is willing to pay
      • What competition is charging, determining seasonal discounts and allowances, and credit terms.
    • Determine how to accept payment:
      • Cash, debit, credit, check, or combination
price example
PRICE Example:
  • Price is the amount of money a firm asks in exchange for its products.
  • To be successful, a good balance between customer value and satisfaction, as well as company cost and profit must be found.
the 4 p s3
The 4 P’s
  • Promotion - decisions include the promotional mix (advertising, sales promotion, selling, and publicity)
      • These decisions are based on the budget a business sets for the promotional mix.
      • The ultimate goal of promotion is to generate a positive response from customers.
promotion example
PROMOTION Example:
  • Promotion refers to the various types of communication that marketers use to inform, persuade, or remind customers about their products.
    • Advertising
    • Personal selling
    • Publicity
    • Public relations
    • Sales promotion
importance of the 4 p s
IMPORTANCE OF THE 4 P’S
  • Product is important to obtain or develop the best product mix within your market and your target market.
  • Place is important because it is the avenues you come into contact with your customers. This is the element that has direct impact on loyalty and repeat customers.
  • Price is important because it establishes your profit and set the quality level of your products/services.
  • Promotion is important because it communicates with your customers so they know about your product mix.
activity
ACTIVITY
  • Choose a product that you use frequently (toiletry items are good).
    • List suggestions for improvements to the product and the marketing mix.
    • Explain how the improvements would increase satisfaction of the customer and the business.
relationship of goals tactics strategies to the marketing mix
RELATIONSHIP OF GOALS, TACTICS, & STRATEGIES TO THE MARKETING MIX
  • Mission Statement – the guiding principle for all business decisions and provides direction for planning.
    • Goals/Objectives – established on a yearly basis and support the mission statement. Goals must be measurable and have a deadline.
      • Strategies – are then developed to accomplish goals and it reflects the method to achieve the goal (what to do).
        • Tactics – are then developed to accomplish the strategies; it is the how things will be done, daily actions.
goal what is the marketer s destination
Goal: What is the marketer’s destination?
  • A goal is an objective you plan to fulfill
  • SMART:(Specific, Measureable, Action, Realistic, Timebound)
  • Determine where your firm needs to be by a particular date and agree upon goals
    • A family-style restaurant wants to increase sales
    • Agree to increase annual sales by 10% over last years sales
    • Goal is specific and can be evaluated for success or failure at the end of a given time frame.
strategy which route will the marketer take to get there
Strategy: Which route will the marketer take to get there?
  • A strategy is a plan of action for achieving your goals and objectives.
  • Create the plan of action (route) believed to be most efficient.
  • Example:
    • Strategy #1: add a kids’ menu in order to increase sales to young parents in the area
tactics what small steps are needed to make it happen
Tactics: What small steps are needed to make it happen?
  • Tactics are specific actions used to carry out strategies
  • Marketers carefully choose the short-term actions, or tactics, they use to carry out their strategy.
  • Tactics must line up with where they plan to go –their goal-and how they plan to get there
  • They pay attention to every detail – their strategy
marketing strategies change
MARKETING STRATEGIES CHANGE……
  • What factors cause that change?
    • Different Goals
    • Economic conditions change
    • Political or influence of governmental agencies changes
    • Demand changes reflecting new consumer attitudes
    • Environmental changes
    • Advancements in technology
    • Actions of Competitors
activity1
ACTIVITY
  • Think of 5 products that have “changed” in your lifetime
    • How did they change?
    • Why did they change?