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The Most Important Lesson in Marketing

The Most Important Lesson in Marketing. Marketing Mix (4 Ps). The Marketing Mix. PLACE. PRICE. Marketing Mix. TARGET MARKET. PROMOTION. PRODUCT. Quality Features Options Branding packaging. Sizes Services Warranties returns. PRODUCT.

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The Most Important Lesson in Marketing

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  1. The Most Important Lesson in Marketing

  2. Marketing Mix(4 Ps)

  3. The Marketing Mix PLACE PRICE Marketing Mix TARGET MARKET PROMOTION PRODUCT

  4. Quality Features Options Branding packaging Sizes Services Warranties returns PRODUCT • Factors dealing with developing the RIGHT product for the TARGET MARKET Examples:

  5. Exercise Using the available products: • What distinguishes their packaging? • Which packaging is more eye-catchy? • Which do you prefer? • Which tastes better? • Which looks better?

  6. PLACE • Factors dealing with getting the RIGHT product to the TARGET MARKET Examples: • Channels of distribution • Locations/outlet • Transportation methods • Inventory • Physical handling

  7. PRICE • Factors dealing with setting the RIGHT price Examples: • retail/list price • Supply and demand • Production costs • Allowance (car trade-in) • Payment period • Credit terms

  8. Exercise Again using the products: • What do you think the price difference is? • Why do you think this is so? • Does it make a difference?

  9. Prices: Corn: Deodorant Green Giant - $1.39 Speed Stick - $2.89 Del Monte - $1.29 Old Spice - $1.98 No Name - $0.99 Cookie: Gelatin: Chunks Ahoy - $3.49 Jell-o - $0.79 PC Chunky - $2.49 No Name - $0.59

  10. PROMOTION • Factors dealing with communicating to the TARGET MARKET about the RIGHT product, at the RIGHT place to find it, for the RIGHT price Examples: • Advertising • Personal selling • Sales promotion • publicity

  11. Uncontrollable Factors(STEEP)

  12. Social, Cultural, Demographic Factors S • developments and shifts in values andlifestyles Examples: birth rates, death rates, age distribution, marriage rates, fashions, divorce rates religious influences, geographical distribution

  13. Technical and Ecological Factors T • the supply and cost of natural resources • environmental deterioration and pollution • developments in new products, materials, and technologies. Examples: Research and Development (abacus, calculator, computer etc.) “Technology has the power to create new industries and destroy existing ones.”

  14. Existing Business Practices E • trends & developments in your business and the competitors • the demand for your type of business

  15. Economic Factors E • trends and developments in: • disposable & discretionary necessities and spending • cost-of-living level • consumer savings and debt • changing patterns of consumer spending

  16. Political and Legal Factors P • developments in: • Legislation • Government enforcement • impact of public interest groups (boycotts) Examples: product safety, occupational safety, truth in advertising, price legislation, package regulation (English and French)

  17. The Most Important Lesson in Marketing

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