Transcript marketing-mix-demo - Management Study Guide

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Product
Place
Price
Marketing Mix
Promotion
Objective
• Explain what is Marketing Mix
• Explain the 4 Ps and 4 Cs of Marketing Mix
• Explain what is Viral Marketing
• Explain Extended Marketing Mix
• Explain 7Ps & 7Cs of Marketing Mix
• Describe the Characteristics of Marketing Mix
• Explain Marketing Planning Process
• Explain AIDA
• Explain SWOT Analysis
• Compare Old-School vs. Predictive Marketing Mix Analysis
Introduction
Helium Pvt. Ltd. is
a major player in
the field of
cosmetics.
Till now, it has
majorly focussed
on cosmetics
related to skincare
of men and
women.
However, now it
intends to venture
into the baby
healthcare
products.
Look at the various
questions that
come into the
minds of the
marketing people
at Helium.
Introduction
What should be
the products /
services to be
offered?
Which areas
should be first
ventured into?
What kind of
pricing strategy
should be
followed?
How should the
new products be
marketed /
promoted to make
an impact?
Introduction
All of the above questions as well as several other questions pertaining to the
marketing of a product or service can be answered through an understanding
of the concept of ‘marketing mix’.
Let us learn about ‘marketing mix’ and its role in marketing.
What should be
the products /
services to be
offered?
Which areas
should be first
ventured into?
What kind of
pricing strategy
should be
followed?
How should the
new products be
marketed /
promoted to make
an impact?
What is Marketing Mix?
•
‘Marketing Mix’
refers to the primary
elements that must
be taken care of in
order to properly
market a product or
service.
•
Marketing mix is
the combination of
four elements:
Product, Place,
Price and
Promotion.
•
Hence, it is a term
that describes the
key elements used
by an organization
to help meet its
marketing
objectives.
•
So, by altering the So, for a high profile
elements within a brand, the focus on
marketing mix, the
promotion is
offer you make to
increased and
your customer can
whereas the
be altered.
weightage laid on
price is decreased.
Product - Customer/Consumer
In the four Cs model, the product part of the Four Ps model is replaced by
customer or consumer which shifts the focus to satisfying the consumer.
PRODUCT
•
Variety
•
Quality
•
Design
•
Features
•
Brand Name
•
Components of a Product
Packaging
Components of a Product - Brand Name
Brand Name
The brand name is often used interchangeably within
"brand". However, brand name is more correctly used
to specifically denote written or spoken linguistic
elements of any product
In this context a "brand name" constitutes a type of
trademark, if the brand name exclusively identifies the
brand owner as the commercial source of products or
services
Different Kinds of Pricing of Product
The different kinds of pricing of a product include:
In retail, list price is
regularly quoted to
customers before applying
discounts. List prices are
usually the prices printed
on dealer lists, invoices,
price tags, catalogs, or
dealer purchase orders
Setting a Price
Target Segment
Cost
Competition
Society & Law
Variant Prices
Discount Policy
Society & Law:
Price should be set within societal norms
and legal framework defined by state and
national laws
Factors Governing Promotion-mix
•
Nature of product:
Different types of products require different promotion mix. In case of
consumer goods, advertisement is considered to be the most important
because the goods are non-technical and produced on a large scale
•
Type of the market:
If the number of customers is quite large and they are spread over a vast area,
advertisement is more helpful because it can reach people everywhere
•
Stage of the product life cycle:
The promotional mix depends upon the stage of the product in product life
cycle. During introduction, heavy expenditure is incurred on advertisement
followed by personal selling and sales promotion. At the maturity stage,
competition is more intense
Budget:
Funds available for promotion also decide promotion mix. Personal selling
involves continuous spending. Thus, budget is a deciding factor for promotionmix
•
•
Push vs. Pull Strategy:
When the firm pushes the product to the middlemen they push it to consumers,
known as ‘push’ strategy. Pull strategy refers to a policy to strive to build
consumer demand without middlemen
7Ps & 7Cs
1
2
3
4
5
6
7
Achieving the Right Marketing Mix
The right marketing mix can be achieved by:
First, choosing the
product that meets the
identified need of the
target segment
Second, the right
distribution channel is
used to make the
product available
Third, the firm
undertakes eye
catching promotion
Fourth, the price
platform is acceptable
to the customer & firm
Inter-relationship between Components of Marketing-mix
AIDA
A
I
D
Attention:
•
•
Marketing must first attract the customers’ attention to the
product.
Customers become aware of a product and know it is available.
Interest:
•
•
Then, marketing must create an interest in the product.
Customers will develop an interest in the product.
Desire:
•
Next, marketing must develop a desire to own or have the
product so that customers actively want the product.
Action:
A
•
•
Finally, marketing must prompt action to purchase, so that
customers take steps to buy the product.
For example, by going to the shop or ordering it online.
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