Transcript ###The Marketing Mix - PowerPoint Presentation

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What is Marketing?
A simple definition...
The American Marketing Association
defines Marketing as “the process of
planning and executing the conception,
pricing, promotion, and distribution of
ideas, goods, and services to create
exchanges that satisfy individual and
organizational objectives.
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Marketing put simply:
Marketing includes all of
the activities and
functions required in a
business or organization
to get goods, services, or
ideas from where they
are produced or created
to where they are
consumed.
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Buyer & Seller
• From a buyer’s point of view - a market is
any place where goods, services, or ideas
are bought and sold.
• From a seller’s point of view - a market is
a group of people with needs and the
financial ability and willingness to satisfy
those needs.
• Markets are all around us!
• Marketing brings the producer and the
consumer together
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The Marketing
Concept
• Determining the
needs or wants of
the buyer
• Emphasizing the
needs or wants of
the buyer
• Customer oriented “The customer
always comes first!”
Determine the need
Raise sufficient funds
Make the Product
Market the Product
Customer Satisfaction
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The Role of Marketing
• The success of a business is directly
related to being able to identify
product or service needs of
consumers and satisfy those needs
• If a business is not able to do this, it
will face financial & business failure
• Marketing - creates demand for the
company’s products and services and
services that demand.
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Questions???
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Buyer’s market?
Seller’s market?
Marketing defined?
Marketing Concept?
Marketing Mix - 7
P’s?
• Role of Marketing?
• Further Discussion
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The Marketing Mix
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The Marketing Mix
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The Marketing Mix
• The tools available to a business to gain
the reaction it is seeking from its target
market in relation to its marketing
objectives
• 7Ps – Price, Product, Promotion, Place,
People, Process, Physical Environment
• Traditional 4Ps extended to encompass
growth of service industry
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Price
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Price
• Pricing Strategy
• Importance of:
– knowing the
market
– elasticity
– keeping an eye
on rivals
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Product
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Product
• Methods used to
improve/differentiate
the product and increase
sales or target sales
more effectively to gain
a competitive advantage
e.g.
– Extension strategies
– Specialised versions
– New editions
– Improvements – real
or otherwise!
– Changed packaging
– Technology, etc.
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Promotion
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Promotion
• Strategies
to make the
consumer aware
of the existence
of a product
or service
• NOT just
advertising
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Place
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Place
• The means by which products and
services get from producer
to consumer and where they can
be accessed by the consumer
– The more places to buy the product
and the easier it is made to buy it,
the better for the business (and the
consumer?)
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People
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People
• People represent the business
– The image they present can be important
– First contact often human – what is the
lasting image they provide to the customer?
– Extent of training and knowledge
of the product/service concerned
– Mission statement – how relevant?
– Do staff represent the desired culture
of the business?
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Process
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Process
• How do people consume services?
• What processes do they have to go
through to acquire the services?
• Where do they find the availability
of the service?
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Contact
Reminders
Registration
Subscription
Form filling
Degree of technology
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Physical Environment
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Physical Environment
• The ambience, mood or physical
presentation of the environment
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Smart/shabby?
Trendy/retro/modern/old fashioned?
Light/dark/bright/subdued?
Romantic/chic/loud?
Clean/dirty/unkempt/neat?
Music?
Smell?
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The Marketing Mix
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Blend of the mix depends upon:
Marketing objectives
Type of product
Target market
Market structure
Rivals’ behaviour
Global issues – culture/religion, etc.
Marketing position
Product portfolio
– Product Life Cycle
– Boston Matrix - Activity
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