Transcript The Marketing Mix

AGENDA
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Introduction to Marketing Mix………….5 min.
Pair-Sharing …………………………….5 min.
Identifying the 4 P’s……………..…..…10 min.
Identifying the 2 C’s…………………….10 min.
• Group Activity….………………………..45 min.
The Marketing Mix
Identifying the 4 P’s & the 2 C’s
“A company executive is just like a kitchen chef :
a mixer of ingredients,
who sometimes follows a recipe as he goes
along, sometimes adapts a recipe to the
ingredients available, and sometimes
experiments with new ingredients no one else
has ever tried yet“
(Culliton, J. 1948)
The 4 P’s
Product
What product
should we
sell?
Product
Target
Price Market
Price
How much
should we
charge for our
product?
Promotion
How do we
make the
consumer buy
our product?
Promotion
Place
Place
Where, when
and how will
consumers buy
our product?
The Marketing Mix
The marketing mix is:
• A combination of the 4P’s (product,
price, place, promotion) designed for a
specific target market
• A model of decisions that helps a
manager construct an appropriate
marketing strategy
The 2 C’s
Who is our target
market?
Who are our
competitors?
What are their wants
and needs?
What do they offer?
How can we
differentiate
ourselves?
Essential Terms
Target market - group of customers at whom a
seller aims its marketing mix
Marketing strategy - strategy that ensures the
steady sales of a product
Customer - the person who makes purchase
decisions and buys a product
Competition - similar products directly
competing for one target market
• The Marketing Mix-video
Group Activity
You are the executive members of a marketing
firm X. Your clients have approached you with
the following problems. Read the Mini Case
Studies and in capacity of experts give your
suggested solutions. Always keep in mind the
specified Target Market and the 4 P’s related
questions, which we ask. Try to make the best
possible decisions in the Marketing Mix in order
to solve the cases. To facilitate your
brainstorming draw a Marketing Mix Model for
each Case.