Transcript The Marketing Mix

The Marketing Mix
Why Market?
To communicate that you are engaged in
new and different activities.
To attract paying customers in sufficient
numbers to support the activities.
What is Marketing?
• Marketing involves getting the
right product to the right place,
having it priced so that the
consumers buy it and you make
a profit, and making sure that
everyone knows about it.
The Marketing Mix
is a phrase used to describe the combination of essential elements
of a good marketing strategy.
The marketing mix
principles are
PRODUCT
PRICE
controllable
variables which
have to be carefully
managed and must
meet the needs of
the defined target
PLACE
PROMOTION
group. All elements
of the mix are
linked and must
support each other.
Product
• Product: Anything tangible (good) or
intangible (service), that through the
exchange process, satisfies consumer needs.
• This aspect of the Marketing Mix focuses on
providing the right product to the customer.
Thus, it is very important to conduct a
comprehensive market survey to investigate
the following factors:
• POTENTIAL CUSTOMERS
• COMPETITION
• THE MARKET
Market Segment/ Target Market
A group of potential customers with a great
deal in common for which a specialized set
of
goods or services may be provided.
Examples:
Lawyers
Health Care Professionals
Accountants
PRICE
Consumer
willingness
to pay
Costs
of
production
DETERMINING
PRICE
Profit
margin
Competition
‘Place’ also refers to what is known as
CHANNELS OF
DISTRIBUTION
How we will get the
good or service to
the customers.
• Directly
• Through agents
• Wholesalers
• Retailers
PROMOTION
Communicating with your potential
customers or target market about your
product.
Persuading them that they want (or
need) your product.
Ways of promoting
your good or service
• ADVERTISING
• SALES
PROMOTIONS
• SPONSORSHIP
• BRANDING
Communication Channels
Newspaper
Personal Selling
Direct Mail
Flyers
Radio
Individual Referral
Television
E-mail
Telephone
Internet
Posters
Marketing Strategy
Product
Price
Variety
Design
Features
Brand name
Packaging
List price
Discounts
Allowances
Payment period
Credit terms
Promotion
Advertising
Personal Selling
Sales Promotion
Public relations
Target
customers
Place
Channels
Coverage
Assortments
Locations
Inventory
Logistics