Introduction to Marketing Mix. Introduction The marketing mix covers the way a business uses price, product, promotion and distribution (place) to market.

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Presentation transcript:

Introduction to Marketing Mix

Introduction The marketing mix covers the way a business uses price, product, promotion and distribution (place) to market and sell its product

The Four P’s The marketing mix is often referred to as the Four P’s ProductPrice PlacePromotion The product or service that the customer buys How much the customer pays for the product How the product is distributed to the customer How the customer is found & persuaded to buy

Why is it called a marketing MIX? Because each element of the marketing mix is related to the others. Elements of the mix should work together to achieve the desired effect

Blending the Mix The marketing mix blends together the elements of a marketing strategy There must be internal consistency within the mix Mix must be consistent with the product and its target market

Example – launch of iPhone Product Three products in one – phone, iPod & web browser 3G broadband connection Innovative design Place O2 exclusive distribution (locked) Unlocked phones from online retailers Price Depends on phone tariff & model £350-£750 range Price falling Promotion Web & TV advertising Retail distribution Widespread PR coverage Product placement

What is an effective mix? Achieves marketing objectives Meets customer needs Is balanced and consistent Creates a competitive advantage Makes sensible use of the business resources

Businesses emphasis different parts of the marketing mix Price Discount supermarkets Low-cost airline Emphasis onExamples Promotion Soap powders Furniture retailers Product Luxury motor vehicles Tailor-made holidays Place Convenience stores Coffee shops

What is a Product? A product is anything that is capable of satisfying customer needs

The Importance of Product ProductPricePromotionPlace Products are at the heart of marketing The product needs to exist for the other elements of the mix to happen

Main elements of a product Core benefits What the product actually does - the main functions of the product E.g. washing machine – it cleans clothes Cinema ticket – it lets you see a film Tangible or physical element What the product is made of; what it looks like; dimensions or duration E.g. 500g of ice-cream A flat-screen, plasma television which is HDTV compatible Other product benefits The extra elements which add to the perceived value of the product in the eyes of the consumer Can be tangible (e.g. materials, weight, extra features) or intangible (e.g. brand name, after-sales service, reputation for reliability)

Promotion = marketing communication Communication techniques aimed at informing, influencing and persuading customers to buy or use a particular product

Many Uses of Promotion Increase sales Attract new customers Encourage customer loyalty Encourage trial Create awareness Remind potential customers Reassure new customers Change attitudes Create an image Position a product Encourage brand switching To distribution (e.g. sales by retailers)

Main methods of promotion Advertising (offline & online) Sales promotion & merchandising Personal selling Public relations/publicity / Sponsorship Direct marketing

What is price? The amount charged for buying a product Everything that a customer has to give up in order to acquire a product or service Usually expressed in terms of £

Many factors affect price Costs of production Competitors’ prices Customer perception of value Business objectives Customer demand How sensitive demand is to price Target market Marketing mix Age of the product State of the economy Expectations of distributors State of competition in the market Likely reaction from customers

The aim of effective distribution To make products available in the right place at the right time in the right quantities

Issues about place (distribution) How can a business ensure that its products reach existing and potential customers? How and where do customers prefer to buy the product? How important are factors such as stock availability, price, speed?

Distribution can have several stages Producer Wholesaler Distributors / Agents Retailer Customer Each stage in a distribution channel is called an “intermediary”

Who gets involved in distribution Retailer Distributor Wholesaler Agent

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