Mrs. Alexander-Harrison The Marketing Mix

Product, Place, Promotion, & Price The marketing mix is referred to as the 4P’s - product, price, place, & promotion. http://www.netmba.com/marketing/mix/

Marketing Mix The marketing mix is the different products and services you offer. It includes the 4P’s –product, place, pricing, and promotion Product – product features Promotion – advertising, publicity, sales promotions, and personal selling Place (distribution) – how will you distribute products and services to customers is referred to as distribution channels

Pricing Strategies Pricing – pricing cost-based pricing; competition-based; demand-based pricing cost-based pricing is determined by using the wholesale cost of an item as the basis for the priced charged A markup price is determined by adding the amount to the wholesale cost of an item A markdown price is a price determined by subtracting an amount from the retail price of an item

Pricing Strategies Pricing – cost-based; competition-based; demand-based pricing Competition-based pricing is determined by what competitors are charging for the same good Demand-based pricing is determined by how much the consumer is willing to pay for a product or service

Promotion Advertising is a paid form of communication sent out by a business about their product or service Public-relations is establishing a favorable relationship with customers and the general public – getting involved with the community; making charitable donations

Advertising Mediums Television Radio Newspaper Telephone directory Direct-mail Magazine Outdoor Internet Transit Public-relations is free promotion generated by media coverage

Advertising Mediums Contests Free samples Coupons Rebates Frequent purchaser programs Gifts Special events Personal selling – personal contact with the customers. Telemarketing– inexpensive, but new laws restrict unsolicited phone calls

Goals Goals help to shape a marketing plan Short-term goals are what you want to achieve in 1 year Medium-term goals are what you want to achieve in 3-5 years Long-term goals are what you want to achieve in 5, 10, 20 years