MARKETING MIX

Marketing Mix The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P's

Marketing Mix (4 Ps) Product Promotion Pricing Place

Marketing Mix (4 Ps) Product: The product, service, or program includes both tangible and intangible elements. Price: The price is what the customer pays. The benefits of the product have to be great enough to warrant the price. Price includes all costs associated with the product, service, or program.

Marketing Mix (4 Ps) Place: The place is where the customer receives the product, service, or program. The place of delivery. The organization must determine how much the target market is willing to pay for atmosphere and physical resources of place.

Marketing Mix (4 Ps) Promotion: includes all forms of communication you use to communicate the benefits of your offering to the target market(s). The objective is to persuade the customer in such a way that he or she recognizes that your offering is uniquely qualified to meet his or her needs.

Marketing Mix (4 Ps) The term promotion mix is commonly used to refer to the types of communication that are available: advertising, public relations, personal selling, publicity, and sales promotion. Some authors include direct marketing. Word of mouth, though seldom discussed, is powerful promotion.

Elements of the Marketing Mix Sub-Elements PRODUCT Product design   Product positioning Product name and branding Packaging and labeling Breadth and depth of product Line Level and type of customer service Product warranty New product development process Product life cycle strategies

PRICE Manufacturer, wholesaler and retailer selling   Prices Terms and conditions Bidding tactics Discount policies New product pricing (Skim Vs. Penetrating Pricing)

PROMOTION (MARKETING & COMMUNICATION) Advertising   Sales force policies Direct marketing (mail, catalog) Public relations Price promotions – for the consumers and the channel Trade shows and special events

PLACE (DISTRUBATIONCHANNEL) Direct Vs. Indirect channels   Channel length Channel breadth (exclusive, selective or Intensive) Franchising policies Policies to ensure channel coordination and Control Marketing Programs

3P’s For Service Marketing People - customer-provider relationship, training, culture, skills, and attitudes. Physical- ambience, appearance, equipment, machines Evidence – Buildings, physical facilities. Process – Activity sequence, quality management, customer participation and delivery process

PEOPLE Training Personal Selling Customer Service

Physical Evidence Packaging Internet/web pages Paperwork (such as invoices, tickets and dispatch notes) Brochures

Physical Evidence Furnishings Signage (such as those on aircraft and vehicles) Uniforms Business cards The building itself (such as prestigious offices or scenic headquarters).

Process Processes essentially have inputs, throughputs and outputs (or outcomes)

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