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Presentation transcript:

The Most Important Lesson in Marketing

Marketing Mix (4 Ps)

The Marketing Mix TARGET MARKET

PRODUCT  Quality  Features  Options  Branding  packaging  Sizes  Services  Warranties  returns  Factors dealing with developing the RIGHT product for the TARGET MARKET Examples:

Exercise Using the available products:  What distinguishes their packaging?  Which packaging is more eye-catchy?  Which do you prefer?  Which tastes better?  Which looks better?

PLACE  Factors dealing with getting the RIGHT product to the TARGET MARKET Examples:  Channels of distribution  Locations/outlet  Transportation methods  Inventory  Physical handling

PRICE  Factors dealing with setting the RIGHT price Examples:  retail/list price  Supply and demand  Production costs  Allowance (car trade-in)  Payment period  Credit terms

Exercise Again using the products:  What do you think the price difference is?  Why do you think this is so?  Does it make a difference?

Prices: Corn:Deodorant Green Giant - $1.39Speed Stick - $2.89 Del Monte - $1.29Old Spice - $1.98 No Name - $0.99 Cookie:Gelatin: Chunks Ahoy - $3.49Jell-o - $0.79 PC Chunky - $2.49No Name - $0.59

PROMOTION  Factors dealing with communicating to the TARGET MARKET about the RIGHT product, at the RIGHT place to find it, for the RIGHT price Examples:  Advertising  Personal selling  Sales promotion  publicity

Uncontrollable Factors (STEEP)

Social, Cultural, Demographic Factors  developments and shifts in values and lifestyles Examples: birth rates, death rates, age distribution, marriage rates, fashions, divorce rates religious influences, geographical distribution

Technical and Ecological Factors  the supply and cost of natural resources  environmental deterioration and pollution  developments in new products, materials, and technologies. Examples: Research and Development (abacus, calculator, computer etc.) “Technology has the power to create new industries and destroy existing ones.”

Existing Business Practices  trends & developments in your business and the competitors  the demand for your type of business

Economic Factors  trends and developments in: disposable & discretionary necessities and spending cost-of-living level consumer savings and debt changing patterns of consumer spending

Political and Legal Factors  developments in:  Legislation  Government enforcement  impact of public interest groups (boycotts) Examples: product safety, occupational safety, truth in advertising, price legislation, package regulation (English and French)

The Most Important Lesson in Marketing