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. 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.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 controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other. PRODUCT PROMOTION PRICE PLACE

Product Product: Anything tangible (good) or intangible (service), that through the exchange process, satisfies consumer needs.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 Profit margin Profit margin Consumer willingness to pay Consumer willingness to pay Competition DETERMINING DETERMININGPRICE PRICE Costs of production Costs of production

Place Location, Location, Location! Being at the right place at the right time is a key marketing factor.Being at the right place at the right time is a key marketing factor.

CHANNELS OF DISTRIBUTION ‘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 ADVERTISINGADVERTISING SALES PROMOTIONSSALES PROMOTIONS SPONSORSHIPSPONSORSHIP BRANDINGBRANDING

Communication Channels Newspaper Personal Selling Direct Mail Flyers Radio Individual Referral Television Telephone Internet Posters

Marketing Strategy Product Variety Design Features Brand name Packaging Promotion Advertising Personal Selling Sales Promotion Public relations Target customers Place Channels Coverage Assortments Locations Inventory Logistics Price List price Discounts Allowances Payment period Credit terms