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Published byHerbert May Modified over 8 years ago
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Marketing mix “The set of marketing tools that the firm uses to pursue its marketing objectives in the target market” [Kotler] It is often referred to as the 4 Ps
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The four Ps Product – collect of features and benefits that provide customer satisfaction Price – value perceived in the mind of the customer Promotion – marketing communications Place – covers location, distribution, channels and logistics
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4 Ps - Product A product is anything that is capable of satisfying customer needs A package of benefits Products are designed to match needs Quality Style Packaging Durability Installation After sales Branding Warranty Features
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4 Ps - Price Basic price Discounts Pricing policy Price variations Payment terms Credit terms
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4 Ps - Promotion Marketing communications – how the product is communicated to the market Advertising – message and media Personal selling Sales promotion Public relations Sponsorship Direct marketing The chosen combination of promotional activities is known as the promotional mix
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4 Ps - Place Choice of channels and outlets Channel of distribution Market coverage Location
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An effective marketing mix Achieves marketing objectives Meets customer needs Is balanced and consistent Creates a competitive advantage
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Blending the mix The marketing mix is more than a checklist of the 4Ps but the means by which firms blend together the elements of a marketing strategy. There must be internal consistency within the mix. The pricing, promotional and distribution strategy must be consistent with the product and its target market.
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The blend Product and price – cost must be taken into account when setting price Promotion and price – cost of promotion is taken into account when setting price Product life cycle and price – price set in relation to stage in the product life cycle Product and promotion – the promotion mix should be varied in relation to product Product and place – the nature of the product is a major factor in distribution strategy
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Product life cycle Introductory stage – informing clients, advertising and public relations are good for producing high awareness. Mature stage – sales promotion again becomes important relative to advertising. Buyers know the brands and advertising is needed to remind them of the product Decline stage – advertising is kept at a reminder level, public relations is dropped. Sales promotion may continue to be strong.
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Activity Working in pairs. Research marketing campaign of a tourism destination or product and analyse the 4Ps of their marketing mix.
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