1. Mrs. Alexander-Harrison
The Marketing Mix

2. Product, Place, Promotion, & Price
The marketing mix is referred to as the 4P’s - product, price, place, & promotion.

3. 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

4. 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

5. 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

6. 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

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

8. 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

9. 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