1. Product Characteristics Features Attractiveness Uniqueness Innovation Benefits Customer experience Customer satisfaction

2. Products and ‘Branding’ Branding Product identity Product image or brand image Brand awareness Brand leader Brand extension Brand loyalty

3. Product Life Cycle (PLC) Four distinct stages Introduction Low customer awareness and low demand Growth Increasing customer awareness and increased sales Maturity Demand and sales at a peak Decline Demand and sales decreasing

4. Place Location Accessibility Chain of distribution Bringing products and services to the market Direct sales to the customer Through a chain of third parties Internet and e-commerce

5. Price What determines price ? The minimum price The breakeven price to cover costs The upper price level Affordability and value for money Dwell time and perception of value for money Market conditions Supply and demand Competition Seasonality The brand image of the product

6. Pricing Policy Market penetration pricing / low price to begin Cost plus pricing / total cost plus mark up Competitive pricing / dictated by competitors Discount pricing / reductions for special groups Variable pricing / according to circumstances Market skimming strategy / exclusive high pricing

7. Promotion Communicating with existing and potential customers Encouraging people to buy or use a product / service Create brand awareness of a product / service Enable people to understand product characteristics Persuade people to buy a product / service Encourage and build brand loyalty Establish a preference over competitors Encourage repeat buying of product / service Encourage product / service recommendation to others

8. How promotion works Position the product towards a specific target group Identify the target customers – (segment) Aim the promotion towards those customers Select a suitable medium to reach the target audience Who are the target audience ?– local, national What type of product / service is being sold? How much can we afford to spend ? – the budget

9. The promotional mix The promotional mix is a combination of: Advertising Direct marketing (direct selling) Public relations Sales promotions Sponsorship

10. Evaluating the marketing mix Customer needs and expectations change constantly The organisation’s marketing objectives will change The marketing mix must be regularly reviewed Do products and services meet new expectations Is brand image still appropriate Are product characteristics still appropriate Are location and channels of distribution still suitable Are prices acceptable to new customers Are promotional methods effective in reaching new customers