Product Price Place Promotion Marketing Mix (4p’s) Slide 1 www. learnmarketing .net 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.
Marketing Mix (4p’s) Slide 2 Product www. learnmarketing .net Product Decisions Branding Quality Features We must remember that Marketing is fundamentally about providing the correct bundle of benefits to the end user, hence the saying ‘Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer’ (P.Tailor 7/00) Benefits offered
Marketing Mix (4p’s) Slide 3 Pricing www. learnmarketing .net Pricing Strategies Penetration Skimming Competition Product Line Bundle Psychological Pricing is the only mix which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. It costs to produce and design a product, it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship.
Marketing Mix (4p’s) Slide 4 Promotion www. learnmarketing .net Promotional Mix Advertising Public Relations Sales Promotion Personal Selling Direct Mail Internet/ E-commerce A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organisations promotional mix can consist of:
Marketing Mix (4p’s) Slide 5 Place www. learnmarketing .net Manufacturer Consumer Manufacturer Retailer Consumer Direct Distribution Indirect Distribution