Marketing Mix - Introduction

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Marketing Mix - Introduction

  1. 1. Introduction to the Marketing Mix
  2. 2. IntroductionThe marketing mix covers the way a business usesprice, product, promotionand distribution (place) tomarket and sell its product
  3. 3. The Four P’sThe marketing mix is often referred to as the FourP’s Product Price The product or service that the How much the customer pays customer buys for the product Place Promotion How the product is distributed How the customer is found & to the customer persuaded to buy
  4. 4. Why is it called a marketing MIX? Because each element of the marketing mix is related to the others. Elements of the mix should work together to achieve the desired effect
  5. 5. Blending the Mix• The marketing mix blends together the elements of a marketing strategy• There must be internal consistency within the mix• Mix must be consistent with the product and its target market
  6. 6. Example – launch of iPhone Product Price Three products in one – Depends on phone tariff &phone, iPod & web browser model 3G broadband connection £350-£750 range Innovative design Price falling Place Promotion O2 exclusive distribution Web & TV advertising (locked) Retail distributionUnlocked phones from online Widespread PR coverage retailers Product placement
  7. 7. What is an Effective Mix?• Achieves marketing objectives• Meets customer needs• Is balanced and consistent• Creates a competitive advantage• Matches corporate resources
  8. 8. Example of the blendProduct and price Cost must be taken into account when setting pricePromotion and price Cost of promotion is taken into account when setting priceProduct life cycle Price set in relation to stage in the productand price life cycleProduct and Promotional mix should be varied inpromotion relation to productProduct and place Nature of the product is a major factor in distribution strategy
  9. 9. Businesses emphasis different parts of the marketing mixEmphasis on Examples Discount supermarkets Price Low-cost airline Soap powders Promotion Furniture retailers Luxury motor vehicles Product Tailor-made holidays Convenience stores Place Coffee shops
  10. 10. Introduction to the Marketing Mix

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