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Marketing Mix
The 7p’s of Marketing
MARKETING MIX
Ø The term "marketing mix" is a foundation model for
businesses, historically centered around
product, price, place, and promotion.
Ø The marketing mix has been defined as the "set of
Marketing tools that the firm uses to pursue its marketing
objectives in the target market".
IMPORTANCE OF MARKETING MIX
1 Creating the right marketing strategy and
its implementation through effective tactics.
2 Helps understand what your product or
service can offer to your customers.
3 Helps business make use of their strengths
and avoid unnecessary cost.
4 Helps plan a successful product offering.
7p’s of Marketing
PRODUCT
PLACE
PROMOTIONS
PRICE
PEOPLE
PHYSICAL APPEARANCE
PROCESS
To satisfy the needs
and wants of the
target market.
PLACE
To make the
product
conveniently
available to the
target market
consistent with their
purchasing pattern.
PROMOTIONS
To build and
improve
consumer
demand.
ADVERTISING
to effectively
inform and
persuade the
target market
PUBLIC
RELATIONS
to offer a
positive
image of the
company and
the brand
SELLING
to get the
customers
buy
SALES
PROMOTION
to convince
customers to
buy
immediately
PRICE
To make the
product
affordable to the
target market
and reflect the
value of benefits
provided.
PEOPLE
They are the
target
consumers of
the company.
They are the
ones who are
the consumers.
PHYSICAL
APPEREARANCE
Physical appearance
is the first
distinction of a
product. A product
could be easily
recognize by it’s
appearance.
PROCESS/
POSITIONING
The process of the
product is essential
in marketing. This
determines the
capability of the
product to supply
the demand of the
consumers.
STRATEGIC P’S TACTICAL P’S
PRODUCT
PLACE
PEOPLE
Strategic p’ s of
marketing mix since
they cannot be
changed easily.
PROMOTIONS
PRICE
PROCESS
PHYSICAL
APPEARANCE
Considered as the
tactical p’ s of
marketing mix because
these can be changed
more easily.
MACRO LEVEL
(What are the groupings
of similar customers?)
MICRO LEVEL
• Decision Making Unit/
DMU (Who purchases
the product?)
• Decision Making
Process/ DMP (How,
where, and when is the
purchase made?)
• Consumer motivation
and preferences guide
(What does the
consumers want and
why?)
D I A G N O S T I C M A R K E T I N G M I X
MARKETING PROBLEM MARKETING SOLUTION
v Low awareness level v Advertising
v Low availability v Placement
v Low trial rate v Pricing and Promotions
v Low repeat purchase v Product and Service quality
Nature of Marketing Mix
1. Marketing mix is the crux of marketing process.
2. Marketing mix has to be reviewed constantly in order to
meet the changing requirements
3. Change in external environment necessitate alterations in
the mix.
4. Changes taking place within the firm also necessitate
changes in marketing mix.
5. Applicable to business and non-business organization.
6. Helps to achieve organizational goals.
7. Concentrates on customers.
1. MARKETING MIX IS
THE CORE OF
MARKETING PROCESS
The impact of the mix will
be
the best when proper
weighted is assigned to each
element and they are
integrated so that the
combined effect leads to the
best result.
2. MARKETING MIX HAS
TO BE REVIEWED
CONSTANTLY IN ORDER
TO MEET THE CHANGING
REQUIREMENTS
The marketing manager has
to constantly review the mix
and conditions of the market
and make necessary changes
in the marketing mix
according to changes in
conditions and complexity of
the market.
3. CHANGES IN
EXTERNAL
ENVIRONMENT
NECESSITATE
IN THE MIX
Changes keep on taking
place in the external
environment. For many
industries, the customer is
the most fluctuating
variable
of environment.
4. CHANGES TAKING
PLACE WITHIN THE
FIRM ALSO
NECESSITATE
CHANGES IN
MARKETING MIX
Changes with the firm
may
take place due to
technological changes in
the size and scale of
operation.
5. APPLICATION TO
BUSINESS AND
NON-BUSINESS
ORGANIZATION
Marketing mix is
applicable
not only to business
organizations but also non
business organization,
such
as clubs and educational
institutions.
6. HELPS TO ACHIEVE
ORGANIZATIONAL
GOALS
An application of an
appropriate marketing mix
helps to achieve
organizational goals such
as profit and market share.
7. CONCENTRATES ON
CUSTOMERS
The focus point of marketing
mix is the customer, and
the marketing mix is
expected to provide
maximum customer
satisfaction.
MARKETING-MIX-AND-7PS.pdf

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MARKETING-MIX-AND-7PS.pdf

  • 2. MARKETING MIX Ø The term "marketing mix" is a foundation model for businesses, historically centered around product, price, place, and promotion. Ø The marketing mix has been defined as the "set of Marketing tools that the firm uses to pursue its marketing objectives in the target market".
  • 3. IMPORTANCE OF MARKETING MIX 1 Creating the right marketing strategy and its implementation through effective tactics. 2 Helps understand what your product or service can offer to your customers.
  • 4. 3 Helps business make use of their strengths and avoid unnecessary cost. 4 Helps plan a successful product offering.
  • 6. To satisfy the needs and wants of the target market.
  • 7. PLACE To make the product conveniently available to the target market consistent with their purchasing pattern.
  • 9. ADVERTISING to effectively inform and persuade the target market PUBLIC RELATIONS to offer a positive image of the company and the brand SELLING to get the customers buy SALES PROMOTION to convince customers to buy immediately
  • 10. PRICE To make the product affordable to the target market and reflect the value of benefits provided.
  • 11. PEOPLE They are the target consumers of the company. They are the ones who are the consumers.
  • 12. PHYSICAL APPEREARANCE Physical appearance is the first distinction of a product. A product could be easily recognize by it’s appearance.
  • 13. PROCESS/ POSITIONING The process of the product is essential in marketing. This determines the capability of the product to supply the demand of the consumers.
  • 14. STRATEGIC P’S TACTICAL P’S PRODUCT PLACE PEOPLE Strategic p’ s of marketing mix since they cannot be changed easily. PROMOTIONS PRICE PROCESS PHYSICAL APPEARANCE Considered as the tactical p’ s of marketing mix because these can be changed more easily.
  • 15. MACRO LEVEL (What are the groupings of similar customers?) MICRO LEVEL • Decision Making Unit/ DMU (Who purchases the product?) • Decision Making Process/ DMP (How, where, and when is the purchase made?) • Consumer motivation and preferences guide (What does the consumers want and why?)
  • 16. D I A G N O S T I C M A R K E T I N G M I X MARKETING PROBLEM MARKETING SOLUTION v Low awareness level v Advertising v Low availability v Placement v Low trial rate v Pricing and Promotions v Low repeat purchase v Product and Service quality
  • 17. Nature of Marketing Mix 1. Marketing mix is the crux of marketing process. 2. Marketing mix has to be reviewed constantly in order to meet the changing requirements 3. Change in external environment necessitate alterations in the mix. 4. Changes taking place within the firm also necessitate changes in marketing mix. 5. Applicable to business and non-business organization. 6. Helps to achieve organizational goals. 7. Concentrates on customers.
  • 18. 1. MARKETING MIX IS THE CORE OF MARKETING PROCESS The impact of the mix will be the best when proper weighted is assigned to each element and they are integrated so that the combined effect leads to the best result.
  • 19. 2. MARKETING MIX HAS TO BE REVIEWED CONSTANTLY IN ORDER TO MEET THE CHANGING REQUIREMENTS The marketing manager has to constantly review the mix and conditions of the market and make necessary changes in the marketing mix according to changes in conditions and complexity of the market.
  • 20. 3. CHANGES IN EXTERNAL ENVIRONMENT NECESSITATE IN THE MIX Changes keep on taking place in the external environment. For many industries, the customer is the most fluctuating variable of environment.
  • 21. 4. CHANGES TAKING PLACE WITHIN THE FIRM ALSO NECESSITATE CHANGES IN MARKETING MIX Changes with the firm may take place due to technological changes in the size and scale of operation.
  • 22. 5. APPLICATION TO BUSINESS AND NON-BUSINESS ORGANIZATION Marketing mix is applicable not only to business organizations but also non business organization, such as clubs and educational institutions.
  • 23. 6. HELPS TO ACHIEVE ORGANIZATIONAL GOALS An application of an appropriate marketing mix helps to achieve organizational goals such as profit and market share.
  • 24. 7. CONCENTRATES ON CUSTOMERS The focus point of marketing mix is the customer, and the marketing mix is expected to provide maximum customer satisfaction.