2. Building a successful Marketing Mix: the
importance of managing a brand through the
key variables that make up the mix: Product,
Price, Promotion and Place
The need for an integrated Marketing Mix
3. To effectively market a product or service
there are four things you need to get right:
Product, Price, Place and Promotion.
These four elements are known as the
marketing mix or the 4Ps. The four elements
should be viewed as one unit and structured
to support each other; Otherwise a firm's
marketing strategy will be confusing and
uncoordinated.
A New Look at the 4Ps of Marketing
4. Product: designed to meet a market need or
want
Well-run firms try hard to keep in close touch
with their customers to find out what they
want.
The Sun: The first newspaper to realise that people prefer
news that is fun rather than serious
Primark: Realising the opportunity for up-to-date but
affordable fashion.
Cadbury Crème Egg: Luxury Easter item
5. Who is the product aimed at ?
What benefit will customers expect
from it ?
What will be its advantage over
competitor products? Or its unique
selling point?
How does the firm plan to position the
product within the market?
6. Price: factors influencing price-setting to include:
competition, differentiation, target image and
production cost.
◦ Price makers – Strong brand name and a good produce,
they can set their own price.
◦ Price takers – The producer is a follower. They follow the
lead price.
Strong brands are price leaders; weaker brands are price
takers.
Ford Focus Lexus 430
£12,000 £55,000
7. Promotion, including advertising and sales
promotion; understanding the time-scales,
eg BOGOF is v short-term
Top 10 Marketing Failures: Coke, Ford,
Netflix
8. Place; the difficulties of achieving retail
distribution; the role of the internet
9.
10. Price:
£1.30 launch compared with main
rival ‘Grazia’ £1.80.
other top-sellers include:
Product: OK!: £2.00
Glossy, expensive-to-produce, Hello: £1.85
Targeting 24year old women Heat: £1.65
who like fashion and celebrities Now: £1.10
Product: Product:
Glossy, expensive-to-produce, Glossy, expensive-to-produce,
Targeting 24year old women Targeting 24year old women
who like fashion and celebrities who like fashion and celebrities
11. A-Z GCSE Worksheets:
Building the Marketing Mix
EXTENSION QUESTIONS:
Apple’s Cash Machine
The Heelys Craze
Flatpack Tractors
Naked Pizza
