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The Marketing Mix
The Marketing
Mix
• Strategies
& Activities
– Used by
companies
to sell
goods,
services
The Marketing Mix
• The tools available to a business to gain the
reaction it is seeking from its target market in
relation to its marketing objectives
• 7Ps – Price, Product, Promotion, Place, People,
Process, Physical Environment
• Traditional 4Ps extended to encompass growth of
service industry
Product
Marketing Mix
Product
**also includes services
The total product offering
(including user experience)
● Features
● Benefits
● Brand strength, influence
● Reputation
● Warranty
● Customer support
Product
Price
Promotion
Place
Target
Market
12-6
At the heart of a great
brand is a great product
12-7
What is a Product?
A product is anything that can be offered to a
market to satisfy a want or need, including
physical goods, services, experiences,
events, persons, places, properties,
organizations, information, and ideas.
Types of
Consumer
Products
Convenience
Shopping
Specialty
Unsought
5 Product Levels
Five Product Levels
• Core benefit —service or benefit (e.g., hotel
guest is buying “rest and sleep”)
• Basic product —turn core benefit into basic
product (e.g., hotel room includes a bed,
bathroom, towels, desk, dresser, and closet)
• Expected product – set of attributes and
conditions buyers normally expect (e.g., clean
bed, fresh towels, working lamps)
• Augmented product—exceeds customer
expectations (e.g., free health spa)
• Potential product—all the possible
augmentations and transformations (e.g., free
internet connections and use)
Product Differentiation
• Product form—size, shape, or physical structure
• Features—supplement basic functions
• Customization–individual versus mass
• Performance—level at which the product’s
primary characteristics operate
• Conformance—degree to which all the produced
units are identical and meet the promised
specifications
• Durability—product’s operating life
• Reliability—probability that a product will not
malfunction or fail
• Repairability—the ease of fixing a product when
it malfunction or fails
• Style—product’s look and feel to the buyer.
Service Differentiation
• Ordering ease—how easy to place an order
• Delivery—how well (e.g., speed, accuracy, and care)
product or service is brought to the customer
• Installation—work done to make a product
operational
• Customer training—training the customer’s
employees to operate the vendor’s equipment
properly and efficiently
• Customer consulting—data, information, systems,
and advice that the seller offers to buyers
• Maintenance and repair—service programs for
helping customers keep purchased products in good
working order
• Returns
12-16
Dunkin’ Donuts’
Differentiation
12-17
Design Differentiation
12-18
Maintenance and Repair
"Engineered like no other car in the world"
Mercedes buyers value safety, high performance, and prestige.
Consumers might visualize a Mercedes as being a wealthy,
middle-aged business executive.
12-20
What is the Fifth P?
Packaging, sometimes called the
5th P, is all the activities of
designing and producing
the container for a product.
12-21
Factors Contributing to the
Emphasis on Packaging
Self-service
Consumer affluence
Company/brand image
Innovation opportunity
Packaging Objectives
• Identify the brand
• Convey descriptive and persuasive
information
• Facilitate product transportation and
protection
• Assist at-home storage
• Aid product consumption
12-23
Functions of Labels
Identifies
Grades
Describes
Promotes
12-24
Innovations in Packaging
12-10
Small Business Management, 11th edition
Longenecker, Moore, and Petty
© 2000
South-Western College Publishing
Product Strategy Options
One Market
Multiple Markets
One
Product
Modified
Product
Multiple
Products
(1)
(2)
(3)
(4)
(5)
(6)
Product Mix Strategy Alternatives Target Market(s)
Key to Strategy Alternatives
(1) One product/one market (4) Modified product/multiple markets
(2) One product/multiple markets (5) Multiple products/one market
(3) Modified product/one market (6) Multiple products/multiple markets
How Will Your Business
Position Your Products
•Prestigious –
–luxury seats vs bleacher seats
•Better Bargain –
–season tickets vs single game
tickets
•Equal in Quality
– concessions, giveaways, merchandise
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Food Truck Product.pptx

  • 2. The Marketing Mix • Strategies & Activities – Used by companies to sell goods, services
  • 3. The Marketing Mix • The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives • 7Ps – Price, Product, Promotion, Place, People, Process, Physical Environment • Traditional 4Ps extended to encompass growth of service industry
  • 5. Marketing Mix Product **also includes services The total product offering (including user experience) ● Features ● Benefits ● Brand strength, influence ● Reputation ● Warranty ● Customer support Product Price Promotion Place Target Market
  • 6. 12-6 At the heart of a great brand is a great product
  • 7. 12-7 What is a Product? A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
  • 8.
  • 11.
  • 12.
  • 13. Five Product Levels • Core benefit —service or benefit (e.g., hotel guest is buying “rest and sleep”) • Basic product —turn core benefit into basic product (e.g., hotel room includes a bed, bathroom, towels, desk, dresser, and closet) • Expected product – set of attributes and conditions buyers normally expect (e.g., clean bed, fresh towels, working lamps) • Augmented product—exceeds customer expectations (e.g., free health spa) • Potential product—all the possible augmentations and transformations (e.g., free internet connections and use)
  • 14. Product Differentiation • Product form—size, shape, or physical structure • Features—supplement basic functions • Customization–individual versus mass • Performance—level at which the product’s primary characteristics operate • Conformance—degree to which all the produced units are identical and meet the promised specifications • Durability—product’s operating life • Reliability—probability that a product will not malfunction or fail • Repairability—the ease of fixing a product when it malfunction or fails • Style—product’s look and feel to the buyer.
  • 15. Service Differentiation • Ordering ease—how easy to place an order • Delivery—how well (e.g., speed, accuracy, and care) product or service is brought to the customer • Installation—work done to make a product operational • Customer training—training the customer’s employees to operate the vendor’s equipment properly and efficiently • Customer consulting—data, information, systems, and advice that the seller offers to buyers • Maintenance and repair—service programs for helping customers keep purchased products in good working order • Returns
  • 19. "Engineered like no other car in the world" Mercedes buyers value safety, high performance, and prestige. Consumers might visualize a Mercedes as being a wealthy, middle-aged business executive.
  • 20. 12-20 What is the Fifth P? Packaging, sometimes called the 5th P, is all the activities of designing and producing the container for a product.
  • 21. 12-21 Factors Contributing to the Emphasis on Packaging Self-service Consumer affluence Company/brand image Innovation opportunity
  • 22. Packaging Objectives • Identify the brand • Convey descriptive and persuasive information • Facilitate product transportation and protection • Assist at-home storage • Aid product consumption
  • 25. 12-10 Small Business Management, 11th edition Longenecker, Moore, and Petty © 2000 South-Western College Publishing Product Strategy Options One Market Multiple Markets One Product Modified Product Multiple Products (1) (2) (3) (4) (5) (6) Product Mix Strategy Alternatives Target Market(s) Key to Strategy Alternatives (1) One product/one market (4) Modified product/multiple markets (2) One product/multiple markets (5) Multiple products/one market (3) Modified product/one market (6) Multiple products/multiple markets
  • 26. How Will Your Business Position Your Products •Prestigious – –luxury seats vs bleacher seats •Better Bargain – –season tickets vs single game tickets •Equal in Quality – concessions, giveaways, merchandise