THE MARKETING MIX Product Price Place Promotion the

THE MARKETING MIX § Various methods for promoting and marketing products or services; marketing

THE MARKETING MIX § A set of marketing decisions that management (one or more

THE FOUR P’s § PRODUCT – features and benefits that provide customer satisfaction §

PRODUCT § Physical good Anything that satisfies a customers needs A package of benefits

PRIC E $$ $ § Basic price § Discounts § Pricing Policy (direct sale

PROMOTION § MARKETING COMMUNICATION – how product is communicated to the market § ADVERTISING

PROMOTION § Direct Marketing (door to door, i. e. flyers in the newspaper) §

PLACE § Role of the intermediary § Physical distribution/logistics § Location § Pushing and

THE BLEND § PRODUCT and PRICE – production costs must be taken into account

THE BLEND § PRODUCT and PROMOTION – the promotional mix should be varied in

How will you market your product or service? Who will you market to? When?

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THE MARKETING MIX Product Price Place Promotion (the four P’s) Watch these videos https: //www. youtube. com/watch? v=Mco 8 v. BAw. Om. A https: //www. youtube. com/watch? v=z. FENz_nnrq 8

THE MARKETING MIX § Various methods for promoting and marketing products or services; marketing strategies § An effective marketing mix is based on the right recipe; a mix of marketing elements based on the type of product/services you with to market

THE MARKETING MIX § A set of marketing decisions that management (one or more individuals) make to meet the company’s objectives (i. e. sell X number of products per year) § Marketing objectives are aimed at a specific target market, i. e. youth ages 15 -17 and young adults, ages 18 -30

THE FOUR P’s § PRODUCT – features and benefits that provide customer satisfaction § PRICE – value perceived in the mind of the customer/consumer § PROMOTION – marketing communications § PLACE – location, distribution, channels and logistics

PRODUCT § Physical good Anything that satisfies a customers needs A package of benefits A product or service designed to match consumer needs § Quality § Style § Packaging § Durability § Installation § After sales § Branding § Warranty § Features

PRIC E $$ $ § Basic price § Discounts § Pricing Policy (direct sale vs. retail sales) (minimum orders) § Price Variations § (i. e. buy 10 and you get a discount) § Payment Terms § Credit Terms

PROMOTION § MARKETING COMMUNICATION – how product is communicated to the market § ADVERTISING – message and media § Personal Selling § Sales promotion § Public Relations/Publicity § Sponsorship

PROMOTION § Direct Marketing (door to door, i. e. flyers in the newspaper) § The chosen combination of promotional activities is known as the PROMOTIONAL MIX Promotional Mix: Facebook Twitter Instagram Flyers on cars Flyers in newspapers etc.

PLACE § Role of the intermediary § Physical distribution/logistics § Location § Pushing and Pulling through the channels

THE PRODUCT LIFE CYLE

THE BLEND § PRODUCT and PRICE – production costs must be taken into account when setting the price § PROMOTION and PRICE – cost of promotion is taken into account when setting the price § PRODUCT LIFE CYCLE and PRICE – price set in relation to stage in the product life cycle

THE BLEND § PRODUCT and PROMOTION – the promotional mix should be varied in relation to the product § PRODUCT and PLACE – the nature of the product is a major factor in the distribution strategy

How will you market your product or service? Who will you market to? When? Where? How will you do this? How much will it cost?