Tasks 38-41 SEM 2010-2011 SEM 2010-2011. The Marketing Mix Goal – To make decisions that center the four Ps on the customers in the target market in order.
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Tasks 38-41Tasks 38-41
SEM
2010-2011
SEM
2010-2011
The Marketing MixThe Marketing Mix
• Goal –
To make decisions that center the four P’s on the customers in the target market in order to create perceived value and generate a positive response.
• Goal –
To make decisions that center the four P’s on the customers in the target market in order to create perceived value and generate a positive response.
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Task 11- The Marketing MixTask 11- The Marketing Mix
The 4 P’s of Marketing
Product
PlaceDistribution
Price
Promotion
The 4 P’s of Marketing
Product
PlaceDistribution
Price
Promotion
The 1st “P”The 1st “P”
• ProductProduct- what a business offers customers to satisfy needs. Products include goods (things) and services, such as video rentals, lawn mowing, etc. Providing entertainment such as a concert is considered a product as well.
• ProductProduct- what a business offers customers to satisfy needs. Products include goods (things) and services, such as video rentals, lawn mowing, etc. Providing entertainment such as a concert is considered a product as well.
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Product DecisionsProduct Decisions• Brand name
• Functionality
• Styling
• Quality
• Safety
• Packaging
• Repairs and Support
• Warranty
• Accessories and services
• Brand name
• Functionality
• Styling
• Quality
• Safety
• Packaging
• Repairs and Support
• Warranty
• Accessories and services55
Product ExamplesProduct Examples
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free template from www.brainybetty.com
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The 2nd “P”The 2nd “P”
•Place – (Distribution) the locations and methods used to make products available to customers.
•Place – (Distribution) the locations and methods used to make products available to customers.
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Place DecisionsPlace Decisions
• Distribution channels
• Inventory management
• Warehousing
• Distribution centers
• Order processing
• Transportation and shipping methods
• Distribution channels
• Inventory management
• Warehousing
• Distribution centers
• Order processing
• Transportation and shipping methods
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Place ExamplesPlace Examples
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free template from www.brainybetty.com
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The 3rd “P”The 3rd “P”
•Price – the amount that customers pay for a product.
•Price – the amount that customers pay for a product.
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free template from www.brainybetty.com
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Price DecisionsPrice Decisions
• Pricing strategy
• Suggested Retail Price
• Volume discounts and wholesale pricing
• Seasonal pricing
• Bundling
• Pricing strategy
• Suggested Retail Price
• Volume discounts and wholesale pricing
• Seasonal pricing
• Bundling
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Price ExamplesPrice Examples
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free template from www.brainybetty.com
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The 4th “P”The 4th “P”
• Promotion- Promotion- describes describes
ways to make customers aware of ways to make customers aware of products and encourage them to buyproducts and encourage them to buy
• Promotion- Promotion- describes describes
ways to make customers aware of ways to make customers aware of products and encourage them to buyproducts and encourage them to buy
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Promotion DecisionsPromotion Decisions
• Promotional Strategy
• Advertising
• Sales promotions
• Public relations and publicity
• Marketing communications
• Promotional Strategy
• Advertising
• Sales promotions
• Public relations and publicity
• Marketing communications
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free template from www.brainybetty.com
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Promotion ExamplesPromotion Examples
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Discretionary IncomeDiscretionary Income
• After paying these…• After paying these…
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What is left over is your discretionary income …discretionary income …
orthe money you have to do the extra
stuff
Super Bowl Marketing Mix
Super Bowl Marketing Mix
• Product – the game
• Price – ticket prices will be what ever people are willing to spend on them.
• Place – a stadium that is accessible, and has places to stay and eat.
• Promotion – commercials, contests, in-store displays, merchandise, etc.
• Product – the game
• Price – ticket prices will be what ever people are willing to spend on them.
• Place – a stadium that is accessible, and has places to stay and eat.
• Promotion – commercials, contests, in-store displays, merchandise, etc.
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What is a Target Market?What is a Target Market?• It is the specific group of consumers
you want to reach.
• If you want to sell your product, you must first know who your customer is, and what they like, and don’t like.
• It is the specific group of consumers you want to reach.
• If you want to sell your product, you must first know who your customer is, and what they like, and don’t like.
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free template from www.brainybetty.com
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Who would the target market be?
Who would the target market be?
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Who would the target market be?
Who would the target market be?
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What is a market segment?What is a market segment?
• It is a group of consumers within a larger market who share one or more characteristics.
• It is a group of consumers within a larger market who share one or more characteristics.
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ComparisonComparisonTarget Market
College Basketball Fans
Target Market
College Basketball FansMarket Segment
Virginia Tech Basketball Fans
Market Segment
Virginia Tech Basketball Fans
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Segmenting even further..Segmenting even further..
• Geographic Segmentation:
divides the market by locations such as the North, South, East and West.
May even be divided in one city, such as Yankee fans vs. Mets fans.
• Geographic Segmentation:
divides the market by locations such as the North, South, East and West.
May even be divided in one city, such as Yankee fans vs. Mets fans.
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vs.
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Demographic SegmentationDemographic Segmentation
• Focuses on things that can be measured like:– Age– Income– Profession– Gender– Education– Marital status
• Focuses on things that can be measured like:– Age– Income– Profession– Gender– Education– Marital status
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Psychographic SegmentationPsychographic Segmentation
• Characteristics that cannot be measured such as values, interests, lifestyle choices, religious beliefs..
• Characteristics that cannot be measured such as values, interests, lifestyle choices, religious beliefs..
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The Core StandardsThe Core Standards
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DistributionDistribution
• How do you get your product into people’s hands? What stores should carry your product? Where should an event be held?
• How do you get your product into people’s hands? What stores should carry your product? Where should an event be held?
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Marketing Information Management
Marketing Information Management
• Getting to know your customers…what they like, where they go, how they spend their money, how much they are willing to spend on something, etc.
• Getting to know your customers…what they like, where they go, how they spend their money, how much they are willing to spend on something, etc.
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PricingPricing• The process of establishing and
telling customers the value or cost of what you are selling. If customer demand is high, price can be raised, like for SuperBowl tickets.
• The expense involved in making the product must be recovered unless the company will not see a profit.
• The process of establishing and telling customers the value or cost of what you are selling. If customer demand is high, price can be raised, like for SuperBowl tickets.
• The expense involved in making the product must be recovered unless the company will not see a profit.
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Product/Service Management
Product/Service Management
• Designing, developing, maintaining, and improving products to meet customer needs.
• Designing, developing, maintaining, and improving products to meet customer needs.
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free template from www.brainybetty.com
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PromotionPromotion
• Using advertising and other forms of communication to get information out about their products.
• Using advertising and other forms of communication to get information out about their products.
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free template from www.brainybetty.com
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SellingSelling
Any direct and personal communication with customers to assess and satisfy their current and future needs
Any direct and personal communication with customers to assess and satisfy their current and future needs
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FinancingFinancing
• To help customers be able to afford and pay for the products they want
• To help customers be able to afford and pay for the products they want
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