Download - Marketing mix
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Marketing Mix
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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 cope with today's changing environment
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The Marketing Mix
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ProductProduct
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Product
The firm must come up with a product or service that people will want to buy.
It must fulfil some needor want.
It must be (or at least seem) unique.
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Product
Methods used to improve/differentiate the product and increase sales or target sales more effectively to gain a competitive advantage e.g. Extension strategies Specialised versions New editions Improvements – real or
otherwise! Changed packaging Technology, etc.
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Product or service Core Product Actual Product Augmented
Product
CAR Transportation A motor car Finance Availability
Hotel Accommodation Rooms Room service
Airline Transportation An air planeIn flight
Entertainment
A Football Club Entertainment T-shirts – photos
with players
An Insurance Company Safety Insurance policy Online availability
Air Condition Cooling AC Warranty
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PricePrice
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Price
Pricing Strategy - International
Comparative Cost plus
• The price must be one The price must be one that the customer thinks that the customer thinks is good is good value for moneyvalue for money..
• This is not the same as This is not the same as
being being cheap!cheap!
• Prices have a great Prices have a great psychological effect on psychological effect on customers.customers.
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Price
Pricing Strategy Importance of:
knowing the market elasticity keeping an eye
on rivals
Image copyright: www.freeimages.co.uk
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PromotionPromotion
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Promotion
Strategies to make the consumer aware of the existence of a product or service
NOT just advertising
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The promotional message should
Grab Attention
Stimulate Interest
Create Desire
Promote Action
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PlacePlace
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Place
The means by which products and services get from producer to consumer and where they can be accessed by the consumer The more places to buy the product and the
easier it is made to buy it, the better for the business (and the consumer?)
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PeoplePeople
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People
People represent the business The image they present can be important First contact often human – what is the lasting image
they provide to the customer? Extent of training and knowledge
of the product/service concerned Do staff represent the desired culture
of the business?
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People
People represent the business The image they present can be important First contact often human – what is the lasting image
they provide to the customer? Extent of training and knowledge
of the product/service concerned Mission statement – how relevant? Do staff represent the desired culture
of the business?
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People
People represent the business The image they present can be important First contact often human – what is the lasting image
they provide to the customer? Extent of training and knowledge
of the product/service concerned Mission statement – how relevant? Do staff represent the desired culture
of the business?
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ProcessProcess
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Process How do people consume services? What processes do they have to go through
to acquire the services? Where do they find the availability
of the service? Contact Reminders Registration Subscription Form filling Degree of technology
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Physical EnvironmentPhysical Environment
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Physical Environment
The ambience, mood or physical presentation of the environment Packaging. Internet/web pages. Paperwork (such as invoices, tickets,…..). Brochures. Furnishings. Uniforms. Business cards. The building itself (such as prestigious offices or scenic
headquarters). Mailboxes and many others . . . . . .
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