marketing mix 1 - intro- uplod to slide share

MARKETING MIX introduction

…go to the basics of MARKETING

• RECALL THE PREVIOUS SEMESTER MARKETING KNOWLEDGE

• Marketing Concepts• Introduction • Other Orientations of Organizations • 2.2.1 Production orientation • 2.2.2 Product orientation • 2.2.3 Selling orientation • Market Segmentation • Market Segmentation • Advantages of Market Segmentation • Process of Market Segmentation • 4.1.1 Geographic Segmentation • 4.1.2 Psychographics Segmentation • 4.1.3 Behavioral Segmentation • 4.1.4 Demographic Segmentation

…go to the basics of MARKETING

• Market Segmentation • Market Segmentation • Advantages of Market Segmentation • Process of Market Segmentation • 4.1.1 Geographic Segmentation • 4.1.2 Psychographics Segmentation • 4.1.3 Behavioral Segmentation • 4.1.4 Demographic Segmentation

…go to the basics of MARKETING• Types of Markets • Types of markets • 5.1.1 Consumer market • 5.1.2 Industrial Market • 5.2 Classification of industrial goods • 5.2.1 Materials • 5.2.2 Capital Goods • 5.2.3 Supplies And Services • 5.3 Characteristics of industrial buying • 5.3.1 Bulk buying • 5.3.2 Few buyers • 5.3.3 Derived demand

•Marketing Functions • 2.6.1 Product • 2.6.2 Promotion • 2.6.3 Price • 2.6.4 Physical Distribution

The major functional marketing Areas-4Ps

4Ps- Universal Indicators

• Review Marketing policy / status• Identify problems & gaps• Check SENSITIVITY of each P• Fix Marketing Objective

WHAT TO DO WITH THE 4Ps

• HOW MUCH OF THE 4 PS DO WE NEED TO FOCUS OR STRATEGISE

• SHOULD ALL BE OF EQUAL IMPORTANCE OR ONLY 2 OR 1 OR 3…HOW DO WE GO ABOUT JUGGLING WITH THESE 4 PS TO REACH THE DESIRED GOAL….

IS THIS OK …example ?

…OR is this combination OK ?... example ?.

•What kind of MIX needs to be adopted ?

What does the MIX involve

Marketing Mix - Meaning

• The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.

• Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.

MARKETING MIX• A PLANNED COMBINATION OF

CONTROLLABLE ELEMENTS OF PRODUCT’s / SERVICE’S MARKETING PLAN, COMMONLY TERMED AS -Product, Price , Place & Promotion

• The concept of Marketing Mix involves a deliberate and careful choice of organisation, Product, Price , Promotion , Place , Strategies and Policies .

WHY - Marketing Mix

• THE LARGER PICTURE

• Launching a new product • Overcome competition• Expand Markets / Increase sales…………….leading for Policy formulation or

Strategy formulation.

How do the 4Ps contribute or what ROLE do they play ?

• PRODUCT • What does the customer want from the product/service? What needs does it satisfy?• What features does it have to meet these needs?

– Are there any features you've missed out?– Are you including costly features that the customer won't actually use?

• How and where will the customer use it?• What does it look like? How will customers experience it?• What size(s), color(s), and so on, should it be?• What is it to be called?• How is it branded?• How is it differentiated versus your competitors?• What is the most it can cost to provide, and still be sold sufficiently profitably? (See

also Price, below).


PLACE :

• Where do buyers look for your product or service?• If they look in a store, what kind? A specialist boutique or in a

supermarket, or both? Or online? Or direct, via a catalogue?• How can you access the right distribution channels?• Do you need to use a sales force? Or attend trade fairs? Or make online

submissions? Or send samples to catalogue companies?• What do you competitors do, and how can you learn from that and/or

differentiate


• PRICE:

• What is the value of the product or service to the buyer?• Are there established price points for products or services in this area?• Is the customer price sensitive? Will a small decrease in price gain you

extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?

• What discounts should be offered to trade customers, or to other specific segments of your market?

• How will your price compare with your competitors?


• PROMOTION :• Where and when can you get across your marketing messages to your

target market?• Will you reach your audience by advertising in the press, or on TV, or

radio, or on billboards? By using direct marketing –Postal Notice s Through PR? On the Internet?

• When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?

• How do your competitors do their promotions? And how does that influence your choice of promotional activity?

DECISION MAKING with Marketing Mix

• Questions from the 4 Ps are important and needs review periodically …

…………….leading for Policy formulation or Strategy formulation.

The act of BALANCING

Need for EQUILIBRIUM

For more CLARITY

• In order to understand MARKETING MIX and its use , we first need to understand the first PRODUCT :

PRODUCT LIFE CYCLE

Need to manage Product Life

• P R O D U C T L I F E C Y C L E

The PLC connect to Mix

Do you know about Marketing Mix

• What are the important elements of Mix• What does each of the 4 Ps relate to – what

queries can be raised• How much of focus is required for each of

the 4 Ps• What is PLC • Does Marketing Mix lead to Policy / Strategy

• MARKETING MIX INTRO - END