marketing mix p’s of marketing
Post on 09-May-2015
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- 1.L/O/G/O Marketing Mix Ps of Marketing Group Members: Malik Umair Amin-026 Muhammad Jazib-027 Muhammad Nauman Sharif-028 Zeeshan Ahmad-029
2. Introduction To effectively market a product or service there are four things you need to get right: Product, Price, Place and Promotion. The four elements should be viewed as one unit and structured to support each other; Otherwise a firm's marketing strategy will be confusing and uncoordinated. This presentation provides you with a quick introduction to each element. 3. Marketing Mix The 4 Ps of Marketing are: The primary goal of marketing is to optimize the marketing mix, offering the best possible combination of the four P's to maximize the effectiveness of marketing efforts. The variables known as the four P's of the marketing mix are as follows: Product Price Place and Promotion A mix of the four is necessary to sell a product 4. Product Product is The actually offerings Product may be tangible (goods) intangible (services) While formulating the marketing strategy, product include: Design Technology Usefulness Convenience Value Quality Packaging Branding Accessories Warranties 5. Product Product Refers to: The questions related to the product such like: What need does the service/product fulfill What does the customer want from the product/service? What needs does it satisfy? What features does it have to meet these needs? Are you including costly features that the customer won't actually use? How and where will the customer use it? What size(s), color(s), and so on, should it be? How is it branded? How is it differentiated versus your competitors? How will your product/service differ from the competition 6. Some Product Strategies Positioning compared with competitors Market (consumer) preferences Options and bundling Packaging Range of Products 7. Kotler suggested that a product should be viewed in three levels. Level 1: Core Product. What is the core benefit your product offers?. Level 2 Actual Product: All cameras capture memories. The aim is to ensure that your potential customers purchase your one. Level 3: Augmented product: What additional non-tangible benefits can you offer? 8. Some Examples of Product 9. Price Price is the process of determining that What to charge for the product or service. The customers are willing and able to pay. Cost of production (time, labor, ingredients, packaging, advertisin g, etc.) Demand and Supply The end result is the price of the product or service. 10. Price Price include: Price sensitivity Value of goods Discounts Price Compare with Competitors Profit Forgo normal margins Psychological Competition Bundle Payment Plans 11. Some Examples 12. Place Place Refers to: how & where you are going to sell the product to the consumer There are two types of distribution: Direct Distribution Selling your product directly to the consumer Amazon.com, Ebay.com , ISPs Indirect Distribution sold through a 3rd party Example: Cold Drinks producing companies 13. Place Place Includes: Distribution Channels Control issues Rationing Place of displaying Place of distribution 14. Place Place is where you are going to locate in order to best reach your target market Example: Car Dealers 15. Some distribution/place strategies Offer exclusivity Co-operative advertising Offer Price protection Returns policies 16. Promotion Promotion is the actual marketing of the product or service the image portrayed. Advertising the product or making the customer aware of the product or service is involved in promotion. Advertising can be done through public relations Media personal selling 17. Promotion Promotion includes: Advertising Events Press releases Trade shows Brand awareness Brochures, datasheets Freebies 18. Promotion Mediums Television Radio Newspaper Telephone directory Direct-mail Contests Free samples Coupons Rebates Magazine Outdoor Internet Transit Frequent purchaser programs Gifts Special events Buzz 19. Other Promotion Mediums Public-relations is free promotion generated by media coverage Personal selling personal contact with the customers. Telemarketing Inexpensive, but new laws restrict unsolicited phone calls 20. Some Promotion Strategies These are Co-operative advertising Branding define & build the brand(brand portfolio) Internet presence Follow-Up readiness Celebrity Promotion 21. Conclusion 4 Ps are interdependent 4 Ps constitute your Marketing Strategy You can control these (independent variables) 22. L/O/G/O Thank You!