Presentation on theme: "THE MARKETING MIX. WHAT IS MARKETING MIX? Phrase used to describe the different kinds of choices an organization has to make in order to bring the product."— Presentation transcript:
THE MARKETING MIX
WHAT IS MARKETING MIX? Phrase used to describe the different kinds of choices an organization has to make in order to bring the product or the service to the market. It can be a new or an existing product. Comprises of the 4 Ps.
THE MARKETING MIX
TWO ELEMENTS OF MARKETING MIX
TARGET MARKET Group of consumers that the company has decided to sell its product / service to. Based upon, Age, Occupation, Gender, geographical area, Status, religion, values, lifestyle.
QUESTION What is the target market for Maggi noodles? 1.Children 2.Youngsters 3.Adults 4.Old People
IMPORTANCE OF MARKETING MIX Elements of the marketing mix form the foundation for any marketing strategy. A marketing plan is framed after researching about the marketing mix. Helps the marketer establish a link with the target market. Suit needs of the target market. Increasing competition.
IMPORTANCE OF TIMING Product or service should be launched and sold at the right time, place and price. E.G. Rajasthan Royals goodies and T shirts can be sold during the (TIME)- IPL season. Cricket lovers ( the target market), will not desire / need such products during the rest of the year. PLACE- Rajasthan and Gujarat will have the highest demand.
PRODUCT What does the consumer want from the product ? What does it have that the consumer wants? How and where will the consumer use it? What does it look like? How will the consumer experience it? Size, color, features? Name of the product? How is it branded? How is it differentiated from your competitor?
TATA INDICA……… PRODUCT Affordable, comfortable car with good engine. Brand name of TATA. Used for transport daily. Consumer uses it while going to work, recreation, etc. Available in petrol and diesel version. Looks of the car are decent. One size available in many colors.
NAME OF THE PRODUCT TATA INDICA The Tata Indica is considered India's first indigenously developed passenger car. Indias car- INDICA "The Big... Small Car" and More car per car– company slogan.
PRICE What is the value of the product or service to the buyer? Luxury, affordability, practical use? 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? Depends on the product. What discounts should be offered to trade customers, or to other specific segments of your market? How will your price compare with your competitors?
PLACE Where do buyers look for your product or service? Car buyers- Dealership, Groceries- grocery store, Air tickets- internet/ travel agent/air port. 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? To distribute your product Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies? What do your competitors do, and how can you learn from that and/or differentiate?
PROMOTION To attract and pull customers to buy the product. How to promote? Advertising Personal Selling Contests Coupons Free Samples
PROMOTION Where and when can you get across your marketing messages to your target market? While traveling, airports, transport, television, internet, publications. Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?
WHERE CAN YOU PROMOTE?
HOARDINGS COMPETITIVE MARKETING
ON VEHICLES/ WHILE TRAVELING
PROMOTION CONTD……. 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? Special commercials framed for sports events.
PROMOTION CONTD…… How do your competitors do their promotions? And how does that influence your choice of promotional activity? If sale is going on in the entire mall, there will be more consumers in the stores with discount.
QUESTION WHICH ONE FROM THE BELOW CAN BE CLASSIFIED UNDER COMPETITIVE ADVERTISING? 1.Cola Cola and Pepsi 2.Mountain Dew and Frooti 3.Dominos and Pizza Hut 4.Nike and Reebok
AFTER DEFINING THE MARKETING MIX Testing should be done in the market: Does the product meet the consumer needs? Will they find the right place to shop for the product? Will they consider the price favorable? Will the marketing communication reach them?
EXTENDED MARKETING MIX7PS PEOPLE PROCESSES PHYSICAL LAYOUT DECISIONS