1. Tasks 38-41 SEM 2010-2011 SEM 2010-2011

2. The Marketing Mix Goal – To make decisions that center the four Ps 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 Ps on the customers in the target market in order to create perceived value and generate a positive response. 2

3. 3 Task 11- The Marketing Mix The 4 Ps of Marketing Product Place Distribution Price Promotion The 4 Ps of Marketing Product Place Distribution Price Promotion

4. The 1 st 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. 4

5. Product 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 services 5

6. Product Examples 6/13/2014free template from www.brainybetty.com 6

7. The 2 nd P Place – (Distribution) the locations and methods used to make products available to customers. 7

8. Place 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 8

9. Place Examples 6/13/2014free template from www.brainybetty.com 9

10. The 3 rd P Price – the amount that customers pay for a product. free template from www.brainybetty.com 10

11. Price 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 11

12. Price Examples 6/13/2014free template from www.brainybetty.com 12

13. The 4 th P Promotion- describes ways to make customers aware of products and encourage them to buyPromotion- describes ways to make customers aware of products and encourage them to buy 13

14. Promotion Decisions Promotional Strategy Advertising Sales promotions Public relations and publicity Marketing communications Promotional Strategy Advertising Sales promotions Public relations and publicity Marketing communications 6/13/2014free template from www.brainybetty.com 14

15. Promotion Examples 15

16. Discretionary Income After paying these… 16 What is left over is your discretionary income … or the money you have to do the extra stuff

17. 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. 17

18. 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 dont 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 dont like. free template from www.brainybetty.com 18

19. Who would the target market be? 6/13/201419

20. Who would the target market be? 6/13/201420

21. What is a market segment? It is a group of consumers within a larger market who share one or more characteristics. 6/13/201421

22. Comparison Target Market College Basketball Fans Target Market College Basketball Fans Market Segment Virginia Tech Basketball Fans Market Segment Virginia Tech Basketball Fans 6/13/201422

23. 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. 23 vs.

24. 6/13/2014free template from www.brainybetty.com 24

25. Demographic 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 6/13/201425

26. Psychographic Segmentation Characteristics that cannot be measured such as values, interests, lifestyle choices, religious beliefs.. 6/13/201426

27. The Core Standards 6/13/201427

28. Distribution How do you get your product into peoples hands? What stores should carry your product? Where should an event be held? 6/13/201428

29. 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. 6/13/201429

30. Pricing 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. 6/13/2014free template from www.brainybetty.com 30

31. Product/Service Management Designing, developing, maintaining, and improving products to meet customer needs. 6/13/2014free template from www.brainybetty.com 31

32. Promotion Using advertising and other forms of communication to get information out about their products. 6/13/2014free template from www.brainybetty.com 32

33. Selling Any direct and personal communication with customers to assess and satisfy their current and future needs 6/13/201433

34. Financing To help customers be able to afford and pay for the products they want 6/13/201434