6 The Four P’sProduct – what product would interest the target market, how to package it, what brand name to use, and what image to project.Place – how and where a product should be distributed to attract the target market.Price – how much is the target market willing or able to pay for the product.Promotion – how the potential customers of the target market will be told about the product (commercials, etc.), what message will be presented, where and when it will be delivered.
7 Promotional Mix Advertising Presentation and promotion of ideas, goods, or services by an identified sponsor. Examples: Print ads, radio, television, billboard, direct mail, brochures and catalogs, signs, in-store displays, posters,mobile apps, motion pictures, Web pages, banner ads, and s.
9 Personal sellingA process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation. Examples: Sales presentations, sales meetings, sales training and incentive programs for intermediary salespeople, samples, and telemarketing. Can be face-to-face selling or via telephone.
10 When new products are being marketed, personal selling can be used to build awareness. For example, coke might offer samples at popular events for their new flavour.
11 Sales PromotionMedia and non-media marketing communication are employed for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability.Examples: Coupons, sweepstakes, contests, product samples, rebates, tie-ins, self-liquidating premiums, trade shows, trade-ins, and exhibitions.
12 Sales promotion is a way for businesses to interact with their target market. Businesses want this interaction to lead to more interest and subsequently higher sales for their product.
13 Public relationsPaid intimate stimulation of supply for a product, service, or business unit by planting significant news about it or a favorable presentation of it in the media. Examples: Newspaper and magazine articles/reports, TVs and radio presentations, charitable contributions, speeches, issue advertising, and seminars.
15 Direct Marketinga form of advertising that allows businesses and nonprofits to communicate straight to the customer, with advertising techniques such as mobile messaging, , interactive consumer websites, online display ads, fliers, catalog distribution, promotional letters, and outdoor advertising.
16 Direct marketing is often meant to capture your attention and implant an enticing picture of the brand advertised.
17 Product Life Cycle 1. Development: Product is prepared to be introduced to the market No product sales have been made yet Considered the “incubation period”
18 Introduction Period when product is first introduced to the market People are still unaware of the product Overall sales remain low Advertising costs are very high and create brand awareness Usually product prices remain high
19 Growth Sales begin to rapidly increase More retailers want to carry the product Product quality improves (ex. packaging) Advertising increases to grow preferential branding
20 Maturity Most profitable stage of the cycle Sales increase, but at a slower pace than before Product differentiation is explored and introduced New resellers and distribution channels Advertising focuses on brand loyalty
21 Decline Change in customer preferences, technology or market can lead to product decline Number of products produced declines Lower prices on product Less resellers carry the product No real advertising; may reinforce brand image
22 Always be Closing Separate into teams of 3-5 You will be given a productYou will have five minutes to come up with a creative pitch incorporating aspects of today’s lessonThe audience will play the role of company executives looking to choose a new marketing campaignRemember to focus on target market, avenues of advertising and how to capitalize on the exposure of the product due to its stage in the product life cycle.