The Marketing Mix.

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Presentation transcript:

The Marketing Mix

What is Marketing? A firm will gather information about the marketplace (e.g. whether house prices are rising or falling), and then research consumers' needs. From this, it will identify who its market is, and then put together a marketing plan based on the findings.

The 4Ps are the ideas to consider when marketing a product The 4Ps are the ideas to consider when marketing a product. They form the basis of the marketing mix. Getting this mix right is critical in order to successfully market a product.

The Mix PRODUCT PRICE PROMOTION PLACE

If market research is carried out effectively, a company can plan a promotion for the right product, at the right price, and to get it to their chosen market, in the right place.

Who will visit the cinema to watch a particular type of film. PRODUCT A product can be either a Good or service that is sold either to a Commercial Customer or an End Consumer. An effective marketing manager will identify who his/her Target Market is and what they want. Who will visit the cinema to watch a particular type of film.

PRICE No matter how good the product is, it is unlikely to succeed unless the price is right. This does not just mean being cheaper than competitors. Most people associate a higher price with quality. For example: you would expect to pay more for a BMW than a Skoda. You would expect to pay more for a ticket in a cinema with air conditioning, a larger screen and comfy chairs.

The specific sections of society PROMOTION The main aims of promotion are to persuade, inform and make people more aware of a brand, as well as improving sales figures. Advertising is the most widely used form of promotion, and can be through the media of TV, radio, journals, cinema or outdoors (billboards, posters). The specific sections of society (market segments) being targeted will affect the types of media chosen, as will the cost.

PLACE Distribution channels are the key to this area. A firm has to find the most cost-effective way to get the product to the consumer. Direct marketing through catalogues, via a TV shopping channel and through the Internet have become popular, because the consumer can shop from home. Going through wholesalers and high-street retailers, however, is the most popular form of distribution, as that is still where most people shop.