Tasks SEM SEM

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 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

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

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

Product Examples 6/13/2014free template from 6

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

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

Place Examples 6/13/2014free template from 9

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

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

Price Examples 6/13/2014free template from 12

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

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 14

Promotion Examples 15

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

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

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 18

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

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

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

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

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.

6/13/2014free template from 24

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

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

The Core Standards 6/13/201427

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

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

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 30

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

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

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

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