OBEA 2004 The Marketing Mix. Product Price What are the pricing objectives? How much should we charge? Product What product(s) should we sell? How should.

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Presentation transcript:

OBEA 2004 The Marketing Mix

Product Price What are the pricing objectives? How much should we charge? Product What product(s) should we sell? How should they be branded? What is the best positioning? The 4 Ps The Marketing Mix: 4 Ps Promotion Place Where, when and how will consumers access our products? How will we distribute? Promotion What value does our product add for consumers? What is the best way for us to convey our message to consumers?

Who is our target market? What are their wants and needs? Tip: the customers are the people who make purchase decisions and buy goods from a particular firm; consumers are people who use (“consume”) particular goods or services – but may or may not be customers to a given firm The Marketing Mix: 2 Cs Who are our competitors? What do they offer? How can we differentiate ourselves?

Marketing Mix MODEL ProductPrice PlacePromotion TARGET MARKET Consumer Competition

The 4 P’s & 2 C’s of Marketing Canadian Tire: A Successful Mix Now that you have discovered the 4 P’s of the Marketing Mix, let’s look at how one company, Canadian Tire, successfully put all the P’s together.

PRODUCT Canadian Tire provides auto maintenance at most of its stores, and sells a selection of assorted products including... – Auto parts – Leisure goods – Household items – Do it yourself supplies and tools “There’s a lot more to Canadian Tire than just tires.” – Canadian Tire carefully selects the goods and services it markets

PRICE Prices are reasonable Prices reflect the company’s philosophy of offering consumers good value for their money

PLACE Conveniently located throughout the country Extensive distribution network Warehouses are situated in selected areas to make it quick and easy to receive and ship goods

Promotion Promotional techniques – Two catalogues per year – Own credit card – Canadian Tire BONUS CASH coupons – Advertise on TV, radio, newspapers Brand name products – Mastercraft – Motomaster

2 C’s ConsumersCompetition Home Depot Gas Companies Retail Auto Repair Companies Home Hardware Lowes Car owners Home owners Sports enthusiasts

Target Canada On January 15, 2015, Target announced that it will close all of its 133 Canadian stores, 22 months after they opened. The subsidiary was projected to only make a profit by 2021, by 2015, Target had lost $2.1 billion.

Target Canada So what happened? Complete the “What happened to Target” worksheet available on the website