Marketing Environment Marketing Policies & Strategies Class # 3 The 4 P’s & Marketing Environment

Marketing Policies & Strategies INTRO… Strategic Decision Making …the 4p’s & your Marketing Environment Marketing Managers receive or develop goals/objectives for their Marketing Organization. Next, once Marketing Managers “have” approved goals/objectives …they need to strategically know what to do with these goals/objectives in order to accomplish them. Internal/External research methods …SECONDARY and PRIMARY research methods …strategic frameworks …help Marketing Managers understand what’s happening with their businesses, consumers, target markets, economy, and industries This analysis disciplines them to “pour” what they’ve learned into their 4P’s to create a comprehensive STRATEGIC plan …to help them achieve goals/objectives Marketing Environment…Internal and External forces that affect your business. Not as detailed as Porter’s 5-Forces, but detailed nonetheless. 2 concepts 4P’s …Product, Price, Place, Promotions Marketing Environment …6 Elements

Marketing Policies & Strategies The 4p’s Product: Features/Benefits Features tend to be tangible …Flavor, High Quality, etc Benefits tend to be emotional …Happiness, Satisfaction, Confidence, Validation, Security, Belongingness, Connectedness 20

Marketing Policies & Strategies Price: Level of Price: Low/medium/high? Quality of Product: Good/Better/Best? Does level of Price and quality of Product match? Place: Where sold?

Marketing Policies & Strategies The 4p’s Promotions: Awareness, Interest, Trial, Action Advertising Manufacturer to Consumer Coca Cola uses …TV, Print, Radio, Outdoors, Internet, Social Media, etc. Promotions Retailer to Consumer Retailers name always in promotion CVS Circular …BOGO, 20% of Crest Toothpaste 20

Marketing Environment Do any of the following influence consumption of your company’s products? Demographic: Income Age Gender Culture Geographic Family Structure Lifestyle Population

Marketing Environment Do any of the following influence consumption of your company’s products? Cultural: Families Community Parents, schools, religion, businesses, government Peers

Marketing Environment Do any of the following influence consumption of your company’s products? Economic: Economy Other factors that affect consumer purchasing power and spending patterns…tastes, trends, opinions, lifestyles

Marketing Environment Do any of the following influence consumption of your company’s products? Natural: Natural resources … Oil Water Trees Natural Gas

Political Environment Do any of the following influence consumption of your company’s products? Political: Laws Regulations Pressure Groups

Marketing Environment Do any of the following influence consumption of your company’s products? Technological: Maturing technologies New technologies. That could create or inhibit consumption habits.

Marketing Policies & Strategies Question #1 Slides 3-6… You work in Senior Management for Your Brand/Co. Use slides 3-6 to … Choose a Product from your Brand/Co. Then… Note a Feature and Emotional Benefit of this Product Line. Do Price and Quality match? Note 3 examples of Place Example of how your Brand/Co Advertises Example of how your Brand/Co Promotes

Marketing Policies & Strategies Question #2 Slides 6-11… Please use these slides to complete -1 bullet point- from each of the 6 Elements of the Marketing Environment …for your Brand/Co.