Lecture 08

The Marketing Mix. Consists of Product Price Place Promotion

Managing the marketing mix involves Designing a want-satisfying product. Setting a competitive price. Placing the product where customers can reach it. Promoting the product.

The above factors need to be blended in various proportions and hence are collectively called the marketing mix. They form part of the entire marketing process which starts from the search for opportunities and continues on from a relationship formed with the consumer.

Marketing Process. 1) Find opportunities 2) Conduct research 3) Identify a target market 4) Design a product to meet the need based on research (Product) 5) Do product testing (Product)

6) Determine a brand name, design a package and set a price (Price) 7) Select a distribution system (Place) 8) Design a promotional programme. (Promotion) 9) Build a relationship with customers

Activity. Using the four P's of the Marketing Mix, design a marketing strategy for a new fictional product for the Pakistani market. Choose a demographic. Conduct your online marketing research (don't forget references, sources etc). Design a marketing strategy for a product that ye think will be popular amongst your chosen demographic. Present.

A few things.... Include names and roll numbers of everyone in the group on the cover sheet. Ye must write in your own words. Deadline is by the end of class. If ye have not handed it in your work by then, it won't be accepted thereafter. Best of luck. If ye need any help just ask....