Presentation on theme: "What is the Marketing Mix? Ms. Roberts EWHS Marketing 2011."— Presentation transcript:
What is the Marketing Mix? Ms. Roberts EWHS Marketing 2011
The Four (5) P’s (Elements) of Marketing The Elements of the Marketing Mix are the basic, tactical components of a Marketing Plan: Also, known as the 4P’s (5), the Marketing Mix elements are PRODUCT PLANNING, PRICE, PLACE, PROMOTION, and in ESD, the 5 th element is PEOPLE (the Target Market).
The Product Planning: Planning the Product and Producing the Product How will we Produce it and what Inputs do we need?
What do we need to consider? Product Planning includes: Features and Benefits Quality Style Branding (Name, Logo, Slogan) Warranties Customer Care Financing Stages of The Product Life Cycle: 1) Introduction or Pioneering 2) Growth 3) Maturity 4) Decline
PRICE: Use a Pricing Strategies Matrix There are several ways to price a product: Premium Pricing Penetration Pricing Economy Pricing Price Skimming Psychological Pricing Product Line Pricing Optional Product Pricing Captive Product Pricing Product Bundle Pricing Promotional Pricing Geographical Pricing Value Pricing
PLACE: Channel or Distribution Wholesalers Agents Retailers Internet What factors do we need to consider about each?
Promotion: The Promotional Mix Personal Selling Advertising Publicity Public Relations Displays Sales Promotion Advertising might include: Direct Mail Trade Fairs/Exhibitions Sponsors Print/Broadcast Ads Facebook/Twitter/ Other Social Media
People: The Target Market Consumers Customers What is the difference? Market Segmentation: What is it and how do we “segment the market”?