Presentation on theme: "True or False? Marketing is about making sure the company accounts balance."— Presentation transcript:
True or False? Marketing is about making sure the company accounts balance.
True or False? Marketing planning is looking at how well the product is doing after it has been launched?
True or False? The marketing mix consists of 3P’s.
True or False? Creating an effective marketing mix helps businesses produce the right product, at the right price, make it available at the right place and let customers know about it through promotion.
True or False? The product part of the mix looks at the price a product is charged to customers.
True or False? The place part of the marketing mix looks at how the product will be distributed to customers.
TOPIC:Topic 4: Marketing LESSON TITLE: Introduction to the Marketing Mix LEARNING INTENTION: To provide a basic outline of each component of the marketing mix. COMPETENCY FOCUS: Creativity: learners will develop skills in creativity and design by firstly looking at how promotion is used in business to help them to reach their goals and secondly, to design their own promotional campaign responding to a creative brief from the client. Reasoning: Learners will develop skills in reasoning as after providing advantages and disadvantages for the use of the promotional mix, you will be required to make a reasoned judgment. [IB Learner Profile Development: Balanced] Success Criteria By the end of the lesson, I can… 1) Identify the components of the marketing mix (Gui) 2) Explain each of the components of the marketing mix using a real example (Reg) 3) Assess how the marketing mix is used in business (reg) SMSC: You will assess the organisational culture of businesses in terms of fundamental structure, purpose and strategy development. CRITICAL THINKING KEY: Knowledge Application Analysis Evaluation
The Marketing Mix Also known as the 4P’s (product)/7P’s (service) Businesses must consider its marketing mix in order to market its products successfully To meet customer’s wants/needs, marketers must create the right product, at the right time, at the right price, make it available at the right place and let customers know about it through promotion.
PRODUCT What is the product? Who are the potential customers? What are the features/benefits? Has the product got a ‘unique selling point’ (USP)? What makes the product appealing to customers? How is the product better than the competition?
PRODUCT Anatomy of a product CORE Actual Product Augmented Product Additional value/add-ons i.e. warranty, free delivery etc The physical (tangible) item you are selling. What does your product offer compared to competitors? This is where your branding, added features come in to play. The benefit of the product that makes it valuable to you? Can you apply this principle to the Apple Ipad?
MAIN TASK In pairs, invent/create a new product following elements of the product mix including product anatomy. You will need to provide an image/diagram of your new product and applied principles of the product mix. You will present your product to your peers.
PRICE How much is the product sold for? Are any discounts offered? What price is charged compared to the competition?
PLACE Where is the product sold (UK, globally)? Is the product sold through retailers, wholesalers, distributors, agents, direct to the customer? How is the product sold (face to face, via the internet, telephone/cold-calling)?
PLACE How a product is distributed. ManufacturerWholesalerRetailerCustomer Manufacturer Customer How has the increase in online shopping had an effect on the above diagram? How will the diagram look in 5 years time?
PROMOTION How is the product advertised? Are there any promotions on the product (BOGOF, 10% extra free, free gift)?
PROMOTION Advertising (above-the-line/below-the-line) Sales promotion (i.e. BOGOF) Online advertising Personal Selling Public Relations Advertiser’s tricks: Celebrity endorsement Put-down competition (i.e. Asda’s price promise Jumping on the bandwagon: everyone else is buying this product, why aren't you?
7P’s: Marketing a Service Used for marketing a Service People: who is involved in marketing the service i.e. Customer Service Representatives, how are you going to train/recruit these staff?) Process:Systems used to assist transaction i.e. Credit card machine, drive thru, efficient service through fast systems) Physical Evidence: where will the new service be delivered? i.e. aircraft
Co-ordinating the Marketing Mix ‘Key marketing decisions complement each other and work together to give customers a consistent message about the product’. For example: -If an expensive, well-known brand of perfume was for sale on a market stall, would you be suspicious? -If a cheap range of children’s toys were being advertised in a glossy magazine aimed at professional women, would this advert lead to many sales?