The Marketing Mix

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The Marketing Mix
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Marketing Mix

• Product
• Price
• Promotion
• Place
• People
• Process
• Physical environment

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Product Considerations

• Design
• Developed to keep pace
• Modified as necessary
• Tailored to customer requirements
• Competitive advantage
• Quality
• Branding
• Packaging

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Product Considerations

• (Making the product fit the market)
• Tangible benefits
• Intangible benefits
• Extension strategies
• Improvements

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Price Considerations

• Costs of production
• Profit margins
• Market competition
• Season of the year
• Quantity of stock
• Price elasticity

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Pricing Strategies

• (Depends on the product)
• Skimming
• Penetration
• Price leader
• Price taker
• Predator
• Loss leaders
• Psychological pricing
• Special-offer pricing

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Promotion

• Competitiveness of market
• Availability
• Market differentiation
• Promotional support

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Promotion

• Promotion
• should be
• Informative
• Persuasive
• Reassuring

• Promotion
• should include
• Incentives
• Public relations
• Marketing at point of sale
• Direct marketing
• Advertising

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Place

• Wholesaler
• Internet
• Door to door
• Retailer
• etc

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Place

• The best place to reach a potential customer and
  ensure the place has the required stock.
• This includes
• Physical place
• Availability
• Timing
• Costs involved
• Demand for goods

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Channels of distribution
Traditional wholesalers and producers Modern
- organise their own distribution Direct -
cutting out the wholesaler and the retailer
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People

• Management
• Employees
• Customers

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Process

• Examples
• Process for handling orders
• Process for marketing effectively
• Process for research and development
• Process for identifying customer needs

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Physical Environment

• Location
• Hygienic factors
• Ambience
• Atmosphere

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Importance of e-commerce

• Access to a global market
• Better competitive position
• Unnecessary overheads
• Permanent availability
• Economies of scale

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Marketing Mix

• Depends on
• Industrial markets
• Consumer markets
• Product
• Price
• Promotion
• Business plan
• Place