MARK101 Marketing Mix

Marketing Mix 4 Ps

Product, Price, Place, Promotion

Product

Anything that can be offered to satisfy wants/needs

Product objectives

perceptions of quality and customer satisfaction

Features

right level of quality, design and style

Benefits

Value customers get from attributes

Packaging and labelling

Protects, promotes, facilitates use, provides info

Product support services

warranty, 0800 numbers, tech support

Marketing Comms Mix

Advertising, sale promo, PR, personal selling, direct and digital marketing

Push Strategy

Push good info

Pull Strategy

Customers want info

Advertising

Paid, non-personal promo by an identified sponsor

Advertising Types

informative, persuasive, reminder

Sales Promo

Short term incentives

Direct and Digital

search engine, online, social media

Advertising budget

affordable, percentage of sales, competitive-parity, objective and task

Price strategies

customer value, cost based, competition based

Customer value pricing

based on buyer perception not sellers cost

cost based pricing

based on producing, distributing and selling costs with extra for companies effort and risk

Competition based pricing

based on competitors

Price Floor

no profits below due to product cost

Price Ceiling

No profits above due to demand

Place programme

Distribution

make/buy decisions

whether to make or buy additional things like packaging

Intermediaries

connects buyers and sellers

Distribution types

Intensive, exclusive, selective

Intensive distribution

Most outlets

Exclusive distribution

Some outlets

Selective distribution

Very few outlets

Organisation Strategy

long term plan that guides how a business allocates resources to achieve core goals

Value proposition

set of benefits an org promises its consumers

Mission statement

what the company wants to accomplish

Line Extension

existing brand, existing product category

Brand extension

existing brand, new product category

multibrands

new brand, existing product category

new brands

new brand, new product category

Situation analysis

process of conducting research on macro and micro environment

macro environment

threats, opportunities and trends

6 environments

economic, demographic, natural, technological, politcal legal, cultural

product market analysis

product category the new product competes in

micro environment

company and customers

customer analysis

needs/wants, trends, attitudes

Channel and logistics analysis

how products go from the manufacturer to buyer

competitor analysis

analysis of current and potential competitors

SWOT analysis

Strengths, Weaknesses, Opportunities, Threats

Strengths

Internal and helpful

Weaknesses

Internal and harmful

Opportunities

External and helpful

Threats

External and harmful

Market segmentation

dividing a market into distinct groups of buyers

4 segments

geographic, demographic, pyschographic, behav

target market

set of buyers having common needs

differentiation

how a brand creates unique value

positioning

space that the product occupies relative to competitors