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Marketing Mix
- Special tool used in the implementation of any business, which is made up of seven distinct but interconnected variables
Traditional 4Ps
- used in gauging the business’s ability to exist in a competitive marketing landscape
Product
- Goods and services being offered by the business
- Features and product information
Place
- location and distribution
Promotion
- marketing channels and strategy
Price
- price strategy and profit margin
Tangibles
- Items that have actual physical presence
- The benefits of these can be evaluated based on visual comparisons
- Can be handed to a customer after purchase
- Appeal to quality
Ex. Real estate, clothing, equipment, machinery, buildings, vehicles, stock, land, cash
Intangibles
- Items that have no physical presence and can only be felt indirectly
- Appeals to experience or emotional connection
Ex. Education, trademarks, franchises, copyrights, licenses, goodwill, patents, brands
Virtual Intangibles
- can be digitally found and accessed by using a computer
Ex. Data, software
Convenience Products
- Low-cost item that should take the least amount of work on the buyer’s part to pick and acquire
Ex. Sugar, 7/11 (As a market)
•Characteristics:
Purchased frequent
Low cost
Easily available
Not commonly compared with other products
Shopping Products
- Bought less frequently by consumers
- Consumers usually compare attributes of these products such as quality, price, and style, between other products
Ex. Plane tickets, furniture
•Characteristics:
Purchased less frequently
Medium price point
Commonly compared among other products
Specialty Products
- Products with unique characteristics or brand identification
- Consumers of these are willing to exert special effort to purchase specialty products
Ex. Cars, Designer perfume, Luxury Brands
•Characteristics:
With unique characteristics or brand perception
Purchased less frequently
High price point
Seldom compared between other products
Only available at select/special places
Unsought Products
- Products that consumers do not normally buy or would not consider buying under normal circumstances
Ex. Funeral plan, wedding rings, fire extinguishers
•Characteristics:
Not top-of-mind of consumers
Requires extensive advertising and marketing efforts
Nutribun
- Created by Marcos Sr
- Created used in elementary school feeding programs in the Philippines to combat child malnutrition
Mask Co.
- Founded and owned by Sir Axl during the pandemic
