ENT 022 Lesson 4: Marketing Mix

Marketing Mix

It refers to a mode or a tool used by the entrepreneurs to position the product in the target market segment to efficiently and effectively deliver it to the consumers.

Product

Price

Place

Promotion

4 Ps

Product

Refers to the tangible or intangible service offered by the business to the target consumers.

Physical _________ require considerations, such as appearances and features. Often, services focus on quality and customer relations.

Place

The term _________ in the marketing mix simply refers to the place where the target consumers are. The __________ principle focuses on where a company makes its products available, such as at a physical storefront or on an e-commerce website.

Price

_________ refers to the pricing strategy a company establishes for products or services. Marketers apply the principle by researching competitors, analyzing costs and establishing product __________.

1. Availability of the competing products

2. Cost of making the product

3. Type of product

4. Presence of substitute products

5. Stages of the product in the market

Settings that Affect Price of Goods or Services

1. Introductory Stage

2. Growth Stage

3. Maturity Stage

4. Decline Stage

Stages of the Product in the Market

Introductory Stage

This is the first stage of the product life cycle. Once a product is developed, the first step is its introduction into the market.

Growth Stage

Consumers start to take action. They buy the product; the product becomes popular and results in increased sales.

3. Maturity Stage

Sales slow down, indicating that the market has begun to reach saturation. This is also one of the stages of the product life cycle when pricing becomes competitive.

4. Decline Stage

Sales drop due to a change in consumer behavior and demand. The product loses its market share and competition also deteriorates. Eventually, the product retires from the market.

Promotion

In marketing mix, the term ______________ refers to the mode of conveying the presence and attributes of the products to the target consumers.

Advertising

Publicity

Personal Selling

Sales Promotion - Discounts, Coupons, Cash Rewards, Gift Certificates

Direct marketing

Types of Promotion

Product

Price

Promotion

Place

People

Packaging

Positioning

Extended Marketing Mix

People

The term _________ here refers to individual employees or workers who are directly involved in the production, marketing, and sale of the product or service.

Packaging

In the context of marketing mix, ________ refers to the process of putting the product in a package or container.

Positioning

As an additional element in the modified model of the marketing mix, refers to the place occupied by the product in the minds of the consumers.