The Marketing Mix

• Most famous phrase in marketing • Also known as the __________ • The marketing mix elements are

_____ _____, _______, and ________.

The Marketing Mix - Price

• There are many _______________ to price a product.

The Marketing Mix - Price

_____________• Use a ____ price where there is a

___________ about the product or service.

• This approach is used where a substantial ___________________ exists.

The Marketing Mix - Price

____________ Pricing• The price charged for products and

services is set artificially _____ _________________. Once this is achieved, the price is increased.

The Marketing Mix - Price

____________ Pricing• This is a ___________ _____ price. The

cost of marketing and manufacture are kept at a minimum.

The Marketing Mix - Price

Price _____________• Charge a ________ because you have a

substantial competitive advantage. However, the advantage is not ____________.

• The high price tends to attract new ____________ into the market, and the price inevitably _______ due to _________ supply.

The Marketing Mix - Place

• Place is also known as _____________ ________________________.

• It is the mechanism through which goods and/or services are ______ from the ___________________________ to the _______________.

The Marketing Mix - Place

There are a few basic 'channel’ decisions:

1. Do we use ______ or _______ channels? (e.g. 'direct' to a _________, 'indirect' via a _____________).

2. Single or multiple channels.

3. Types of intermediary• ___________

• ___________

• ___________

The Marketing Mix - Product

Introduction• The product is

promoted to create _____________.

• If the product has no or few competitors, a _____________ price strategy is employed.

The Marketing Mix - Product

Growth• ________________ are

attracted into the market with very similar offerings.

• Products become more profitable and companies form ______ ______________________________________.

The Marketing Mix - Product

Maturity• Those products that

survive the earlier stages tend to _______ __________________.

• Sales grow at a ____________ rate and then __________.

• Producers attempt to ____________ products and brands are key to this.

• Price wars and intense competition occur.

The Marketing Mix - Product

Decline• At this point there is a

________ in the market.• For example more

__________ products are __________ or consumer tastes have changed.

• There is intense _______ _______ and many more products are withdrawn from the market..

The Marketing Mix - Promotion

• Promotion represents the various aspects of ___________________, that is, the communication of information about the product with the goal __________________________________.

The Marketing Mix

Put the following products on the Product Life Cycle (PLC).

• Smart cars in Europe

• Smart cars in Canada

• Smart Cars in USA

• Cell phones• Cigarettes in

North America• Cigarettes in the

developing world• Kit-Kat and Aero

chocolate bars• PC greenest

shopping bag

Put the following products on the Product Life Cycle (PLC).

• MS-DOS. • Internet

Telephones (WAP or 3G).

• Palmtop computers.

• Play Station 2. • Sega

Megadrive. • Fax machines.