www.company.com the most important lesson in marketing
TRANSCRIPT
www.company.com
The Most Important Lesson in Marketing
www.company.com
Marketing Mix(4 Ps)
The Marketing Mix
TARGET
MARKET
PRODUCT
Quality Features Options Branding packaging
Sizes Services Warranties returns
Factors dealing with developing the RIGHT product for the TARGET MARKET
Examples:
Exercise
Using the available products: What distinguishes their packaging? Which packaging is more eye-catchy? Which do you prefer? Which tastes better? Which looks better?
PLACE
Factors dealing with getting the RIGHT product to the TARGET MARKET
Examples: Channels of distribution Locations/outlet Transportation methods Inventory Physical handling
PRICE
Factors dealing with setting the RIGHT price
Examples: retail/list price Supply and demand Production costs Allowance (car trade-in) Payment period Credit terms
Exercise
Again using the products: What do you think the price difference
is? Why do you think this is so? Does it make a difference?
Prices:
Corn: DeodorantGreen Giant - $1.39 Speed Stick - $2.89
Del Monte - $1.29 Old Spice - $1.98
No Name - $0.99
Cookie: Gelatin:Chunks Ahoy - $3.49 Jell-o - $0.79
PC Chunky - $2.49 No Name - $0.59
PROMOTION
Factors dealing with communicating to the TARGET MARKET about the RIGHT product, at the RIGHT place to find it, for the RIGHT price
Examples: Advertising Personal selling Sales promotion publicity
www.company.com
Uncontrollable Factors(STEEP)
Social, Cultural, Demographic Factors
developments and shifts in values and lifestyles
Examples:
birth rates, death rates, age distribution, marriage rates, fashions, divorce rates religious influences, geographical distribution
Technical and Ecological Factors
the supply and cost of natural resources environmental deterioration and pollution developments in new products, materials,
and technologies.
Examples:
Research and Development (abacus, calculator, computer etc.)
“Technology has the power to create new industries and destroy existing ones.”
Existing Business Practices
trends & developments in your business and the competitors
the demand for your type of business
Economic Factors
trends and developments in: disposable & discretionary
necessities and spendingcost-of-living levelconsumer savings and debtchanging patterns of consumer
spending
Political and Legal Factors
developments in: Legislation Government enforcement impact of public interest groups
(boycotts)
Examples:product safety, occupational safety, truth in advertising, price legislation, package regulation (English and French)
www.company.com
The Most Important Lesson in Marketing