The Marketing Mix : The Marketing Mix By Anne Marie Attard
The Marketing Mix : The Marketing Mix The four main elements of the marketing mix are Price, Place, Promotion and Product:
THE four P’s: : THE four P’s: A "Marketing Mix" is the set of controllable, tactical marketing tools that work together to achieve company's objectives, they are:
Product - A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units.
Price – The price is the amount a customer pays for the product.
Place – Place represents the location where a product can be purchased. It is often referred to as the distribution channel.
Promotion – Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements - advertising, public relations, word of mouth and point of sale.
Slide 4 : Instead of four elements the marketing mix is sometimes found with seven elements.
The 7 P’s: Price, Product, Promotion, Place, People, Process, Physical Environment. THE four P’s:
Price : Price Pricing Strategy
Importance of:
-knowing the market
-elasticity
-keeping an eye on rivals
Product : Methods used to improve/differentiate the product and increase sales or target sales more effectively to gain a competitive advantage e.g:
-Extension strategies
-Specialised versions
-New editions
-Improvements – real or otherwise!
-Changed packaging
-Technology, etc. Product
Slide 7 : Promotion Strategies to make the consumer aware of the existence of a product or service
NOT just advertising
Slide 8 : The means by which products and services get from producer to consumer and where they can be accessed by the consumer
- The more places to buy the product and the
easier it is made to buy it, the better for the business (and the consumer?) Promotion
Slide 9 : Summary Blend of the mix depends upon:
Marketing objectives
Type of product
Target market
Market structure
Rivals’ behaviour
Global issues – culture/religion, etc.
Marketing position
Product portfolio
-Product lifecycle
-Boston Matrix
Slide 10 : THE END