Marketing Mix

Building a successful Marketing Mix: the importance of managing a brand through the key variables that make up the mix: Product, Price, Promotion and Place

The need for an integrated Marketing Mix

Learning Objectives

To effectively market a product or service there are four things you need to get right: Product, Price, Place and Promotion. These four elements are known as the marketing mix or the 4Ps. The four elements should be viewed as one unit and structured to support each other; Otherwise a firm's marketing strategy will be confusing and uncoordinated.

A New Look at the 4Ps of Marketing

Market Mix

Product: designed to meet a market need or want

Well-run firms try hard to keep in close touch with their customers to find out what they want.

The Sun: The first newspaper to realise that people prefer news that is fun rather than serious

Primark: Realising the opportunity for up-to-date but affordable fashion.

Cadbury Crème Egg: Luxury Easter item

Product

Who is the product aimed at ? What benefit will customers expect from it ?

What will be its advantage over competitor products? Or its unique selling point?

How does the firm plan to position the product within the market?

Product

Price: factors influencing price-setting to include: competition, differentiation, target image and production cost.◦ Price makers – Strong brand name and a good produce,

they can set their own price.

◦ Price takers – The producer is a follower. They follow the lead price.

Strong brands are price leaders; weaker brands are price takers.

Price

Ford Focus£12,000

Lexus 430£55,000

Promotion, including advertising and sales promotion; understanding the time-scales, eg BOGOF is v short-term

Top 10 Marketing Failures: Coke, Ford, Netflix

Promotion

Place; the difficulties of achieving retail distribution; the role of the internet

Place

HOMEWORK Print a map from google maps of where you live.

One the same map zoom out as far as you need to include the closest shops/businesses . Highlight where you live and where the shops are.

Describe the area you live in:◦ House size◦ Reputation of local schools◦ Proximity to open spaces, e.g. parks

Describe the shops/business you have found on your map.

Do they have anything in common?

Product:Glossy, expensive-to-produce, Targeting 24year old women who like fashion and celebrities

Look Magazine

Price:£1.30 launch compared with main rival ‘Grazia’ £1.80.other top-sellers include:

OK!: £2.00 Hello: £1.85 Heat: £1.65 Now: £1.10

Promotion:TV advertising, plus a huge program of giveaways (1.2million copies given away)

Place:Standard distribution (newspapers, supermarkets, sweet shops) They paid WH Smith to have it near the cash desk

A-Z GCSE Worksheets: Building the Marketing Mix

EXTENSION QUESTIONS: Apple’s Cash Machine The Heelys Craze Flatpack Tractors Naked Pizza

Homework:

Homework help