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Marketing Mix
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
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
Product:Glossy, expensive-to-produce, Targeting 24year old women who like fashion and celebrities
Product:Glossy, expensive-to-produce, Targeting 24year old women who like fashion and celebrities
A-Z GCSE Worksheets: Building the Marketing Mix
EXTENSION QUESTIONS: Apple’s Cash Machine The Heelys Craze Flatpack Tractors Naked Pizza
Homework:
