Date post: | 29-Nov-2014 |
Category: |
Business |
Upload: | matthew-gilbert |
View: | 810 times |
Download: | 0 times |
Mixiplicity: The 4P’s of Your Marketing
MixMatthew A. Gilbert, MBA
matthewagilbert.com | @MatthewAGilbert
May 2014
Matt
hew
A.
Gil
bert
, M
BA
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
1
Welcome• Learning Objectives.
• Product
• Price
• Place
• Promotion
• The “5th P”
2
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
This Presentation Was Adapted In Part from Principles of Marketing (14th Edition) by Philip Kotler and Gary Armstrong
Product
• Product: Anything offered in a market for attention,
acquisition, use, or consumption to satisfy a need or
want.
• Good: A durable or non-durable object that can be
physically used by the consumer immediately after its
purchase.
• Service: Activities, benefits or satisfaction that is
intangible and does not result in the ownership of
anything.
3
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Product
• Consumer Product Types
• Convenience products
• Newspapers, Candy, Fast food
• Shopping products
• Furniture, Cars, Appliances
• Specialty products
• Medical services, Designer clothes, High-end electronics
• Unsought products
• Life insurance, Funeral services, Blood donations 4
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Product
• Industrial Product Types
• Capital items
• Industrial products that aid in the buyer’s production or
operations
• Materials and parts
• Raw materials, manufactured materials and parts
• Usually sold directly to industrial users
• Supplies and services
• Operating supplies, repair and maintenance items, business
services
5
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Product
• Experiences: Represent what buying the product or
service will do for the customer.
• Word of Mouth Marketing: Passing along of
experiences and information about a product from one
consumer to another.
• Buyer’s Remorse: A sense of regret after making a
purchase.
• Social Media: Empowering the customer; increases
quality.6
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Product• Individual Product and Service Decisions
7
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Product• GoGurt
8
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
BUSAD X411.1: Marketing Mix -- Product (GoGurt): http://youtu.be/rw9mro2vOpg
Price• Price: The sum of all the values consumers give up in
order to gain the benefits of having or using a product
or service.
• Price is the only element in the marketing mix that
produces revenue; all other elements represent costs.
• Before setting prices, the marketer must understand the
relationship between price and demand for its products
9
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Price• Elasticity of Demand: Response to a change in price.
• Inelastic demand occurs when demand hardly changes
when there is a small change in price
• Elastic demand occurs when demand changes greatly for
a small change in price
Price elasticity of demand =
% change in quantity demand
% change in price
10
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Price
• New-Product Pricing Strategies
• Market-skimming pricing
• Market- penetration pricing
• Product Mix Pricing Strategies
• Product line pricing
• Optional-product pricing
• Captive-product pricing
• Product bundle pricing 11
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Price
• Price Adjustment Strategies
• Discount and allowance pricing
• Segmented pricing
• Psychological pricing
• Reference prices
• Promotional pricing
• Geographical pricing 12
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Price• Smashburger
13
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
BUSAD X411.1: Marketing Mix -- Pricing (Smashburger): http://youtu.be/xwjjEHlzSgk
Worksheet
• Product and Price
• Complete individually
(5 minutes)
• Discuss as a class
(5 minutes)
14
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Place
• Place: The distribution channels through which a product
or service is made available to consumers to purchase.
• Supply Chain Management: The process of managing
upstream and downstream value-added flows of materials, final
goods, and related information among suppliers, the company,
resellers, and final consumers.
• Impact of the Internet: The Internet is a distribution channel;
consider its impact on the music industry as a means of music
distribution (e.g. no more – or very few -- physical music stores).15
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Place
16
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
• Number of Channel Levels
Place
17
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
• Multichannel Distribution System
Place• Stew Leonard’s
18
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
BUSAD X411.1: Marketing Mix -- Place (Stew Leonard's): http://youtu.be/YLTi0wfPJJQ
Promotion
• Promotion: The specific blend of advertising, public
relations, personal selling, and direct-marketing tools
that the company uses to persuasively communicate
customer value and build customer relationships.
• Advertising: Any paid form of non-personal presentation
and promotion. Reaches masses of geographically
dispersed buyers at a low cost per exposure, and it
enables the seller to repeat a message many times 19
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Promotion
• Direct Marketing: Making direct connections with
carefully targeted consumers through the use of direct
mail, telephone, direct-response television, e-mail, and
the Internet.
• Personal Selling: Personal presentation by the firm’s
sales force to prospective customers. Good for building
buyers’ preferences, convictions, actions, and developing
customer relationships.
20
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Promotion
• Integrated marketing communications:
Integration of a company’s channels to deliver a clear,
consistent, and compelling message about the
organization and its brands.
21
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Break• 15 minutes
22
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Promotion
• Public Relations: Building good relations with the
company’s various publics.
• Sales Promotion: A short-term incentive to
encourage a purchase or sale.
• Social Media: Reach customers and track results in
real time; empowering marketers and consumers alike. 23
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Promotion• Nestlė
24
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
BUSAD X411.1: Marketing Mix -- Promotion (Nestle): http://youtu.be/YjUrP05tRp0
Worksheet
• Place and Promotion
• Complete individually
(5 minutes)
• Discuss as a class
(5 minutes)
25
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
The 5th P• Brian Solis: People are the
5th P.
• “If we visit the traditional
4P’s of marketing…the key
ingredient of favorable
engagement and business
outcomes is the very thing
that’s been missing all
along, People – you, me and
the individuals who invest in
products and sometimes the
brands behind them.” 26
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Source: http://www.briansolis.com/2011/10/we-are-the-5th-p-people/
Global Marketing Quiz
• 20 minutes to take
in small groups.
• 10 minutes to grade
another group’s
answer sheet.
27
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Class Evaluations
• Complete the class evaluations.
• A Hero (Volunteer) shall rise!
• Your input is essential.
28
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA
Parting Words
• “The aim of marketing is to know and understand the
customer so well the product or service fits him and
sells itself.” -- Peter Drucker
29
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
Matt
hew
A.
Gil
bert
, M
BA