MARKETING-MIX.pdf

< Marketing Mix S M L XL Add to basket $20  Specific Objectives: 1. Recognize the importance of marketing mix in the development of marketing strategy. 2. Describe the Marketing Mix (7Ps) in...

< Marketing Mix S M L XL Add to basket $20  Specific Objectives: 1. Recognize the importance of marketing mix in the development of marketing strategy. 2. Describe the Marketing Mix (7Ps) in relation to the business opportunity vis- à-vis: Product; Place; Price; Promotion; People; Packaging; and Positioning. Marketing Mix - or 7P’s in Marketing - refers to a mode, means or tool used by the entrepreneur to position the product in the target market segment to efficiently and effectively deliver it to the consumer. 7 P’s in Marketing < 1. Product refers to the tangible goods or intangible service offered by the business to the target S M L XL market. Add to basket $50 7 P’s in Marketing < 1. Product Tangible product - can be defined as anything or any item that can be physically S M L XL touched, moved, manipulated, Add to basket picked up, weighed, or $50 measured. 7 P’s in Marketing < 1. Product Tangible product a. Consumer goods b. Business goods S M L XL Add to basket $50 7 P’s in Marketing < 1. Product Intangible product/service - are goods sold by a company that are not physical in S M L XL nature. Add to basket $50 7 P’s in Marketing < 1. Product Intangible product/service a. Consumer service salon, delivery, angkas S M L XL b. Professional service Add to basket engineering, accounting, $50 counselling, law firm 7 P’s in Marketing < 2. Place simply refers to the place where the target consumers are. S M L XL Add to basket $50 7 P’s in Marketing < 3. Price is the amount that the customer is willing to pay for the product. This helps determine the profit that can be generated. When setting a price S M L XL for the product, consider the Add to basket expenses on producing it, the price $50 ranges of competitors, and the perceived product value. Pricing approach: < a. Price skimming approach – the new product is highly priced when introduced in the market but gradually reduced as competitors S M L XL Add to basket increase. $50 Pricing approach: < b. Price penetration approach – in order to build a well-founded consumer base, the product introduced with a S M L XL Add to basket low price. $50 Pricing approach: < c. Cost- based model – in which the price is simply equal to the cost plus the desired profit margin. S M L XL Add to basket $50 Pricing approach: < d. Promotional Pricing – where products are sold at a lower price in a limited temporary period. S M L XL Add to basket $50 Pricing approach: < e. Odd-even Pricing – where products sold at prices that end in odd numbers or even numbers S M L XL Add to basket $50 Pricing approach: < f. Prestige Pricing – where products are purposely sold at a higher price in order to create a high or superior image. S M L XL Add to basket $50 7 P’s in Marketing < 4. Promotion - refers to the mode of conveying the presence and attributes of the product to S M L XL the target consumers. Add to basket $50 7 P’s in Marketing < 4. Promotion a. Advertising Radio, television, print, S M L XL electronic, word of mouth Add to basket $50 7 P’s in Marketing < 4. Promotion b. Publicity c. Personal selling S M L XL Add to basket $50 7 P’s in Marketing < 4. Promotion d. Sales promotion Free gifts, free samples, free trials, customer contest, S M L XL special pricing Add to basket $50 7 P’s in Marketing < 5. People - refers to individual employees or workers who are directly involved in the S M L XL production, marketing, and Add to basket sale of the product or service. $50 7 P’s in Marketing < 6. Packaging - refers to the process of putting the product in a package or container. This include choices on material S M L XL used for the container, the label Add to basket and product information printed $50 on the package. 7 P’s in Marketing < 5 functions of Packaging 1. Protection S M L XL 2. Containment Add to basket $50 7 P’s in Marketing < 5 functions of Packaging 3. Information S M L XL 4. Utility of use Add to basket $50 5. Promotion 7 P’s in Marketing < 5 Packaging Decisions 1. Packaging concept This defines what the package should be or do for the particular product in terms of S M L XL size, shape, materials, color, text, andAdd to basket brand mark and tamperproof ability. $50 7 P’s in Marketing < 5 Packaging Decisions 2. Engineering tests This will ensure that the package stands up under S M L XL normal conditions Add to basket $50 7 P’s in Marketing < 5 Packaging Decisions 3. Visual tests This is to ensure that the script is legible and colors S M L XL are harmonious Add to basket $50 7 P’s in Marketing < 5 Packaging Decisions 4. Dealer tests This is to ensure that the dealers find the packages S M L XL attractive and easy to Add to basket handle $50 7 P’s in Marketing < 5 Packaging Decisions 5. Consumer tests: This is to ensure favorable consumer response S M L XL Add to basket $50 7 P’s in Marketing < 7. Positioning - refers to the place occupied by the product in the minds of the consumers. It is a marketing S M L XL Add to basket strategy that defines the target $50 consumers. Generalization < 1. What are the different marketing mix? 2. What pricing approach will you use when you introduce your product in the market? Why? S M L XL 3. What kind of promotion will you use Add to basket when you introduce your product in the $50 market? Why?  Performance task #1 Group Activity: Create a product that the group want to sell in the market  Performance task #2 Group Activity: Create a 60 seconds television advertisement of your product and perform it in the class.  Performance task #3 Group Activity: Create a packaging for your product. CRITERIA: Content 10 Presentation 10 Organization 10 Total 30