MARKETING SESSION 2 (2).pdf

MARKETING MIX  01 02 What is Marketing Mix? Product 03 04 Table of Price place contents 05 06 Promotion People 07...

MARKETING MIX  01 02 What is Marketing Mix? Product 03 04 Table of Price place contents 05 06 Promotion People 07 08 Process Physical Evidence MARKETING MIX Marketing Mix is a set of marketing tool or tactics, used to promote a product or services in the market and sell it. It is about positioning a product and deciding it to sell in the right place, at the right price and right time.  A product is a commodity, produced or built to satisfy the need of an individual or a group. The product can be intangible or Product tangible as it can be in the form of services or goods. It is important Service to do extensive research before developing a product as it has a fluctuating life cycle, from the growth phase to the maturity phase to the sales decline phase.  It should create an impact in the mind of the customers, which is exclusive and different from the competitor’s product. There is an old saying stating for marketers, “what can I do to offer a better product to this group of people than my competitors”. This strategy also helps the company to build brand value. https://youtu.be/n0lik2_l3aQ?feature=shared Social need that focus on affiliation  Price is a very important component of the marketing mix definition. The price of the product is basically the amount that a customer pays for to enjoy it. Price is the most critical element of a Price marketing plan because it dictates a company’s survival and profit. Adjusting the price of the product, even a little bit has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product in the market. Things to keep on mind while determining the cost of the product are, the competitor’s price, list price, customer location, discount, terms of sale, etc.,  Placement or distribution is a very important part of the marketing mix strategy. We should position and Place distribute our product / price in a place that is easily accessible to potential buyers/customers. Place  It is a marketing communication process that helps the company to publicize the product and its features to the public. It is the most expensive and Promotion essential components of the marketing mix, that helps to grab the attention of the customers and influence them to buy the product. Most of the marketers use promotion tactics to promote their product and reach out to the public or the target audience. The promotion might include direct marketing, advertising, personal branding, sales promotion, etc. https://youtu.be/sbFvOzdxmfk?feature=shared The promotion might include direct marketing, advertising, personal branding, sales promotion, etc. https://youtu.be/LcZzX8O3-iw?feature=shared The promotion might include direct marketing, advertising, personal branding, sales promotion, etc. https://youtu.be/-ipCLekh2ZU?feature=shared https://youtu.be/oIe_4eocyRo?feature=shared  7PS People in Marketing Mix: The company’s employees are important in marketing because they are the ones who deliver the service to clients. It is important to hire and train the right people to deliver superior service to the clients, whether they run a support desk, customer service, copywriters, programmers…etc. It is very important to find people who genuinely believe in the products or services that the particular business creates, as there is a huge chance of giving their best performance. Adding to it, the organisation should accept the honest feedback from the employees about the business and should input their own thoughts and passions which can scale and grow the business. Process in Marketing Mix: We should always make sure that the business process is well structured and verified regularly to avoid mistakes and minimize costs. To maximise the profit, Its important to tighten up the enhancement process. Physical Evidence in Marketing Mix: In the service industries, there should be physical evidence that the service was delivered. A concept of this is branding. For example, when you think of “fast food”, you think of KFC. When you think of sports, the names Nike and Adidas come to mind.  Assignment PRODUCT Features: o State-of-the-art equipment o Diverse group classes (e.g., yoga, spinning, HIIT) o Certified personal trainers o On-site locker rooms and showers o Wellness services (e.g., nutrition counseling, massage therapy) Benefits: o Comprehensive fitness solutions in one location o Personalized workout plans and expert guidance o Convenient facilities and services Unique Selling Proposition (USP  Assignment PRICE Pricing Strategy: Competitive pricing with flexible membership options to attract various segments of the market. Membership Tiers: Basic Membership: Access to gym equipment and standard classes. ($30/month) Premium Membership: Includes all classes, personal training sessions, and wellness services. ($60/month) Family Membership: Discounted rates for multiple family members. ($90/month for up to 4 members) Introductory Offer: 1-month free trial for new members. Referral Program: Members receive a discount on their next month’s fee for every new member they refer. Payment Terms: Monthly, quarterly, and annual payment options. No contract options with a slightly higher monthly rate.  Assignment Place Location: ○ Primary Location: Conveniently located in a high-traffic area with ample parking. ○ Online Presence: Membership sign-up and class scheduling available through the gym’s website and mobile app. Distribution Channels: ○ Physical: Walk-ins are welcome; guided tours and free trial days for potential members. ○ Digital: Online booking for classes and personal training sessions, virtual tours of the gym.  Assignment Promotions : Promotional Strategies: ○ Advertising: Local advertising in newspapers, radio, and online ads targeting the local community. ○ Social Media: Active presence on platforms like Instagram and Facebook, showcasing member success stories, workout tips, and class schedules. ○ Events: Open house events, fitness challenges, and community wellness workshops. ○ Content Marketing: Blog posts and videos featuring workout routines, nutrition advice, and member testimonials. Sales Promotions: ○ Seasonal Discounts: Special promotions during New Year and summer to attract new members. ○ Corporate Partnerships: Discounted memberships for employees of local businesses. THANK YOU