Marketing Mix

​MARKETING MIX

By Mr. Calvert

Marketing Mix

​Definition

The marketing mix is a marketing tool that is made up of the four Ps – product, price, place and promotion. For a successful marketing mix, all elements must work together effectively.

Multiple Choice

Which of the following is not a marketing aim and objective?

• Break-Even

• Improve Sales and Profitability

• Finding customers

• Developing new products

Multiple Choice

Which of the following statements about SWOT analysis is not true

• Brand recognition would be considered an WEAKNESS

• High customer satisfaction would be considered an STRENGTH

• Competition would be considered an THREAT

• The potential to create new products would be considered an OPPORTUNITY

Multiple Choice

Which of the following is NOT part of an PESTLE analysis

• Political

• Economic

• Social

• Time-based

Multiple Choice

Demographic segmentation involves

• Dividing customers by where they live

• Dividing customers by personality

• Dividing customers by likes/dislikes

• Dividing customers by characteristics, e.g. age, gender

Multiple Choice

Which of the following are not aspects of product development

• Branding

• Form and function

• Physical Environment

• Packaging

Open Ended

Can you remember what the 4 P's of the marketing mix were?

​The Marketing Mix

A marketing mix includes the four Ps: product, price, place, and promotion.

Effective marketing touches on a broad range of areas as opposed to fixating on one message.

Doing so helps reach a wider audience.

Focusing on all of the marketing mix helps organizations make strategic decisions when launching new products or revising existing products.

​The Marketing Mix

This focusses on activities to generate revenue for a company

Companies will build awareness, build customer loyalty and maintain high sales

The marketing mix is needed to create an effective marketing plan

​Product

This represents an good or service designed to satisfy customer needs and wants.

To effectively market a product or service it needs to be seen as better/different from your competitors.

It's also important to determine if other products or services can be marketed in conjunction with it.

​Price

The sale price of the product reflects what consumers are willing to pay for it.

Marketing professionals need to consider costs related to research and development, manufacturing, marketing, and distribution—otherwise known as cost-based pricing.

Pricing based primarily on consumers' perceived quality or value is known as value-based pricing.

​Place

When determining areas of distribution, it's important to consider the type of product sold.

Companies traditionally sold goods or services in an physical store.

However, companies now more and more sell their services in an online store.

​Promotion

Joint marketing campaigns are called a promotional mix.

Activities might include advertising, sales promotion, personal selling, and public relations.

One key consideration is the budget assigned to the marketing mix.

Marketing professionals carefully construct a message that often incorporates details from the other three Ps when trying to reach their target audience.

Categorize

Options (16)

CAR

CLOTHES

FURNITURE

ELECTRONICS

FOOD

TOYS

BOOKS

JEWELRY

HAIRCUT

CLEANING

PLUMBING

TUTORING

LANDSCAPING

COOKING

TRANSPORTATION

CONSULTING

Match the following into either good or service

Good

Service

Open Ended

Explain what you think Tesco's pricing strategy is and why they use it?

Categorize

Options (4)

Customers experiences great customer service

Can be inconvenient for customers

Open 24 hours a day, 7 days a week

Could be hard to convince customer of product quality

Match the factors

PHYSICAL SHOP BENEFITS

PHYSICAL SHOP NEGATIVES

ONLINE SHOP BENEFITS

ONLINE SHOP NEGATIVES

Open Ended

You open a coffee shop across the road from SFX College, which advertising method do you use and why?

​Extended Marketing Mix

Sometimes, the marketing mix can extend beyond the classic four Ps


These additional categories include people, physical evidence, and process.

People

In this way, people represent the employees who interact with customers.

A company may consider company culture as it relates to its brand strategy.

This may include customer relationship management (CRM), which aims to increase brand loyalty among customers.

Physical Evidence

Physical evidence might include the packaging or the layout of a physical store, which can reinforce a brand and create more value to the customer.

Processes

Finally, the process identifies areas, often from a logistical standpoint, that enable the customer to have the most seamless experience possible with a product or service.

This may include everything from delivery logistics and shipping to managing third-party retailers.