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L/O/G/O
Group Members:
Hamnah abid --- 324/F12
Anum zulfiquar --- 325/f12
Huma iqbal --- 328/f12
Zakia rehman --- 330/f12
Introduction
The Marketing Mix is one of two
interrelated components of
strategy
The Marketing Mix, more popularly
referred to as the 7Ps of Marketing is a
set of controllable and interrelated
variables
Marketing Mix strategy is choosing and implementing the
best possible course of action to attain the organization’s long-term objectives and
gain competitive edge.
It is composed of product, place, price and
promotions that a company assembles to satisfy a target group
better than it’s competitor.
Marketing Mix• The 7 P’s of Marketing are:• The primary goal of marketing is to optimize the
marketing mix, offering the best possible combination ofthe 7 P's to maximize the effectiveness of marketingefforts. The variables known as the 7 P's of the marketingmix are as follows:
Product
• Product is – The actually offerings – Product may be
• tangible (goods)• intangible (services)
• While formulating the marketing strategy, product include:
– Design– Technology– Usefulness– Convenience– Value– Quality– Packaging– Branding– Accessories– Warranties
Product
• Product Refers to:
– The questions related to the product such like:• What need does the service/product fulfill• What does the customer want from the
product/service?• What needs does it satisfy?• What features does it have to meet these needs?• Are you including costly features that the customer
won't actually use?• How and where will the customer use it?• What size(s), color(s), and so on, should it be?• How is it branded?• How is it differentiated versus your competitors?• How will your product/service differ from the
competition
Some Product Strategies
• Positioning compared with competitors
• Market (consumer) preferences
• Options and bundling
• Packaging
• Range of Products
Kotler suggested that a product should be viewed in three levels.
• Level 1: Core Product. What is the core benefit your product offers?.
• Level 2 Actual Product: All cameras capture memories. The aim is to ensure that your potential customers purchase your one.
• Level 3: Augmented product: What additional non-tangible benefits can you offer?
Process
The process of the product is essential in marketing. This determines the capability of the product to supply the
demand of the consumers.
• The actual procedures, mechanism and flow of activities by which serviceis delivered.
• Service process are complex and time consuming
Price
• Price is the process of determining that– What to charge for the product or service.
– The customers are willing and able to pay.
– Cost of production (time, labor, ingredients, packaging, advertising, etc.)
– Demand and Supply
• The end result is the price of the product or service.
Price• Price include:
– Price sensitivity– Value of goods– Discounts– Price Compare with Competitors– Profit – Forgo normal margins– Psychological – Competition– Bundle – Payment Plans
Place
• Place Refers to:– how & where you are going to sell the
product to the consumer
• There are two types of distribution:– Direct Distribution
• Selling your product directly to the consumer– Amazon.com, Ebay.com , ISPs
– Indirect Distribution• sold through a 3rd party
– Example: Cold Drinks producing companies
Place
Place Includes:• Distribution
• Channels
• Control issues
• Rationing
• Place of displaying
• Place of distribution
Place
• Place is where you are– going to locate in order to best reach your
target market• Example: Car Dealers
Some distribution/place strategies
• Offer exclusivity
• Co-operative advertising
• Offer Price protection
• Returns policies
Physical EvidencePhysical evidence is the first distinction of a product. A product could be easily recognized by it’s evidence.
The environment in which the servicesare assembled and
delivered.
Combined with tangible commodities that
facilities performance or communication
of service
Physical evidence include all tangible representations of services such as:
• Brochures• Letterhead
• Business cards• Report format
• Physical facilities
Promotion
• Promotion is – the actual marketing of the product or service
– the image portrayed.
– Advertising the product or
– making the customer aware of the product or service is involved in promotion. • Advertising can be done through
– public relations
– Media
– personal selling
Promotion
• Promotion includes:– Advertising
– Events
– Press releases
– Trade shows
– Brand awareness
– Brochures, datasheets
– Freebies
Promotion Mediums
• Television
• Radio
• Newspaper
• Telephone marketing
• Direct-mail
• Contests
• Free samples
• Coupons
• Rebates
• Magazine
• Outdoor
• Internet
• Transit
• Frequent purchaser programs
• Gifts
• Special events
• Buzz
Other Promotion Mediums
• Public-relations is free promotion generated by media coverage
• Personal selling – personal contact with the customers.
• Telemarketing– Inexpensive, but new laws restrict unsolicited phone calls
Some Promotion Strategies
• These are– Co-operative advertising
– Branding – define & build the brand(brand portfolio)
– Internet presence
– Follow-Up readiness
– Celebrity Promotion
Product, place and people are Considered as the strategic Ps of
marketing mix since they Cannot be changed overnight.
Promotions, price, process and physical
appearance are considered as the tactical
Ps of marketing mix because these can be
changed more easily.
Summary
The marketing mix of a company seldom stays the same
Marketers must therefore have a systematic way of reviewing what worked and why, what didn’t work and why.
Answering these queries are a prerequisite before planning what should be added or what should be dropped in order to attain, enhance or maintain competitive edge.
Conclusion
01• 7 P’s are interdependent
02• 7 P’s constitute your “Marketing Strategy”
03
• You can control these (independent variables)
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