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Marketing Mix P’s of Marketing Marketing Mix P’s of Marketing

Group Members:

Malik Umair Amin-026Muhammad Jazib-027Muhammad Nauman Sharif-028Zeeshan Ahmad-029

IntroductionIntroduction

To effectively market a product or service there are four things you need to get right: Product, Price, Place and Promotion.  The four elements should be viewed as one unit and structured to support each other; Otherwise a firm's marketing strategy will be confusing and uncoordinated. This presentation provides you with a quick introduction to each element.

Marketing MixMarketing Mix

• The 4 P’s of Marketing are:• The primary goal of marketing is to optimize the marketing mix, offering the

best possible combination of the four P's to maximize the effectiveness of marketing efforts. The variables known as the four P's of the marketing mix are as follows:

• Product • Price• Place• and Promotion

• A mix of the four is necessary to sell a product

ProductProduct

• 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 • 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 StrategiesSome 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?

Some Examples of ProductSome Examples of Product

Price 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.

PricePrice• Price include:

– Price sensitivity– Value of goods– Discounts– Price Compare with Competitors– Profit – Forgo normal margins– Psychological – Competition– Bundle – Payment Plans

Some ExamplesSome Examples

PlacePlace

• 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

PlacePlace

Place Includes:• Distribution• Channels• Control issues• Rationing• Place of displaying • Place of distribution

PlacePlace

• Place is where you are– going to locate in order to best reach your

target market• Example: Car Dealers

Some distribution/place strategiesSome distribution/place strategies

• Offer exclusivity • Co-operative advertising• Offer Price protection• Returns policies

PromotionPromotion

• 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

PromotionPromotion

• Promotion includes:– Advertising– Events– Press releases– Trade shows– Brand awareness– Brochures, datasheets– Freebies

Promotion Mediums Promotion Mediums

• Television• Radio• Newspaper• Telephone directory• Direct-mail• Contests• Free samples• Coupons• Rebates

• Magazine • Outdoor • Internet• Transit• Frequent purchaser

programs• Gifts• Special events• Buzz

Other Promotion Mediums 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 StrategiesSome Promotion Strategies• These are

– Co-operative advertising– Branding – define & build the brand(brand

portfolio)– Internet presence– Follow-Up readiness– Celebrity Promotion

ConclusionConclusion

• 4 P’s are interdependent

• 4 P’s constitute your “Marketing Strategy”

• You can control these (independent variables)

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Thank You!Thank You!