MARKETING MIX

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  • Created by: _Holly98
  • Created on: 15-12-15 12:05

WHAT IS MARKETING

RIGHT PRODUCT 

RIGHT TIME 

RIGHT PLACE

MARKETING MIX = COMBINATION MARKETING DECISIONS THAT WILL INFLUENCE CUSTOMERS DECISION BUY PRODUCT

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PRODUCT

DESIGN / QUALITY / FEATURES

PHASE OF LIFE CYCLE IS IT IN 

EXISTING RANGE OR NEW

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PRICE

COST PRODUCE

COMPEITITION

PROFIT MARGIN 

CHARGE CUSTOMERS

TERMS OF PAYMENT

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PROMOTION

COMPANY COMMUNICATES INFO 

ABOVE LINE PROMOTION

  • BROADCAST MEDIA
  • PRINT MEDIA
  • ELECTRONIC MEDIA

BELOW LINE PRODUCTION

  • DIRECT MAIL
  • PERSONAL SELLING
  • PUBLIC RELATIONS
  • SALES PROMOTION
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PACKAGING

CONTAINS PROTECTS & PROMOTES PRODUCTS

SUCCESFUL PACKAGING - DISTINCTIVE / RECOGNISABLE WITH BRAND IMAGE 

RECENT INNOVATIONS INCLUE PUMP ACTION TOOTHPASTE

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PLACE

PRODUCT DISTRIBUTION

PRODUCERS

WHOLESALERS

RETAILERS

DIRECT SELLING

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PEOPLE

INVOLVED TRANSACTION

WAITER SKILLS INFLUENCE DECISION 

AFFECT PERCEPTION PRODUCT

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PROCESS

PROCESS BY PRODUCT

E.G. PAY PARK 

SHOP NO DEBIT CARDS

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PHYSICAL ENVIORNMENT

PHYSICAL PREMESIS 

DECORATION / ATMOPSHERE / DESIGN

AFFECT PERCEPTION BUSINESS PRODUCT OR BRAND

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CHANGES IN MARKETING MIX

PRODUCT NOT FIXED 

TO CHANGE INTERNAL / MARKET CONDITIONS CHANGE

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INTERNAL INFUENCES CHANGE MARKETING MIX

CHANGE FINANCIAL POSITION - AFFECT INVESTMENT 

CHANGES STAFF - NEW OPPURTUNITIES E.G. IMPROVE TEAM = GREATER PROMOTIONS CHARGE MORE

CHANGES OPERATIONS - GREATER EFFICENCIES LOWER PRICE - MORE INNOVATION = WIDER RANGE

CHANGE OBJECTIVES - NEW TARGETS - IMPLICATIONS E.G. HIGHER SALES

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EXTERNAL INFLUENCES MARKETING MIX

POLITICAL & LEGAL - EUROPEAN LEGISLATION AFFECT LABELLING

ECONOMIC - GROWING = HIGHER PRICE POSSIBLE

SOCIAL - GREATER ENVIORNMENT CONCERNS = CHANGE PRODUCTS PRODUCED

TECHNOLOGICAL - PEOPLE INTERNET = ONLINE PROMOTION - EFFECTIVE

COMPETITION - GREATER COMPETITIN BENEFITS ENHANCED TO MATCH OFFERS

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CONSUMER PRODUCTS

BOUGHT INDIVIDUALS TO CONSUMER OR GIVE OTHER CONSUME

TARGETING THOUSANDS CUSTOMERS

LARGE PROMOTIONAL - JUSTIFY NATIONAL ADVERTISING 

NOT PROFESSIONAL BUYERS - EFFECTED BRAND IMAGE / PACKAGING

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TYPES CONSUMER PRODUCT

CONVENIENCE - WIDELY DISTRIBUTED - WONT TRAVEL - NOT VERY BRAND LOYAL - ENSURE WIDELY AVALIABLE IMPORTANT SUCESS

SHOPPING - COMPARE FEATURES / PRICE - VISIT SEVERAL STORES DECIDING BRAND - COMPARE - IMPORANT SHOW BENEFITS

SPECIALITY - CONSIDERING MONTHS / YEARS - TRAVEL FAR - BRAND IMPORANT & PHYSICAL ENVIORNMENT 

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INDUSTRIAL PRODUCTS

USE OWN PROCESSES

BUYERS - LESS INTERESTED PACKAGING - MORE INTERESTED EVIDENCE TECHNICAL PERFORMANCE

UNDERSTAND REPRESENTATION VALUE FOR MONEY - HELP IMPROVE COMPETITIVENESS

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ANALYSIS PRODUCT DECISIONS

CORE BENEFIT - PROVIDES

TANGIBLE PRODUCT - FEATURES E.G. SPECIFICATION / RELIABILITY / DESIGN

AUGMENTED PRODUCT - REFERS EXTRAS E.G. BRAND NAME / DELIEVERY / GUARNTEE

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FEATURES PRODUCT

MANGERS WANT TO:

MONITOR PRORESS PRODUCTS CHANGE MARKETING MIX - PRODUCT LIFE CYCLE

OVERVIEW PRODUCTS FIT TOGETHER - DECIDE WHAT NEEDS INVESTMENT - PORTFOLIO ANAYLYSIS

WETHER DEVELOP NEW PRODUCTS AR MARKET CHANGES

DEVELOP BRAND PRODUCT

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PRODUCT LIFE CYCLE

DEVELOPMENT: INVESTMENT RESEARCH. NO SALES / NEGATIVE CASH FLOW

INTRO: LAUNCHED MARKET. SLOW SALES START - INVESTMENT REQUIRED PROMOTE PRODUCT - CASH FLOW NEGATIVE

GROWTH: SALES INCREASE QUICKLY - MANGERS INVESTING BUT CASH FLOW POSITIVE

MATURITY: GROWTH SALES SLOWS - COMPETITORS ENTERED MARKET - SALES HIGH JUST NOT INCREASING

DECLINE: SALES FALLING - NEW BETTER PRODUCT MARKET

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BOSTON MATRIX

DOGS: LOW SHARE SLOW GROWTH MARKET

CASH COWS: HIGH MARKET SHARE - GROWING SLOWLY - DONT NEED PROMOTING 

PROBLEM KIDS: FAST GROWTH - SMALL MARKET SHARE - MANAGERS INVEST PROTECT PRODUCT

STARS: FAST GROWTH - WELL MARKET SHARE - LEADING BRAND - INVEST PROMOTING / DISTRIBUTION STAY STARS

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VALUE BOSTON MATRIX

CATEGORISE PRODUCTS

ALL CASH COWS - WORRY FUTURE - SALES SLOW - INVEST 

PRODUCTS DOGS - WORRY LOW MARKET SHARE & GROWTH - TAKE ACTION

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ANALYSIS NEW PRODUCT DEVELOPMENT DECISIONS

MODIFY EXISTING PRODUCTS

END LIFE CYCLE

NEW OPPURTUNITIES

DESIRE BUILD STRENGTHS

ACHIEVE GROWTH / COMPETITORS DOING

MANY DONT MAKE PRODUCTION - NOT VIABLE

DONT SELL WELL - WITHDRAWN - MARKET NOT UNDERSTOOD WELL / COMPETITORS

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ANALYSING PRICING DECISIONS

P.E.D. INELASTIC INCREASE REVENUE = SMALL % FALL QUANTITY

ELASTIC - INCREASE REVENUE BY REDUCING PRICE

COST - ESTIMATE SALES DIFFERENT PRICES COMPARE EXPECTED COSTS

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INFLUENCES PRICING

PENETRATION PRICING - LOW PRICE GAIN MARKET SHARE - SUITABLE DEMAND ELASTIC

PRICE SKIMMING - HIGH PRICE PRODUCT LAUNCED - SUITABLE INELASTIC

DYNAMIC PRICING - PRICE CHANGING RAPIDLY RESPONSE CHANGING DEMAND

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ANALYSING PROMOTIONAL DECISIONS

TARGET AUDIENCE - VITAL UNDERSTAND

PROMOTIONAL BUDGET - HOW MUCH IS SPEND - PROMOTION EXPENSIVE

MESSAGE

TECHNOLOGY - PROMOTIOANL OPPURTUNITIES TURNING STRATEGIES. ASSESS EFFECTIVNESS CTRS

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ANALYSING BRANDING DECISIONS

BRAND REPRESENTS PROMISE PROVIDE SPECIFIC SET BENEFITS

VULNERABLE - SERIOUS DAMAGE CONFLICT VALUE

STRONG:

DEMAND LIKELY INELASTIC

BRAND AMBASSADORS - CONVINCE PEOPLE TRY IT

OPEN OTHER PRODUCTS

DIFFICULT OTHER BRANDS ENTER MARKET

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ANALYSING DISTRIBUTION DECISIONS

DEGREE COVERAGE - BROADER SPREAD MORE TO REACH

COSTS STRATEGIES - OWN NETWORK EXPENSIVE - ONLINE REACH GLOBAL

NATURE PRODUCT - LOW VALUE HIGH QUUANTITY USE INTERMEDIRIES WHOLESALES. CONVENIANCE SRPEAD WIDELY 

DEGREE CONTROL - INTERMEDIARY - BUSINESS GAIN OWNERSHIP

CUSTOMERS EXPECTED ACCESS PRODUCT

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