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This is a guest lecture I prepared for UC Santa Barbara Extension course, "Strategic Business Development for the Global Marketplace." It provides an overview of the traditional 4P's of Marketing -- Product, Price, Place, and Promotion -- along with a discussion of Brian Solis's suggested 5th P: people. Features embedded videos with real world examples of each P plus some humorous clips to balance out the academic content. For some reason the embedded YouTube videos don't want to play, nor does the link under each one work. So, to facilitate your ability to watch the videos in this presentation, here is a list of them with a link to each: 1. BUSAD X411.1: Marketing Mix -- Product (GoGurt): http://youtu.be/rw9mro2vOpg 2. BUSAD X411.1: Marketing Mix -- Pricing (Smashburger): http://youtu.be/xwjjEHlzSgk 3. BUSAD X411.1: Marketing Mix -- Place (Stew Leonard's): http://youtu.be/YLTi0wfPJJQ 4. BUSAD X411.1: Marketing Mix -- Promotion (Nestle): http://youtu.be/YjUrP05tRp0
Citation preview
Mixiplicity: The 4P’s of Your Marketing
MixMatthew A. Gilbert, MBA
matthewagilbert.com | @MatthewAGilbert
May 2014
Matt
hew
A.
Gil
bert
, M
BA
Mix
ipli
city
: T
he 4
P’s
of
You
r M
ark
eti
ng
Mix
1
Welcome• Learning Objectives.
• Product
• Price
• Place
• Promotion
• The “5th P”
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Gil
bert
, M
BA
This Presentation Was Adapted In Part from Principles of Marketing (14th Edition) by Philip Kotler and Gary Armstrong
Product
• Product: Anything offered in a market for attention,
acquisition, use, or consumption to satisfy a need or
want.
• Good: A durable or non-durable object that can be
physically used by the consumer immediately after its
purchase.
• Service: Activities, benefits or satisfaction that is
intangible and does not result in the ownership of
anything.
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Gil
bert
, M
BA
Product
• Consumer Product Types
• Convenience products
• Newspapers, Candy, Fast food
• Shopping products
• Furniture, Cars, Appliances
• Specialty products
• Medical services, Designer clothes, High-end electronics
• Unsought products
• Life insurance, Funeral services, Blood donations 4
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Gil
bert
, M
BA
Product
• Industrial Product Types
• Capital items
• Industrial products that aid in the buyer’s production or
operations
• Materials and parts
• Raw materials, manufactured materials and parts
• Usually sold directly to industrial users
• Supplies and services
• Operating supplies, repair and maintenance items, business
services
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BA
Product
• Experiences: Represent what buying the product or
service will do for the customer.
• Word of Mouth Marketing: Passing along of
experiences and information about a product from one
consumer to another.
• Buyer’s Remorse: A sense of regret after making a
purchase.
• Social Media: Empowering the customer; increases
quality.6
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Matt
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A.
Gil
bert
, M
BA
Product• Individual Product and Service Decisions
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Product• GoGurt
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Matt
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Gil
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, M
BA
BUSAD X411.1: Marketing Mix -- Product (GoGurt): http://youtu.be/rw9mro2vOpg
Price• Price: The sum of all the values consumers give up in
order to gain the benefits of having or using a product
or service.
• Price is the only element in the marketing mix that
produces revenue; all other elements represent costs.
• Before setting prices, the marketer must understand the
relationship between price and demand for its products
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, M
BA
Price• Elasticity of Demand: Response to a change in price.
• Inelastic demand occurs when demand hardly changes
when there is a small change in price
• Elastic demand occurs when demand changes greatly for
a small change in price
Price elasticity of demand =
% change in quantity demand
% change in price
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, M
BA
Price
• New-Product Pricing Strategies
• Market-skimming pricing
• Market- penetration pricing
• Product Mix Pricing Strategies
• Product line pricing
• Optional-product pricing
• Captive-product pricing
• Product bundle pricing 11
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Price
• Price Adjustment Strategies
• Discount and allowance pricing
• Segmented pricing
• Psychological pricing
• Reference prices
• Promotional pricing
• Geographical pricing 12
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Gil
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, M
BA
Price• Smashburger
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Matt
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A.
Gil
bert
, M
BA
BUSAD X411.1: Marketing Mix -- Pricing (Smashburger): http://youtu.be/xwjjEHlzSgk
Worksheet
• Product and Price
• Complete individually
(5 minutes)
• Discuss as a class
(5 minutes)
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Place
• Place: The distribution channels through which a product
or service is made available to consumers to purchase.
• Supply Chain Management: The process of managing
upstream and downstream value-added flows of materials, final
goods, and related information among suppliers, the company,
resellers, and final consumers.
• Impact of the Internet: The Internet is a distribution channel;
consider its impact on the music industry as a means of music
distribution (e.g. no more – or very few -- physical music stores).15
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Place
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• Number of Channel Levels
Place
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• Multichannel Distribution System
Place• Stew Leonard’s
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BUSAD X411.1: Marketing Mix -- Place (Stew Leonard's): http://youtu.be/YLTi0wfPJJQ
Promotion
• Promotion: The specific blend of advertising, public
relations, personal selling, and direct-marketing tools
that the company uses to persuasively communicate
customer value and build customer relationships.
• Advertising: Any paid form of non-personal presentation
and promotion. Reaches masses of geographically
dispersed buyers at a low cost per exposure, and it
enables the seller to repeat a message many times 19
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BA
Promotion
• Direct Marketing: Making direct connections with
carefully targeted consumers through the use of direct
mail, telephone, direct-response television, e-mail, and
the Internet.
• Personal Selling: Personal presentation by the firm’s
sales force to prospective customers. Good for building
buyers’ preferences, convictions, actions, and developing
customer relationships.
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Promotion
• Integrated marketing communications:
Integration of a company’s channels to deliver a clear,
consistent, and compelling message about the
organization and its brands.
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Break• 15 minutes
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Promotion
• Public Relations: Building good relations with the
company’s various publics.
• Sales Promotion: A short-term incentive to
encourage a purchase or sale.
• Social Media: Reach customers and track results in
real time; empowering marketers and consumers alike. 23
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Promotion• Nestlė
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Gil
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, M
BA
BUSAD X411.1: Marketing Mix -- Promotion (Nestle): http://youtu.be/YjUrP05tRp0
Worksheet
• Place and Promotion
• Complete individually
(5 minutes)
• Discuss as a class
(5 minutes)
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The 5th P• Brian Solis: People are the
5th P.
• “If we visit the traditional
4P’s of marketing…the key
ingredient of favorable
engagement and business
outcomes is the very thing
that’s been missing all
along, People – you, me and
the individuals who invest in
products and sometimes the
brands behind them.” 26
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Source: http://www.briansolis.com/2011/10/we-are-the-5th-p-people/
Global Marketing Quiz
• 20 minutes to take
in small groups.
• 10 minutes to grade
another group’s
answer sheet.
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BA
Class Evaluations
• Complete the class evaluations.
• A Hero (Volunteer) shall rise!
• Your input is essential.
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BA
Parting Words
• “The aim of marketing is to know and understand the
customer so well the product or service fits him and
sells itself.” -- Peter Drucker
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