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8/13/2019 Additional Slides on Ps of Marketing
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THE 5 P'S OF MARKETING
The Marketing Mix
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About Marketing MixThe marketing mix is probably the most famous marketingterm. Its elements are the basic, tactical components of amarketing plan.
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The Marketing Mix-The 5 P's
Product Price Place (distribution)
Promotion People
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People are your strongest centralingredient of you marketing mix. Internally,you and your employees are brandambassadors for your product or service.
People- When referred to as an element in themarketing mix, this 5th P refers to how your level of
service and the expertise and skills of the peoplewho work for you can be used to set you apart fromyour competitors. The truth is, marketing has to becustomer centric, and although the customer is whatcompletes the adjoining sales cycle, it is also thecustomer that drives the entire marketing mix.
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Basically, the entire process starts and stops withthe customer.
People are your strongest centralingredient of you marketing mix. Internally, youand your employees are brand ambassadors foryour product or service.
Two way communication can help buildrelationships with customers and result in moreclosed sales. Even if u have small operations
customer support is fairly easy to implement.
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People
People decisions are those related to customerservice. In order to market effectively, people arean essential part of the equation.
The company hires and train staffs that wouldrepresent their company to the market.Recruiting the right staff and training themappropriately in the delivery of their service isessential if the organization wants to obtain aform of competitive advantage.
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Contd
People are the most important element of anyservice or experience. Services tend to beproduced and consumed at the same moment,and aspects of the customer experience are
altered to meet the 'individual needs' of theperson consuming it. some ways in which people add value to an
experience, as part of the marketing mix -
training, personal selling and customer service.
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Contd
Training: All customer facing personnel needto be trained and developed to maintain ahigh quality of personal service.
Personal Selling: The salesperson buildsgoodwill with customers with the longer-termaim of generating orders.
Customer Service: Many products, servicesand experiences are supported by customerservices teams.
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'People' as part of the marketing mix: People How your level of service and the people
who will provide that service will be used in
marketing your products or services to thecustomer. Who are the people that will be providingthis service and what kind of training will theyreceive.
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Marketing Mix
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Marketing theorists like booms and Bitners haveadded a 5th P of marketing to the elements of themarketing mix: People- When referred to as anelement in the marketing mix, this 5th P refers tohow your level of service and the expertise andskills of the people who work for you can be used to
set you apart from your competitors. The truth is,marketing has to be customer centric, and althoughthe customer is what completes the adjoining sales
cycle, it is also the customer that drives the entiremarketing mix. Basically, the entire process startsand stops with the customer.
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The Power of the Fifth P
When the importance of employees to brandmarketing is ignored, the cost is huge. The name ofthe game for any brand manager today is inducingthe customer with a view to establishing a long-term relationship.
people have become the most importantcomponent in the marketing mix. Social networksare largely driven by the people who use them, and
these people are discussing the business,
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Comparison-To Prove
Fast Food: Relative importance of people and four other factors inlikelihood of a consumer choosing a fast-food restaurant again
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Airlines: Relative importance of people, promotion and place inlikelihood of a consumer choosing an airline again
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Summary of Marketing Mix Decisions People:- Appearance, Service, Uniforms,
Attitude, Patience, responsive, willing full,time conscious, dynamic, exception
Job allocation/marketing plan/staff interaction
so that consumers have good judgment &perception. Performance/reliability/responsibility/quality/
value/satisfaction/feedback/measure success &controland budget.
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Contd Without people no one to listen, cater, engage
with or sell to / no profits/salaries. Just remember first impression counts. Willpower is the key to success. Nothing stops an organisation faster than people
who believe that the way you worked yesterday isthe best way to work tomorrow.
Believe and be yourself and striveNo matter what happens .
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Promotion
Generally, is communicating with the
public in an attempt to influencethem toward buying product orservices
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What is Promotion
It is one of the element of Marketing Mix orfour Ps.The concept begun in 1953 coined byMr. Neil Borden in his American MarketingAssociation presidential address
Product Price Promotion Place
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Promotion
Basically it is related to retail business as wellas service sectors
It is an activity such as sale or advertisingcampaign designed to increase sales ofproduct or service
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Promotion Period
Annually Semiannually
Seasonally
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Contd,
To stimulate the customer To acquire new customer
To bring back the old customer
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Promotion
Marketing team Sales team
Advertising team Are responsible for promotional program
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Main Considerations
Budget Outcome of the promotion
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Forms of Promotion
Raffle Coupons Scratch & Win Coupons (Instant Price) Buy one Get one free Air Mails Discounts on certain amount of purchase Free service post sales Attributes Free other products with prime
product
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Promotional Mix
Advertising Personal Selling
Sales Promotion Direct Marketing Internet Marketing
Publicity
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Promotional Objectives
Sales Targets Increase Market Share
Awareness Information Retain the brand name forever in customers
mind like Lux, Colgate Britania etc
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Advertising Media
Television Radio
Magazines Newspapers Direct Mails
Banners Billboards
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Promotion
In order to bring attention of the people &creating awareness, information is veryimportant
It is medias significant activity Therefore your advertisement should be very
promising
Factual information Should not be overstated
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Conclusion
Promotions should be done in ethical manner Reimburse incentives /rewards /gifts promptly
Winner information should be provided forevery buyer