Building a Successful Marketing Mix

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Building a Successful Marketing Mix. Unit 3 Topic 3.1.2. Aim for today. To understand the role of balancing the 4Ps in managing the marketing mix. Podcast The Marketing Mix. - PowerPoint PPT Presentation


<ul><li><p>Building a Successful Marketing Mix</p><p>Unit 3 Topic 3.1.2</p></li><li><p>Aim for todayTo understand the role of balancing the 4Ps in managing the marketing mix.</p><p>Podcast </p></li><li><p>The Marketing MixThe Marketing Mix is a combination of factors that help businesses sell its products</p><p>The marketing mix is made up of the 4 PsProductPricePlace Promotion </p></li><li><p>Marketing MixNeil H.Borden</p></li><li><p>1. ProductA product is a good or service producedby a business. </p><p>To be successful, the PRODUCT must meet customer needs. It must do what it says, have the appropriate specifications and be appealing (where design/looks are important). </p></li><li><p>Task 1: Heinz BeansList everything you know about Heinz Baked Beans.Product: High quality Haricot BeansFormula: Unique tomato sauce formula (updated to meet changing consumer needs) reduced sugar &amp; salt, micropots, meatballs, organic beanz.Name: 2004 Heinz Baked Beanz then 2008 changed to Heinz Beanz. Label: Changed to highlight nutritional benefits.Varieties: Adapted for different countries </p></li><li><p>Heinz through the years</p></li><li><p>Heinz Packaging Innovation North America: The Heinz Dip &amp; Squeeze for the foodservice industry makes eating on-the-go more fun and convenient.In the U.K., Australia, Indonesia &amp; New Zealand, Heinz are converting to lighter-weight cans for products such as beans and soups. In China, infant food jars are wrapped in paper sleeves, a more environmentally friendly alternative to plastic shrink-wrap.</p></li><li><p>2. PriceThe price of a product must reflect the value customers place on it. No matter how good the product is, it is unlikely to succeed unless the price is right. PRICING can also be used as a strategy to build reputation and attract customers. Brands can be sold at a premium price. Why?</p></li><li><p>Task 2: Price arrange these products in order from lower to higher AsdaTescoStaplesVIKING WH Smith Xerox </p></li><li><p>How many did you get?Asda 1.94Tesco- 2.18Staples 2.99VIKING 2.99WH Smith - 5.99Zerox - 8.49</p></li><li><p>Brands attract a premium as:Cost of product is usually higher;Cost of marketing is higher ad campaigns &amp; other promotions used to support big brands.Higher price suggests to consumers that it is higher quality;Higher prices allow the business owning the brand to make more profit. </p></li><li><p>3. PlacePlace is about how products are distributed from producers to consumers. It involves ensuring that goods/services are available to customers where and when they want them.</p></li><li><p>Place distribution channelsDistribution channels can be direct or indirect.Wholesalers can sell their products to retailers who then sell them to consumer. The fastest channel and often the cheapest for the consumer is where manufacturers sell directly to the customer, this is more common due to the growth of the internet.</p><p>TASK: Identify 2 products that use direct and indirect distribution methods and explain why the method is suitable.</p></li><li><p>4. Promotion Promotion is the communication between businesses and customers.</p><p>It informs customers about the product, where it is, what it does and persuades them to buy it.</p><p>Task: Create a 30 second radio ad to promote a new brand of Dog Food.</p></li><li><p>Promotions Promotions methods include:Personal SellingSales PromotionPublic RelationsDirect MailTrade Fairs and ExhibitionsAdvertisingSponsorship</p><p>Task: For every method, identify two businesses that use that type of promotion. </p></li><li><p>InformativePersuasiveGeneric advertise an industry or business rather than a specific product </p></li><li><p>TV advertising costs</p></li><li><p>Other advertising costs </p></li><li><p>Advertising &amp; the lawAds must be legal, decent &amp; honest &amp; truthful. They are controlled by the ASA and Ofcom .</p></li><li><p>Sales promotions </p></li><li><p>Sales promotion methodsIn your groups, find 3 promotions that Asda or Ikea are currently running. </p></li><li><p>Packaging can also used as a method of promotion </p></li><li><p>Packaging task</p></li><li><p>Paired Task Think of a product that you always use no matter if the competitions product is cheaper.</p><p>Why do you do insist on the original product?</p></li><li><p>Marketing Summary The most important thing about marketing is anticipating and fulfilling customer needs. This is called consumer-orientation. To identify these needs, businesses carry out extensive market research.The marketing mix encourages businesses to consider customer needs when developing products. The mix is made up of 4 Ps but often extended to the 7Ps (people, physical resources &amp; processes).</p></li><li><p>Revisiting the AimWhy is it important for do businesses to balance the 4Ps of the marketing mix?</p></li><li><p>Analyse KFCs marketing mix </p></li><li><p>Continue working on 1 of the 3 independent study options</p><p>*Differentiation Branding Packaging Market mappingPremium pricing PerceptionBrand loyalty</p><p>*</p></li></ul>


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