MARKETING MIX.pptx

7/29/2019 MARKETING MIX.pptx

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CONCEPT OF MARKETING MIX


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Marketing strategy and the marketing mix:

The strategic plan defines the companys overall

mission & objectives.

Marketing role and activities are shown in fig 2.4

(POM), which summarizes the major activitiesinvolved in managing a customer drivenmarketing strategy & marketing mix.

Customer stands in the center. The goal is tocreate value for customers & build strong &profitable customer relationship.


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Next comes marketing strategy. The companydecides which customers it will serve

(segmentation & targeting), & how it will servethem (differentiation & positioning).

Guided by marketing strategy, the companydesigns an integrated marketing mix made up offactors under its control- product, price, place &promotion (the four Ps).


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Customer-Driven Marketing Strategy:

Companies know that they can not profitably

serve all consumers in a given market- at leastnot all consumers in the same way.

Thus each company must divide up the totalmarket, choose the best segment & designstrategies for profitably serving chosensegments.

This process involves market segmentation,target marketing, differentiation & marketpositioning.


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Market segmentation:

Consumers can be grouped and served in various waysbased on geographic, demographic, psychographic, &

behavioral factors. The process of dividing a market into distinct groups

of buyers who have different needs, characteristics orbehaviors, who might require separate products ormarket programs is called market segmentation.

Market Targeting:

Market targeting involves evaluating each marketsegments attractiveness & selecting one or moresegment to enter.

A company with limited resources might decide toserve only one or a few special segments or marketniches.


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Market Differentiation & Positioning:

Positioning: arranging for a product to occupy a

clear, distinctive, & desirable place relative tocompeting products in the minds of targetconsumers.

Differentiation: Actually differentiating themarket offering to create superior customer value.


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Developing an Integrated Marketing mix

The marketing mixis the set of controllable,

tactical marketing tools that the firm blends toproduce the response it wants in the targetmarket.

It constitutes four Ps:product, price, place &promotion.


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Target

Customers

Intended

Positioning

ProductVarietyQuality

DesignFeatures

Brand NamePackaging

Service

PriceList priceDiscounts

AllowancesPayment

periodCredit terms

PromotionAdvertising

Personal SellingSales promotionPublic relation

PlaceChannelsCoverage

AssortmentsLocationsInventory

TransportationLogistics

Documents

MARKETING MIX.pptx