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Marketing Mix: The 7Ps of MarketingProductTo satisfy the needs and wants of the target market.

PlaceTo make the product conveniently available to the target market consistent with their purchasing pattern.

PromotionsTo build and improve consumer demand. Promotions has four components called the Promotions Mix as follows:

Advertising to effectively inform and persuade the target marketPublic Relations to offer a positive image of the company and the brandSelling to get the customers buySales Promotions to convince customers to buy immediately

PriceTo make the product affordable to the target market and reflect the value of benefits provided.

Marketing PlanThe marketing mix is actually the heart of an important company document called the marketing plan, which outlines how the company intends to grow in the marketplace and win against competition.The marketing plan is usually formulated annually, but results are reviewed monthly.

4Ss in Marketing PlanThe marketing mix can change over time. However, all marketing programs must be able to meet the 4 basic criteria to be considered a diligently through-out campaign

Sufficiency the marketing mix must be able to adequately meet the defined marketing objectives. This means ambitious growth objectives would naturally need the corresponding heavier investment in marketing support programs.ProcessThe process of the product is essential in marketing. This determines the capability of the product to supply the demand of the consumers.

Product, place and people are considered as the strategic Ps of marketing mix since they cannot be changed overnight.Promotions, price, process and physical appearance are considered as the tactical Ps of marketing mix because these can be changed more easily.

Marketers of consumer packaged goods such as food and personal care products sold in supermarkets would often add Merchandising as another component of the marketing mix.Merchandising aims to extend advertising message at the point of purchase (POP) by generating superior presence within the store.Many companies uses store signs, posters, price tags, shelf takers and island displays.Companies spend a significant 1% of their sales on merchandizing.

Cultural FactorsCulture and sub-culture Many older Chinese like to eat Sharks fin soup as well as Birds nest soup, which environmentalist despise.

Social class Buying a real estate property is dependent, among others, on the how consumer perceive the quality of their desired neighborhood and the status symbol that comes with a high-end development.

Social FactorsReference Group High-end brands like Nike shoes or acquiring a Globe celphone to be a member of their Gen Txt Club are examples of how peers can affect a purchase

Family demand for products such as PLDT long-distance calls is influenced by the Pinoys strong family attachment

Role and statutes Mont Blanc pens are positioned as the pen for presidents of companies, as well as countries. Johnny Walker Label is another example of whiskey positioned for successful people.

Personal FactorsAge and life cycle Retirees are the prime market for many luxury cruises, as it is consistent with the slow, relaxing pace they desire.Occupation Pamper Uni are bought by working mothers who cannot afford to rest in the morning. The International School targets children of expatriates.Economic Circumstances Network marketing offers equal opportunity to those who want to start and grow their own business without the large capital involved in putting up traditional businesses.Lifestyle Kraft imported cheese and Lazy Boy chairs are examples of lifestyle products.Personality and Self-concept Premium brands like Rolex, cars and even clothes are driven by how the buyer looks at himself of herself

Psychological FactorsMotivation Many government employees now enroll in graduate school to gain the competitive advantage versus their peers in aspiring for a promotion.Learning AMC cookware utilizes demonstration to show the products unique ability to fry chicken without oil, boil egg without water and cook food simultaneously without taste transfer using low fire.Beliefs and Attitudes Sony is believed to be a brand with a higher quality. Some consumers think that installing chimes can bring in good luck to homes and offices. A diamond ring is a must in every engagement and wedding.

In satisfying customers, marketers must not assume who the decision maker is or the mistake may be costly for the firm.Marketers must consider the more complex DMUs that are usually involved in the decision making process (DMP) for most products and services.Marketers must therefore consider the initiator, influencer, decider, buyer and the user for every purchase not just the user.The general characteristics of the firms marketing mix is shaped by the target markets preparedness to adopt a product.Marketers usually make use of several market researches to understand their customers better. One of the most popular and widely used market research report is called Usage, Attitude and Image (UAI) survey.Product ValueProducts may either be superior, at par with (the same), or basic to those competition.A superior product satisfies more needs and wants of customers while a basic product satisfies lesser needs.While our initial tendency is to think that consumers enjoy superior products all the time, we must realize that products with less features may still be desired by the lower income consumer segment.In the Philippines for instance, some 92% of our nationwide population belongs to the lower income D and E class and these consumers may be looking for very basic products.The new definition of Quality is that which conforms to consumers specification, measured through indicators of customers satisfaction, rather than indicators of self-gratification.It is consumers who decides on quality not the company.After product quality is defined, its inseparable twin, price, is defined to ensure an appropriate product value.Marketing ProgramAfter product value is formulated and accepted to the target customers, marketing programs are then assembled by identifying which of the marketing mix component should logically be the main weapon and which should be the support strategy.ProductValue(Competitiveness)Program(Marketing)Distribution DrivenSome companies are distribution-driven, meaning, their product must be available when and where customers expect them to be. Their location are the single most important factor in their business.

2. Selling DrivenSome companies are selling driven especially when products are only available through the salesman.

3. Sales Promo DrivenOther companies that are sales promo driven are fast food parlors like Jolibee and Mc Donalds which have at least eight major promo campaign yearly to bring back consumers to the store as often as possible.

4. Price DrivenMakro is a price driven brand. Without any fancy display, Makro boasts of rock-bottom prices everyday, which attract people to visit the hypermarket.

5. Advertising DrivenCoke is advertising-driven. It intends to be top-of-mind in the soft drinks industry as it constantly reminds consumers of the different usage occasions for Coke. Its ad-driven strategy is supported with a heavy distribution effort, sales promo support and parity pricing with competition.

The marketing mix of a company seldom stays the same.Marketers must therefore have a systematic way of reviewing what worked and why, what didnt work and why.Answering these queries are a prerequisite before planning what should be added or what should be dropped in order to attain, enhance or maintain competitive edge.

Competitive advantage is secured by providing better or best value in the perception of the customer, relative to all your competitors.A companys capabilities can become a true competitive advantage if the following 5 criteria are met:

It is valuable in the marketplaceIt is superior in the marketplaceIt is difficult to match or imitateIt is difficult to substituteIt is difficult to trade and gainFormat of a Marketing PlanExecutive SummaryBusiness Review (performance of the previous years)Environmental AnalysisKey Factors for SuccessStrengths and Weaknesses AnalysisThreats and Opportunities AnalysisMarket SegmentationMarketing Objectives and GoalsMarketing StrategyProduct PositioningCustomer Satisfaction StrategyPreferred Brand StrategyContingency PlanMarketing BudgetMarketing Implementation GuideAppendix2. Selective the marketer must be able to consider all potential alternatives of each marketing mix before short-listing all possible combinations of the marketing mix that can meet their marketing objectives. The one that can provide the best profitability is the one logically to be chosen. This is not easy as there are literally millions of combinations. But the least the marketing man can do is to short list the more obvious one and apply due diligence in planning each possible option.3. Synchronize when the marketing mix is selected, the different elements must combine harmoniously for the brand become successful. For example, a marketer cannot choose to invest in heavy advertising of a low quality product sold on a high price. In such a case, the elements of the marketing mix is not logically synchronized.4. Sustainability the marketing mix that is finally chosen must be able to last in the long term vis--vis competition. For instance, a lower price strategy not only risks a price war but is not sustainable unless the firm is the cost leader in the industry.