What is the Marketing Mix?Ms. Roberts

EWHS Marketing 2011

The Four (5) P’s (Elements) of Marketing

• The Elements of the Marketing Mix are the basic, tactical components of a Marketing Plan: • Also, known as the 4P’s (5), the Marketing

Mix elements are PRODUCT PLANNING, PRICE, PLACE, PROMOTION, and in ESD, the 5th element is PEOPLE (the Target Market).

The Product Planning:

• Planning the Product and Producing the Product

• How will we Produce it and what Inputs do we need?

What do we need to consider?

• Product Planning includes:

• Features and Benefits• Quality• Style• Branding (Name, Logo,

Slogan)• Warranties• Customer Care• Financing

• Stages of The Product Life Cycle:

• 1) Introduction or Pioneering

• 2) Growth• 3) Maturity• 4) Decline

PRICE: Use a Pricing Strategies Matrix

• There are several ways to price a product:

• Premium Pricing• Penetration Pricing• Economy Pricing• Price Skimming• Psychological Pricing

• Product Line Pricing• Optional Product

Pricing• Captive Product

Pricing• Product Bundle

Pricing• Promotional Pricing• Geographical Pricing• Value Pricing

PLACE: Channel or Distribution

• Wholesalers• Agents• Retailers• Internet

• What factors do we need to consider about each?

Promotion: The Promotional Mix

• Personal Selling• Advertising• Publicity• Public Relations• Displays• Sales Promotion

• Advertising might include:

• Direct Mail• Trade

Fairs/Exhibitions• Sponsors• Print/Broadcast Ads• Facebook/Twitter/• Other Social Media

People: The Target Market

• Consumers• Customers

• What is the difference?

• Market Segmentation:

• What is it and how do we “segment the market”?

The End