Learning About Marketing

The Marketing Mix.

CAKE MIX

CAKE

You can alter the final cake by altering the amounts of mix

elements.

GUESS WHAT?? It happens exactly the same on the MARKETING MIX.

Marketing mix : A set of controllable marketing tools that work

together to achieve company's objectives.

Which vary depending on the company.

The 4P’s.When making decisions you need to consider:

Product, Price, Placement and Promotion.

How do you identify your target market?

• Age

• Income

• Where they live

• Marital status

• Lifestyle/interests

1st Decision: PRODUCT.

Deal with specifications of actual goods or services and how it relates to what users

need or want.What is it? With What? For What?...

Usually include supporting elements such as: warranties, guaranties and

customer support.

Examples that determine the product.

•Brand name.•Functionality.•Styling.•Quality.•Safety.•Packing.•Repairs and Support.•Warranty.•Accessories and Services.

2nd Decision: PRICE.

Decision for setting a price to a product depending on the product or

service offered. (+ Taxes.)How Much is it?

Examples that determine the price.

•Price Strategy.•Early payment Discounts.•Seasonal Pricing.•Retail Price.•Volume Discounts•Wholesale Pricing.•Price Flexibility.•Price Discrimination.

3rd Decision: PLACEMENT

Refers to how the product gets to the costumer.

How? Where can I find it?

Examples that determine the placement.

•Distribution Channels.•Market Coverage.•Inventory Management.•Warehousing.•Distribution Centers.•Order Process.•Transportation.•Logistics.

4th Decision: PROMOTION

Represent the different aspects of marketing communication to sell something..

How to send a message to the people?

Examples that determine the promotion.

•Promotional Strategy.•Advertising.•Personal Selling.•Sales Force.•Sales Promotion.•Branding.•Public Relations.•Publicity.•Marketing Budget.

When making marketing decisions the MARKETING MIX should be considered.

(Product, Price, Placement and Promotion)

Remember that in the marketing mix just like in every other mix, the final object varies depending on

the elements it is made of.

CAKE =