Marketing Section B: Marketing Mix

Marketing Mix: Promotion Variable

Inform individuals or groups about the organisation and its products/services -Advertising -Public Relations -Personal Selling -Sales Promotions -Viral Marketing

Extended Marketing Mix: Physical Evidence

A product is demonstrated by Location Decor Lighting Other physical elements

Marketing Mix : Product Variable

A product can be a : Good ( tangible ) Service ( intangible ) Idea ( intangible ) Experience ( intangible ) Or any combination of them

Intangible values in brands..

Command Premium Pricing

The Marketing Environment: 6 Forces

Economic Forces Political Forces Legal and Regulatory Forces Technological Forces Sociocultural Forces Competitive Forces Unlike the marketing-mix variables, an organisation has no control over these forces.

Extended Marketing Mix: Partnerships

Establishing, maintaining and nurturing relationships important Media, communications and information partnerships important Two-way dialogues with social media

Price Heuristics

High Price/ High Quality, Low Price/Low Quality

Marketing Mix: Place Variable

Make products available in the quantities desired in the right place at the right time -Minimise costs of inventory, transportation and storage -Select/motivate intermediaries -Establish/maintain inventory control -Develop/manage transportation and storage systems -Use of the Internet and e-commerce to facilitate distribution An important determinant of Value

The Marketing Mix: Definition

Marketers combine and balance these four elements when determining how to satisfy customers' needs for a product: Product Price Place (Distribution) Promotion Sometimes called the 4Ps

The 'Expanded Marketing Mix'

More recent marketing professionals have suggested expanding the marketing mix to include important variables: People Physical evidence Processes Partnerships The 'expanded marketing mix' 8Ps

Marketing Mix : Price Variable

Relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices Determines the value of the exchange Competitive tool for the company The cost of the product for the customer

Extended Marketing Mix: People

Staff - Sometimes prominent - Sometimes hidden - Variable reliability Guests and participants

Extended Marketing Mix: Processes

Use of technology to automate particular processes Origins of goods can be used to show supply chain