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Marketing Mix - the 4Ps

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by

Eusebius Chipangura

on 12 December 2013

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Transcript of Marketing Mix - the 4Ps

Price
This is about the pricing strategies used:

Cost Plus Pricing
Psychological pricing
Skimming pricing
Competition pricing
Optional pricing
Product Line Pricing
Penetration pricing
Bundle Pricing
Premium pricing
Cost Based Pricing

Place
Where can customers exchange their money for the product
Its about the distribution network
online and/or physical presence
physical store (supermarket, departmental stores)
online stores (e-markets and e-malls) on the Internet.
Product
product range
product features
product benefits
product life cycle
Marketing Mix - the 4Ps
In this lesson we moving on to
The Marketing Mix - the 4Ps

A business tool used in marketing to analyse the :

Product
Price
Promotion
Place
Over to you :
Group Task
List the following for the IPhone
its product range
its product features
its product benefits
its product life cycle
Kellogg's product range
Product features
A feature is what your product or service has or does.
It is a characteristic that is a quantifiable.
Examples include: a digital camera that shoots up to 10 megapixels; software with free online support;
A feature is factual and conveys an advantage.
It doesn't communicate why they are important or how they will help customer.
Measurements, colors, weight and capabilities are all features and do not sell a product.
Product benefits
A benefit is something of value or usefulness to customers
Benefit explains what the
features
mean and why they are important.
Customers are looking for solutions, enjoyment & satisfaction and a benefit shows the customer how the features will solve their problems.
A digital camera that shoots up to 10 megapixels can have the benefits of
more professional photos that will be sharper and have true-to-life color
Describes the stages a product goes through from when it was first thought of until it finally is removed from the market
Individual Task
Pricing Strategy
Write in the column ‘Pricing Strategy’ a strategy from the list below that matches the definition and example given
What is/are the pricing strategy of the IPhone
Pair work
In pairs explain
Place
with reference to the IPhone
Promotion
Its about
promotional mix
- the mix of promotional/communication methods used
advertising (different media, TV, Radio, online techniques)
personal selling
public relations
sales promotion
direct marketing
branding
packaging
social media marketing
Group Task
Using examples explain the promotional method used to promote the IPhone
A I D A
A - Attention (Awareness)
: attract the attention of the customer.
I - Interest:
raise customer interest by focusing on and demonstrating advantages and benefits (instead of focusing on features, as in traditional advertising).
D - Desire:
convince customers that they want and desire the product or service and that it will satisfy their needs.
A - Action:
lead customers towards taking action and/or purchasing.
Different Marketing Mix for Different Markets

For some products and services are the 4Ps the same in different markets
Discuss in pairs

Homework
The 7Ps

Investigate the extended marketing mix and using the IPhone explain the other 3 elements (S&C)

Lesson Introduction
Last week we looked at Market Research and you are currently carrying out your market research project. In pairs discuss the importance of market research in developing a
Product
, determining its
Price
, deciding the
Place
to sell it and deciding on the best methods of
Promoting
the product.

Full transcript