PPT On Marketing Mix 4P’s of Marketing
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1.Marketing Mix :
4 P’s of Marketing
2.Developing the Marketing Mix
Marketing mix involves creating a combination of product, price, promotion, and distribution, to the greatest extent possible, in order to match the needs of customers in the chosen target market segment(s)
The marketing manager evaluates all strategy options in light of the firm's mission, goals and objectives, strengths and weaknesses, and opportunities and threats to craft a marketing strategy that produces the best overall strategic fit.
A good fit allows the firm to make the most of the potential capabilities that the internal and external environment combination provides.
The best marketing strategy will be differentially advantageous, sustainable, timely, feasible, and affordable.
3.Product
The product is at the core of the marketing strategy.
Products refer to more than tangible goods and are usually some combination of goods, services, ideas, and even people.
Products in and of themselves are of little value.
The real value a product provides is derived from its ability to deliver benefits that enhance the buyer's situation.
From a customers point of view the product has three levels – Basic, Enhanced and Augmented.
Organizations that keep their sights set on developing products, systems, and processes that identify and meet needs of the target market are more likely to be successful.
4.Marketing Strategy Options Related to the Newness of Products
Innovation involves the firm in a pioneering effort; innovations of this type can even result in new product categories.
New product lines allow a firm to enter new markets with a new group of closely related product items that are considered a unit based on technical, or end-use, considerations.
Product line decisions –
Line Stretching Decision
Line Filling Decision
Line Pruning Decision
Improvements or changes in existing products offer customers improved performance or greater perceived value; this option also includes changes to make an existing product "new and improved."
Repositioning involves the modification of existing products (either real or through promotion) so that they can be targeted at new markets or segments.
Cost reductions involve modified products that offer similar performance at a lower price.
5.Life Cycle: Development Stage
A firm has no sales revenue during this stage.
The firm experiences a net cash outflow due to the expenses of product invention and development.
Although marketing activities do not typically occur in this stage, planning efforts at this point can greatly influence marketing activities in later stages of the life cycle.
In creating a new product or product line, a group of closely related product items is desired because of the scale economies that are created, along with increased efficiency in operations and marketing.
The development stage usually begins with a product concept and ends with the commercialization of the product.
6.New Product Development
New Product Development involves –
Idea Generation
Idea Screening
Concept Development and testing
Marketing Strategy Development
Business Analysis
Product Development
Test Marketing
Commercialisation
7.Development: Components of Product Concept
An understanding of the specific uses and benefits that target customers seek in a new product.
A description of the product, including its potential uses and benefits.
The potential for creating a complete product line that can produce synergies in sales and income and place the firm in a strong market position.
An analysis of the feasibility of the product concept, including such issues as anticipated sales, required return on investment, time of market introduction, length of time to repay investment, etc.
8.Life Cycle: Introduction Stage
The introduction stage begins when development is complete and ends when sales indicate that target customers are widely accepting the product.
The marketing strategy devised during the development stage should be fully implemented during the introduction stage, and should relate to issues that arose during the SWOT analysis.
Good promotion and distribution are essential to make customers aware that the new product is available, how to use it, and where to purchase it.
After the product is introduced, the marketing manager should employ the firm's marketing information system to determine market share, revenues, store placement/channel support, costs, and rate of product usage to assess whether the new product is paying back the firm's investment.
9.Introduction: Marketing Strategy Goals
Attract customers by raising awareness of and interest in the product through advertising, public relations, and publicity efforts that stress key product features and benefits.
Induce customers to try and buy the product through the use of various sales tools and pricing activities.
Strengthen or expand channel relationships to gain sufficient product distribution to make the product accessible for target consumers/customers.
Build on the availability and visibility of the product through trade promotion activities.
Engage in customer education activities that teach target market members how to use the new product and convince them to repurchase the product.
10. For More Info Please Refer Our PPT.
Thank You.
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Presentation Transcript:
1.Marketing Mix :
4 P’s of Marketing
2.Developing the Marketing Mix
Marketing mix involves creating a combination of product, price, promotion, and distribution, to the greatest extent possible, in order to match the needs of customers in the chosen target market segment(s)
The marketing manager evaluates all strategy options in light of the firm's mission, goals and objectives, strengths and weaknesses, and opportunities and threats to craft a marketing strategy that produces the best overall strategic fit.
A good fit allows the firm to make the most of the potential capabilities that the internal and external environment combination provides.
The best marketing strategy will be differentially advantageous, sustainable, timely, feasible, and affordable.
3.Product
The product is at the core of the marketing strategy.
Products refer to more than tangible goods and are usually some combination of goods, services, ideas, and even people.
Products in and of themselves are of little value.
The real value a product provides is derived from its ability to deliver benefits that enhance the buyer's situation.
From a customers point of view the product has three levels – Basic, Enhanced and Augmented.
Organizations that keep their sights set on developing products, systems, and processes that identify and meet needs of the target market are more likely to be successful.
4.Marketing Strategy Options Related to the Newness of Products
Innovation involves the firm in a pioneering effort; innovations of this type can even result in new product categories.
New product lines allow a firm to enter new markets with a new group of closely related product items that are considered a unit based on technical, or end-use, considerations.
Product line decisions –
Line Stretching Decision
Line Filling Decision
Line Pruning Decision
Improvements or changes in existing products offer customers improved performance or greater perceived value; this option also includes changes to make an existing product "new and improved."
Repositioning involves the modification of existing products (either real or through promotion) so that they can be targeted at new markets or segments.
Cost reductions involve modified products that offer similar performance at a lower price.
5.Life Cycle: Development Stage
A firm has no sales revenue during this stage.
The firm experiences a net cash outflow due to the expenses of product invention and development.
Although marketing activities do not typically occur in this stage, planning efforts at this point can greatly influence marketing activities in later stages of the life cycle.
In creating a new product or product line, a group of closely related product items is desired because of the scale economies that are created, along with increased efficiency in operations and marketing.
The development stage usually begins with a product concept and ends with the commercialization of the product.
6.New Product Development
New Product Development involves –
Idea Generation
Idea Screening
Concept Development and testing
Marketing Strategy Development
Business Analysis
Product Development
Test Marketing
Commercialisation
7.Development: Components of Product Concept
An understanding of the specific uses and benefits that target customers seek in a new product.
A description of the product, including its potential uses and benefits.
The potential for creating a complete product line that can produce synergies in sales and income and place the firm in a strong market position.
An analysis of the feasibility of the product concept, including such issues as anticipated sales, required return on investment, time of market introduction, length of time to repay investment, etc.
8.Life Cycle: Introduction Stage
The introduction stage begins when development is complete and ends when sales indicate that target customers are widely accepting the product.
The marketing strategy devised during the development stage should be fully implemented during the introduction stage, and should relate to issues that arose during the SWOT analysis.
Good promotion and distribution are essential to make customers aware that the new product is available, how to use it, and where to purchase it.
After the product is introduced, the marketing manager should employ the firm's marketing information system to determine market share, revenues, store placement/channel support, costs, and rate of product usage to assess whether the new product is paying back the firm's investment.
9.Introduction: Marketing Strategy Goals
Attract customers by raising awareness of and interest in the product through advertising, public relations, and publicity efforts that stress key product features and benefits.
Induce customers to try and buy the product through the use of various sales tools and pricing activities.
Strengthen or expand channel relationships to gain sufficient product distribution to make the product accessible for target consumers/customers.
Build on the availability and visibility of the product through trade promotion activities.
Engage in customer education activities that teach target market members how to use the new product and convince them to repurchase the product.
10. For More Info Please Refer Our PPT.
Thank You.
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