Tag Archives: Service

The Marketing Mix – The Official 5 P’s of Marketing

The major marketing management decisions can be classified in one of the following five categories:

The Marketing Mix – The 5 P’s

  • Product
  • Price
  • Place (distribution)
  • Promotion
  • People

The Marketing Mix


Product 
 
People

Place 
 

Target
Market
– The Consumer  

Price 
 

Promotion 
 

These variables are known as the marketing mix or the 5 P’s of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The firm attempts to generate a positive response in the target market by blending these five marketing mix variables in an optimal manner.

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Product

The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc.

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Price

Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing.

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Promotion

Promotion decisions are those related to communicating and selling to potential consumers. Since these costs can be large in proportion to the product price, a break-even analysis should be performed when making promotion decisions. It is useful to know the value of a customer in order to determine whether additional customers are worth the cost of acquiring them. Promotion decisions involve advertising, public relations, media types, etc.

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People

People decisions are those related to customer service.  How do you want your workers to appear to your customers?  There are a range of service profiles from service with a smile – McDonald’s, to classier Nordstroms, to plain rude – Ed Debevic’s.  The function of people to present an appearance,  an attitude, etc.

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Place

Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions. Distribution decisions include market coverage, channel member selection, logistics, and levels of service.

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A Summary Table of the Marketing Mix

The following table summarizes the marketing mix decisions, including a list of some of the aspects of each of the 4Ps.

Summary of Marketing Mix Decisions

Product People Price Place Promotion
FunctionalityAppearance

Quality

Packaging

Brand

Warranty

Service/Support

Service

AppearanceUniforms

Attitude

List priceDiscounts

Allowances

Financing

Leasing options

Channel membersChannel motivation

Market coverage

Locations

Logistics

Service levels

AdvertisingPersonal selling

Public relations

Message

Media

Budget

Source: facweb.eths.k12.il.us

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Sexy Marketing is the Game

Anticipation is the name of the game. This is to suggest that one of the best ways to market is to create anticipation from your target clients. Why do movies have trailers? Why are movie trailers shown months before the actual showing of the film?

Why are there words like coming soon? You guessed that right. Anticipation. Trailers are like teasers – they build the drama, the anticipation, the excitement. This is one way to market a product or service.

Now use this concept for your product or services by teasing your target clients. The more intrigued they get, the more they become excited. Have you ever wondered why you are drawn to a crowd who is watching something? You find yourself straining to see what the fuss is about. Admit it or not, the crowd does draw you because you are intrigued by what captured their attention.

One way to do this is by distributing teasers like flyers or print brochures to tease target clients about an up and coming product or service. Try to give them a glimpse of what they are going to expect – just like your movie trailers. Give them a glimpse of what they are to look forward to without giving away the entire plot. Make your brochure printing work for you by keeping them so interested. Reveal only what is necessary until your target clients are hooked.

Anticipation marketing, if we can call it that, not only introduces a new product or service, it also keeps the excitement going as early as the pre-launch stage. Until such time that you finally unveil your new product or service, you can feed the excitement. Start by giving your customers a glimpse then move on to giving more details without giving away everything. Build the excitement until your customers can no longer contain it – then you reach a climax.

When you employ this strategy, remember the following tips:

Build the excitement but do not keep them waiting too long. Foreplay is good; but overdoing things will not do you any better. Holding off until climax is good; but it is also a better idea not to drag your marketing strategy for far too long that your target clients get frustrated waiting for it. Before wearing out your clients’ patience, launch the offer with the right timing.

Be enigmatic. Let imaginations run wild. Tease – that is the name of the game. Offer something little by little. Do not reveal everything in one print brochure. This is not a one shot deal. Undress your product slowly by tossing print brochures one piece at a time.

The key to using this strategy is sustaining the momentum. You cannot start something that will fizzle out. You have to sustain the buildup; but be sure that the product or service is as good as the foreplay, otherwise, well…

Kaye Z. Marks is an avid writer and follower of the developments in print brochures and brochure printing industry that help businesses in their marketing and advertising campaigns.

Article Source: http://EzineArticles.com/?expert=Kaye_Marks

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