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7 marketing mix

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7 marketing mix

  1. 1. Four Ps • Four Ps
  2. 2. Marketing Mix • Product • Price • Promotion • Place
  3. 3. Marketing Mix • The concept is simple. Think about another common mix - a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar!
  4. 4. Marketing Mix • It is the same with the marketing mix. • The offer you make to your customer can be altered by varying the mix elements. • So for a high profile brand, increase the focus on promotion and desensitize the weight given to price.
  5. 5. • Another way to think about the marketing mix is to use the image of an artist's palette.
  6. 6. Marketing Mix • The marketer mixes the prime colours (mix elements) in different quantities to deliver a particular final colour. • Every hand painted picture is original in some way, as is every marketing mix.
  7. 7. Target Market is the key • Competition
  8. 8. Designing the right marketing mix • The most creative & challenging step in marketing is designing the right marketing mix • The marketing mix is the specific collection of actions & associated instruments employed by an organisation to stimulate acceptance of its ideas, products & services
  9. 9. Total Offer to the Customer • First, the firm chooses the product to meet the identified need of the target segment • Second, the right distribution channel is used to make the product available • Third, the firm undertakes eye catching promotion • Fourth, the price platform is acceptable to the customer & firm
  10. 10. 4Ps & 4Cs • Product- Customer /Consumer • Price- Customer cost • Place- Convenience • Promotion- Communication
  11. 11. 4Ps & 4Cs • Four Cs • The Four Ps is also being replaced by the Four Cs model, consisting of consumer, cost, convenience, and communication. • The Four Cs model is more consumer- oriented and fits better in the movement from mass marketing to niche marketing.
  12. 12. Product- Consumer • The product part of the Four Ps model is replaced by consumer or consumer models, shifting the focus to satisfying the consumer.
  13. 13. Price- Cost • Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
  14. 14. Place- Convenience • Placement is replaced by the convenience function. • With the rise of internet and hybrid models of purchasing, place is no longer as relevant as before. • Convenience takes into account the ease to buy a product, find a product, find information about a product, and several other considerations.
  15. 15. Promotion- Communication • Finally, the promotions feature is replaced by communication. • Communications represents a broader focus than simply promotions. • Communications can include advertising, public relations, personal selling, viral advertising, and any form of communication between the firm and the consumer.
  16. 16. Extended Marketing Mix • There have been attempts to develop an 'extended marketing mix' to better accommodate specific aspects of marketing. • For example, in the 1970s, Nickels and Jolson suggested the inclusion of packaging. • In the 1980s Kotler proposed public opinion and political power
  17. 17. Booms & Bithner • Booms and Bitner included three additional 'Ps' to accommodate trends towards a service or knowledge based economy: • People – all people who directly or indirectly influence the perceived value of the product or service, including knowledge workers, employees, management and consumers. • Process – procedures, mechanisms and flow of activities which lead to an exchange of value. • Physical evidence – the direct sensory experience of a product or service that allows a customer to measure whether he or she has received value. Examples might include the way a customer is treated by a staff member, or the length of time a customer has to wait, or a cover letter from an insurance company, or the environment in which a product or service is delivered
  18. 18. Extended- Marketing Mix
  19. 19. Extended Marketing Mix • Booms and Bitner included three additional 'Ps' to accommodate trends towards a service or knowledge based economy: • People • Process • Physical Evidence
  20. 20. Extended Marketing Mix
  21. 21. People • People – all people who directly or indirectly influence the perceived value of the product or service, including knowledge workers, employees, management and consumers.
  22. 22. Process • Process – procedures, mechanisms and flow of activities which lead to an exchange of value.
  23. 23. Physical Evidence • The direct sensory experience of a product or service that allows a customer to measure whether he has received value. • Examples might include the way a customer is treated by a staff member, or the length of time a customer has to wait, or a cover letter from an insurance company, or the environment in which a product or service is delivered.
  24. 24. Physical Evidence • Physical evidence is the material part of a service. • Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues.
  25. 25. Physical evidence • There are many examples of physical evidence, including some of the following: • Packaging. • Internet/web pages. • Paperwork (such as invoices, tickets and despatch notes). • Brochures.
  26. 26. Physical Evidence • Furnishings. • Signage (such as those on aircraft and vehicles). • Uniforms. • Business cards. • The building itself (such as prestigious offices or scenic headquarters).
  27. 27. 7Ps & 7Cs The 7 Ps The 7 Cs Organisation Facing Customer Facing Product = Customer/ Consumer Price = Cost Place = Convenience Promotion = Communication People = Caring Processes = Co-ordinated Physical Evidence = Confirmation
  28. 28. Fundamental Actions • The term 'marketing mix' however, does not imply that the 4P elements represent options. • They are not trade-offs but are fundamental marketing issues that always need to be addressed. • They are the fundamental actions that marketing requires whether determined explicitly or by default.
  29. 29. Product • Product: • A product, service or idea is that which satisfies the needs & wants of the customers
  30. 30. Product- (Learn) • A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. • Intangible products are often service based like the tourism industry & the hotel industry or codes-based products like cell phone load and credits.
  31. 31. Product • Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ever- present mass produced service is a computer operating system.
  32. 32. Product • Cars
  33. 33. Cars- Reva • Reva
  34. 34. Car- Maruti 800 • Maruti
  35. 35. Product • Variety • Quality • Design • Features • Brand Name • Packaging • Service
  36. 36. Product Variety • Even today, manufacturers of products which are built to customer order, for example, cars, aeroplanes and medical equipment, offer such a large range of combinations of product features that millions of variants of a single product are possible. • Commercially available software systems support the automation of many aspects of the engineering process; product databases enable the description of single products and engineering applications can use these product descriptions to carry out their tasks.
  37. 37. Product Quality • A product or process that is reliable, and that performs its intended function is said to be a quality product. • Quality in business, has an interpretation as the non-inferiority or superiority of something. • Quality is a perceptual, conditional and somewhat subjective attribute and may be understood differently by different people. • Consumers may focus on the specification quality of a product/service, or how it compares to competitors in the marketplace.
  38. 38. Product design • Product design can be defined as the idea generation, concept development, testing and manufacturing or implementation of a physical object or service
  39. 39. Brand Name • The brand name is often used interchangeably within "brand", although it is more correctly used to specifically denote written or spoken linguistic elements of any product. • In this context a "brand name" constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products or services
  40. 40. Product • Instruments that aim at satisfaction of the prospective exchange party’s needs • Examples: Product characteristics, options, assortments, packaging, guarantees, quality, features, style, brand name, size & packaging, services, warranties/guarantees, returns & replacements
  41. 41. Product • Titan introduces quartz watches • 24 Hour banking & ATMs by banks • Tetra pack cartons for milk, juices • Indoor coolers • 7 year warranty on refrigerators- Allwyn
  42. 42. Product & Packaging
  43. 43. FMCG
  44. 44. Product • Consumer durable products
  45. 45. Products • Increase in mobile services in India
  46. 46. Product- Durable • Washing machines
  47. 47. Product • Camera
  48. 48. Product
  49. 49. Products • Latest Gadgets
  50. 50. New generation products • Ipod, & walkman mobile
  51. 51. Services • Courier Aviation
  52. 52. Services • Despatch
  53. 53. Modern gadgets • ipod
  54. 54. Aviation
  55. 55. Place • Place represents the location where a product can be purchased. • It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.
  56. 56. Place • Physical distribution are activities involved in transporting products from the producer to the consumer: • Mode of transport • Warehousing & Storage • Order processing • Inventory control
  57. 57. Place • Channels of distribution are the routes through which the ownership of goods flow on its way from the producer to the customer • Distributor • Super-stockist • Wholesalers • Retailers
  58. 58. Place • Instruments that determine the intensity & manner in which goods or services will be made available • Types of channels, density of distribution, trade-relation mix, merchandising advise
  59. 59. Place • Channels • Coverage • Locations • Inventory • Transportation • Logistics
  60. 60. Duty Free Stores - Airports
  61. 61. Hypermart-Store Signage's
  62. 62. Availability- Place • Large Format stores
  63. 63. Large Format Stores • Lifestyle • Westside • Shoppers Stop • Pantaloons • Big Bazaar
  64. 64. Retail brands • Stores
  65. 65. Nokia Store
  66. 66. Place • Global Players in India
  67. 67. Place • Markets
  68. 68. Place • Stores
  69. 69. Modern Grocery Store
  70. 70. Local stores • Local kirana stores
  71. 71. Price • The price is the amount a customer pays for the product. • It is determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the product. • The business may increase or decrease the price of product if other stores have the same product.
  72. 72. Price • List Price • Discounts • Allowances • Payment Period • Credit Terms
  73. 73. List Price • In retail, price regularly quoted to customers before applying discounts. List prices are usually the prices printed on dealer lists, invoices, price tags, catalogs, or dealer purchase orders.
  74. 74. Price Lists
  75. 75. Discounts & Allowances • Discounting is a financial mechanism in which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee • Discounts and allowances are reductions to a basic price of goods or services.
  76. 76. Payment Period & Credit Terms • The stipulation by a business as to when it should be paid for goods or services supplied, for example, cash with order, payment on delivery, or within a particular number of days of the invoice date
  77. 77. Price • Bills
  78. 78. Price • Price is the amount a consumer pays in exchange for the product or service. • Marketers must consider the following in setting prices:
  79. 79. Price • Target segment- How much the target segment is willing to pay at different price levels- price elasticity of demand • Cost- How much it costs the firm to produce & market the product • Competition- Prices of competitors • Society & Law- Within legal framework
  80. 80. Price elasticity of demand-1 • Elasticity is a measure of responsiveness. Two words are important here. • The word "measure" means that elasticity results are reported as numbers, or elasticity coefficients. • The word "responsiveness" means that there is a stimulus-reaction involved. • Some change or stimulus causes people to react by changing their behavior, and elasticity measures the extent to which people react.
  81. 81. Price elasticity of demand-2 • The most common elasticity measurement is that of price elasticity of demand. • It measures how much consumers respond in their buying decisions to a change in price. • The basic formula used to determine price elasticity is • e= (percentage change in quantity) / (percentage change in price). (Read that as elasticity is the percentage change in quantity divided by the percentage change in price.)
  82. 82. Price • Marketers have to determine prices to consumers & channel partners • Prices across models & geographic regions have to be established • Policies on discounts have to be framed • These decisions are vital to enhance sales volumes
  83. 83. Innovative Discounts • Discount sales in shopping malls • Off season sales • Closing down sales • Festival sales • Credit points • Exchange offers – mobiles, cookers, cars
  84. 84. Festive Sales • Christmas & Diwali Sales
  85. 85. Innovative discounts • Discounts
  86. 86. End of season sale
  87. 87. Special Sales • Sales
  88. 88. Gold Sale- Impact • Festive season revives gold demand, premiums steady
  89. 89. Report- Gold Sales • Wednesday August 12, 01:40 PM Festive season revives gold demand, premiums steady • SINGAPORE/MUMBAI (Reuters) - Gold trading picked up in India, the world's largest consumer, as jewellers took advantage of a price drop to replenish stocks during the festive season, while premiums for kilobars were mostly steady in Asia in the past week.
  90. 90. Discount Rush
  91. 91. Promotion • Promotion activities are meant to communicate & persuade the target market to buy the company’s products • This is done by:-
  92. 92. Promotion • Advertising • Personal selling • Sales promotion- POS • Public Relations • Word of mouth – Viral advertising
  93. 93. Promotion • Promotion represents all of the communications that a marketer may use in the marketplace. • Promotion has five distinct elements – advertising, personal selling, public relations, word of mouth and point of sale. • A certain amount of crossover occurs when promotion uses the five principal elements together • Advertising covers any communication that is paid for, from and cinema commercials, radio and Internet adverts through print media and billboards.
  94. 94. ATL & BTL • Above the line (ATL) is an advertising technique using mass media to promote brands. • Major above-the-line techniques include TV and radio advertising, print advertising and internet banner ads. • This type of communication is conventional in nature and is considered impersonal to customers. • The ATL strategy makes use of current traditional media: television, newspapers, magazines, radio, outdoor, and internet. • It differs from BTL (Below the line), that believes in unconventional brand-building strategies, such as direct mail.
  95. 95. BTL- Below the line • The terms "below the line" promotion or communications, refers to forms of non- media communication, even non-media advertising. • Below the line promotions are becoming increasingly important within the communications mix of many companies, not only those involved in FMCG products, but also for industrial products.
  96. 96. ATL & BTL • What’s the difference between ‘Above the line’ and ‘below the line’ advertising? • Below the line (BTL) is an advertising technique. • It uses less conventional methods than the usual specific channels of advertising to promote products, services, etc. than ATL (Above the line) strategy. • These may include activities such as direct mail, public relations and sales promotion for which a fee is agreed upon and charged up front.
  97. 97. Below the Line • Below the line advertising typically focuses on direct means of communication, most commonly direct mail and e-mail, often using highly targeted lists of names to maximize response rates • The term "Below the Line" is rapidly going out of fashion in advertising circles as agencies and clients switch to an 'Integrated Communication Approach.' • BTL is a common technique used for touch and feel products. Those consumer items where the customer will rely on immediate information than previously researched items. • BTL techniques ensures recall of the brand while at the same time highlighting the features of the product.
  98. 98. Integrated Communication Approach • Definition: A management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, and direct marketing work together as a unified force, rather than permitting each to work in isolation.
  99. 99. Through the line-TTL • Through the line" refers to an advertising strategy involving both above and below the line communications in which one form of advertising points the target to another form of advertising thereby crossing the "line". • An example would be a TV commercial that says 'come into the store to sample XYZ product'. • In this example, the TV commercial is a form of "above the line" advertising and once in the store, the target customer is presented with "below the line" promotional material such as store banners, competition entry forms, etc
  100. 100. Personal selling • Personal Selling: Face to face personal communication- Eureka Forbes • In person selling, tele-marketing • Advertising- Mass communication efforts through media • Sales Promotion- Communication through contests, OOH, trade shows, free samples, yellow pages, call helplines
  101. 101. Personal Selling • Personal Selling
  102. 102. Discount coupons • Discount coupons
  103. 103. Promotion-2 • Publicity- Communicating with an audience by personal or non-personal media that are not paid for delivering the message • Print media news, broadcast media news- UTI,PTI, Reuters, annual reports, speeches by employees
  104. 104. Branding • Signages
  105. 105. Known companies • Recognizable companies
  106. 106. Nokia • Nokia
  107. 107. Messages • Fly High
  108. 108. Examples-Lux Same theme over the years
  109. 109. Chips • Competition
  110. 110. Celebrity endorsement • Using famous people to attract target segment
  111. 111. ICICI Bank- Print Ad
  112. 112. Brand Ambassador Star Power
  113. 113. TV Channels
  114. 114. TV Channels
  115. 115. TV Channels • TVC
  116. 116. TV Channels
  117. 117. TV Channels
  118. 118. More than just news • Entertaining information to add spice
  119. 119. First thing in the morning
  120. 120. Print Media • Print- Newspapers & Magazines
  121. 121. Newspapers
  122. 122. Print Media • Newspapers & Magazines
  123. 123. Read everywhere • Omnipresent
  124. 124. Newspapers you could read • Economic Times • Business Standard • Mint • Hindu Businessline • Business News in daily newspapers • The Hindu
  125. 125. Radio • Growing radio stations in India
  126. 126. Radio Stations • Numerous- FM
  127. 127. Radio channels • Meow targets at women
  128. 128. Bajaate Raho- Red FM
  129. 129. Radio on the internet • On the internet
  130. 130. Videos can be uploaded • Companies upload their corporate films • www.youtube.com
  131. 131. Sales Staff & PR • Sales staff often plays an important role in word of mouth and Public Relations
  132. 132. Public Relations • Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. • Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum.
  133. 133. Press Release • Press Release
  134. 134. Public Relations • Press Conferences
  135. 135. Media Entertainment
  136. 136. PR Material • Press kit to be given to press with all info.
  137. 137. Press Conference • Spokesperson of the company talks to the press
  138. 138. Client Meetings • Word of mouth publicity
  139. 139. Word of mouth publicity • Word of mouth is a reference to the passing of information from person to person. Originally the term referred specifically to oral communication but now includes any type of human communication, such as face to face, telephone, email, and text messaging
  140. 140. Word of mouth publicity • Salespersons
  141. 141. Word of mouth publicity • At meetings
  142. 142. Competitors • Responding to competitor activity & messages • You may have seen similar activity in cola ad wars
  143. 143. Reports in media • Cola war shifts to a new turf • The famous cola wars have found a new battleground — the Indian fields. • The world’s largest beverage company Coca- Cola, like its rival PepsiCo, is finalising plans for sourcing fruit from India for its juice brands.
  144. 144. OOH • Cola vans act as OOH
  145. 145. OOH • Pepsi van
  146. 146. OOH • Cola signages
  147. 147. Vending Machines • Vending machine- Note both brands
  148. 148. Recognizable logos • Coke vs Pepsi
  149. 149. Sales Promotion • Yeh Dil Maange More!!!
  150. 150. Point of Sales • Point of sales (POS) or checkout refers to both a checkout counter in a shop, and the location where a transaction occurs
  151. 151. POS Display
  152. 152. Cola Ads-Promotion • Cola drinks- Thums Up, Coca Cola
  153. 153. Vodafone vs Airtel
  154. 154. Airtel
  155. 155. Telecom Ad- Messages • Airtel- Now Airtel removes distances across India. • Vodafone- Happy to Help • Spice- Faltoo callers ki No Entry
  156. 156. Vodafone vs Airtel Ads
  157. 157. Signages • Celebrity endorsement
  158. 158. Reliance Telecom • Reliance
  159. 159. Reliance Mobile- Hritik
  160. 160. Reliance Mobile • Hritik Roshan
  161. 161. What an idea, Sirji • Walk when you talk
  162. 162. OOH- Idea Cellular
  163. 163. Idea Cellular • IDEA’s ad campaigns based on the theme of ‘Democracy’; ‘Championing a world without caste’; ‘Championing a world in which no one suffers from the disability to communicate’; and ‘Education for All’, have been a huge success amongst all categories of audience.
  164. 164. Effectiveness of Campaign • The testimony of the success of the campaign is reflected from the rapid growth of IDEA’s subscriber base in the country. • The Aditya Birla Group company has grown to become the 3rd largest private GSM operator with over 43 million subscribers across 16 service areas, nationally.
  165. 165. Bus shelters • Same message across all media
  166. 166. Outdoor • Hoarding/Billboard
  167. 167. OOH • Signages & Gates
  168. 168. Brands using OOH • Amul
  169. 169. Mobile truck- OOH • Outdoor trucks with billboard
  170. 170. Trade Shows & Events • Trade Shows • Events
  171. 171. Wall paintings- Shutters
  172. 172. Websites
  173. 173. Airline Ad Wars • Marketers should be ready to face communication challenges • Jet Airways- We’ve Changed • Kingfisher- We made them change • Go Air- We’ve not changed; we are still the smartest way to fly
  174. 174. Ad wars • In Mumbai- Same location on Nariman Point
  175. 175. Viral Marketing- Word of mouth • Viral marketing depends on a high pass- along rate from person to person. • If a large percentage of recipients forward something to a large number of friends, the overall growth snowballs very quickly. • If the pass-along numbers get too low, the overall growth quickly fizzles.
  176. 176. Viral Marketing • Word of mouth
  177. 177. Word of Mouth Publicity
  178. 178. On the internet • On the Internet, viral marketing is any marketing technique that induces Web sites or users to pass on a marketing message to other sites or users, creating a potentially exponential growth in the message's visibility and effect.
  179. 179. Hotmail- Excellent Viral Marketing • Hotmail--One example of successful viral marketing is Hotmail, a company, now owned by Microsoft, that promotes its service and its own advertisers' messages in every user's e-mail notes.
  180. 180. www.hotmail.com
  181. 181. Hotmail- Viral Marketing • In 1996, Hotmail was a particularly unique email service in that it was free, could be accessed anywhere, and would allow the user to have multiple accounts. • One of the interesting things Hotmail did was it would attach the message "Get your free email at Hotmail" at the bottom of every email sent by a Hotmail user. • Once the receiving user clicked on the word "Hotmail" they were taken to Hotmail's homepage where the free email service was further explained. • The plan, original at the time, worked. By 1998, Hotmail had accumulated 12 million subscribers. Hotmail eventually sold to Microsoft for a cool $400 million.
  182. 182. Cadbury’s in UK • Cadbury's Dairy Milk 2007 Gorilla advertising campaign was heavily popularised on YouTube and Facebook.
  183. 183. Gorilla • Gorilla is a British advertising campaign launched by Cadbury Schweppes in 2007 to promote Cadbury Dairy Milk-brand chocolate. The 90-second television and cinema advertisement, which formed the centrepiece of the £6.2 million campaign, was created and directed by Juan Cabral and starred actor Garon Michael. The campaign itself, which comprised appearances on billboards, print newspapers and magazines, television and cinema spots, event sponsorships and an internet presence, was handled by advertising agency Fallon London, with the online segment contracted out to Hyper.
  184. 184. Gorilla Ad Campaign • Gorilla Campaign
  185. 185. Definition- Viral Marketing • The buzzwords viral marketing and viral advertising refer to marketing techniques that use pre-existing social networks to produce increases in brand awareness or to achieve other marketing objectives (such as product sales) through self-replicating viral processes, analogous to the spread of pathological and computer viruses. • It can be word-of-mouth delivered or enhanced by the network effects of the Internet. • Viral promotions may take the form of video clips, interactive Flash games, advergames, ebooks, brandable software, images, or even text messages. • The basic form of viral marketing is not infinitely sustainable.
  186. 186. Going Viral • Funny • Helpful & Unique • Controversial • Amazing & Spectacular • Schematic
  187. 187. Word of Mouth • Word of Mouth
  188. 188. Viral Marketing- Internet • Social Networking sites
  189. 189. Close to 35 million internet users in India • According to Internet market research firm comScore Inc. India had 34.6 million Internet users (who access the Web from their homes/offices) in June, of which at least 65%, or 22.61 million, accessed social networking sites. • These figures have meant that people have kept launching new social sites in India fuelled by the hype but success is still far for them.
  190. 190. T-Shirts • T-Shirts with company & Logo message
  191. 191. Inflated Balloons
  192. 192. Scooter covers