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Topic: Marketing Mix
Lesson Objective: by the end of the lesson, the learners should be able to:
- Explain marketing mix;
- Identify the four Ps of marketing.
Lesson Summary / Discussion
MEANING OF MARKETING MIX
“Marketing mix is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. Marketing mix is often synonymous with the four Ps: price, product, promotion, and place.
It simply means Putting the right product in the right place, at the right price, at the right time.
To create the right marketing mix,
businesses have to meet the following
1. The product has to have the right
features for example, it must look
good and work well.
2. The price must be right. Consumer
will need to buy in large number to
produce a healthy profit.
The goods must be in the right place
at the right time. Making sure that
the goods arrive when and where
they are wanted is an important
3. The target group needs to be made
aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.
FOUR Ps OF MARKETING
The major marketing management
The major marketing management
decisions can be classified in one of the following four categories:
3. Place (distribution)
These variables are known as the 4 P’s of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market.
1. Product: As the product is the item
being sold to the customer, the thing that will bring in money, its features and design need careful consideration. Whether the firm is manufacturing the product or
purchasing the product for resale, they need to determine what product features will appeal to their target market.
The product is the central point on which marketing energy must focus. Finding out how to make the product, setting up the production line, providing the finance and manufacturing the product are not the responsibility of the marketing function. However, it is concerned with what the product means to the customer. Marketing therefore plays a key role in determining such aspects as:
a. The appearance of the product in
line with the requirements of the
b. The function of the products must address the needs of customers as identified through market research.
2. The price: The price is the amount
a customer pays for the product. The price is very important as it determines the company’S profit and hence, survival.
Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, often it will affect the demand and sales as well.
The marketer should set a price that
complements the other elements of the marketing mix.
3. The place: Place’ is concerned
with various methods of transporting and storing goods, and then making themavailable for the customer. Getting the right product to the right place at the right time involves the distribution system. The choice of distribution method will depend
on a variety of circumstances. It may be more convenient for some manufacturers to sell to wholesalers who then sell to retailers, while others will prefer to sell directly to retailers or customers.
4. Promotion: Promotion is the with
business of communicating customers. It will provide information that will assist them in making a decision to purchase a product or service.
Promotion comprises elements such as: advertising, public relations, personal selling and sales promotion
Advertising covers any communication that is paid for, from cinema commercials, radio and Internet advertisements through print media and billboards. Public relations is where the communication is not directly paid for and this 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. Sales staff often plays an important role in word of mouth and public relations.
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Lesson Evaluation / Test
- Explain marketing mix.
- List and explain the four Ps of marketing.
Questions answered correctly? Bravo🥰🥰🥰
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