Marketing Mix

• Product


  • Anything in form of a good, service, or idea
  • Consists of bundle of tangible & intangible attributes
  • Satisfies need or want and received in exchange for money & value
• Barter system


  • Exchange of value
  • Money —> money
• Components of a product

  • Core Product
  • Formal Product
  • Augmented Product
• Core product


  • End benefits for product
  • What buyer is really buying
• Formal product


  • Actual physical or perceived charac of product
  • Level of quality, special features, styling, branding, and packaging
• Augmented product


  • How to deliver
  • Support items that complete total product offering
  • After-sales service, warranty, delivery, installations
• Marketing mix


  • Product
  • Place
  • Price
  • Promotion
• Goods


  • Physical attributes are preserved
• Services


  • Heterogenous - diff multifaceted experiences
  • Intangible
  • Perishable - not a stock of fixed asset
  • Inseparable - inextricably linked w/ customers
• Experiences


  • Tangible & intangible brought to one to create memorable exp
  • Comes out whenever company uses services as stages of goods
  • Exchanged between institutions
• Customer feedback


  • Satisfactory
  • Complaints
  • Feedback
• Pricing


  • Amt of money charged for product or service
  • Sum of all values to gain benefit of product or service
• Price determinants


  • Internal Factors
  • External Factors
• Internal factors


  • Marketing Strategy
  • Objectives
  • Marketing Mix
• External factors


  • Pure Competition
  • Monopolistic
  • Oligopolistic
• Demand


  Willingness to buy
• Economy


  Affect consumed spending, perception, costs of producing & selling products
• Product marketing strategies


  • Product Line Pricing
  • Optional Product Pricing
  • Captive Product Pricing
  • By-Product Pricing
  • Product Bundle Pricing
  • Market Penetration
  • Market Skimming
• PRICING

  • Sum of all values to gain benefit of product or service
• Social media, freetaste, tarpaulins, etc.
• MARKETING STRATEGY

  • Social media, freetaste, tarpaulins, etc.
• OBJECTIVES

  • To draw new customers or profitably keep existing ones
• MARKETING MIX

  • Must be harmonized w/ product design, distribution, & promotion
• MONOPOLISTIC

  • Trade over range of prices than single market price
• PURE COMPETITION

  • Buyers & sellers trading in uniform, commodity, wheat, copper, or financial securities
• OLIGOPOLISTIC

  • Extremely responsive to each other’s pricing & marketing strategy
• DEMAND

  • Willingness to buy
• ECONOMY

  • Affect consumed spending, perception, costs of producing & selling products
• PRODUCT LINE PRICING

  • Company has more than one product in line and create diff value
• OPTIONAL PRODUCT PRICING

  • Sells base product at low price but sells complementary accessories at higher price
• CAPTIVE PRODUCT PRICING

  • Sells product that must be used within main product
• BY-PRODUCT PRICING

  • Prices by products that have no value for company so disposal & storage will not add to cost
• MARKET PENETRATION

  • Offers lower than regular market prices to enter market
• PRODUCT BUNDLE PRICING

  • Sells several product to combined product or reduced price
• MARKET SKIMMING

  • First to market new high-end product or innovative product