The Marketing Mix

• THE MARKETING MIX

  The tools available to a business to gain the

  reaction it is seeking from its target market

  in relation to its marketing objectives. a special tool used in the implementation of any business, which is made up of seven

  distinct but interconnected variables.
• PRODUCT - A product refers to any item that is

  produced to satisfy the needs and

  demands of a certain group of people
• A unique selling proposition (USP) refers to the unique

  benefit exhibited by a company, service, product or brand

  that enables it to stand out from competitors.
• PLACE - The means by which products and services get from

  producer. to consumer and where they can be accessed by the

  consumer
• Pricing is the only

  revenue-generating

  element in the marketing

  mix.
• COST PLUS PRICING – also known as the mark-up strategy
• Product pricing is significant in any business model

  because it signifies the capability of an entrepreneur to

  assess the value that consumers see towards the

  products and services offered
• COMPETITIVE PRICING – focuses on the prices set by the

  competitors in the industry as its point of reference.
• VALUE-BASED PRICING – This pricing strategy is used by

  businesses that focus on the consumers’ responses towards a

  product or service offered.
• PUBLIC RELATIONS AND SPONSORSHIP – maintain a sustainable

  relationship between the business and its customers, public relations tactics are executed. This component of the promotional mix is used for attaining long-term effects.
• PRICE SKIMMING – executed by setting high prices for new

  products and services.
• PENETRATION PRICING – objective of a penetration pricing

  strategy is to obtain market share.
• ADVERTISING – used to create awareness and deliver information to the target audience. Traditional forms of media include television, newspapers, magazines, and billboards.
• PRODUCT PROMOTION - Strategies to make the consumer aware

  of the existence of a product or service
• SALES PROMOTION – include both media and non-media tactics used to increase the demand towards the products and/or services offered by any business
• DIRECT MARKETING – allows any business to communicate freely with its customers
• CONTENT MARKETING – aims to attract new

  and potential customers by creating and

  sharing valuable information.
• AFFILIATE MARKETING – Affiliate marketing

  takes into account the presence of third

  parties who are responsible for giving

  commissions or rewards to their affiliates.
• “People” is regarded as a primary key

  toward a successful implementation of

  marketing strategies of any business.
• Method refers to the

  process that is strictly

  followed in the

  manufacturing of a

  business product.
• Input - This refers to the materials or ingredients that are being used

  in creating the product.
• Process - This refers to the transformation phase where the raw

  materials or ingredients are being processed by manpower and

  machines to come up with the final product.
• Output - This refers to the final product that is intended to be sold to

  the target customers
• Home-based

  This site option is highly flexible and the

  cheapest among the three.
• Commercial space for rent

  This is the recommended option if the

  business already needs a commercial space for

  the processing of the product and if the homebased option is not viable or feasible
• Commercial space purchase

  This is the ideal option for established

  businesses, but this requires the biggest

  amount of capital.
• Product-focused - These facilities are prearranged

  according to the flow of the manufacturing operations.
• Process-based - These facilities are grouped according

  to their function.
• Machine refers to the tools, facilities, and

  systems that are used to produce a product.
• Materials refer to the raw items that are used

  in creating a product or performing a service.
• Manpower refers to the human resources who

  will handle the business operations.