Marketing Mix

Slideshow Presentation by Group 5

WHAT IS MARKETING MIX???
The marketing mix simply refers to a mode, means,
or tool used by the entrepreneur to position the
product in the target market segment to efficiently
and effectively deliver it to the consumers and to
convince them about the benefits that they will
derive from buying the product.

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 7PS
• Product
• Place
• Pricing
• Promotion
• People
• Packaging
• Positioning

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 PRODUCT

Product refers to the tangible good or intangible

service offered by the business to the target
consumers.

#BuyMyJiafeiProduct
#GawkGawkGawk
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 PRODUCT
For emphasis, the two basic entrepreneurial tenets
relative to product are as follows:

1. The product is only produced once there is an existing

need or want.

2. The product must satisfy the need or want better than the
competitors.

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 PRODUCT
Information about the consumers' tastes, preferences,
perceptions, and priorities has significant
contribution in the design of the product. This
enables the entrepreneur to satisfy the needs and
wants of the consumers.

SATISFIE
D = PROFI
CUSTOM
ER T Next
 PLACE
The term place in the marketing mix simply refers
to the place where the target consumers are. The
entrepreneur must establish their business or
product in the most strategic place or location. The
term strategic place, however, is relative.

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 PRICING
The concept of pricing relative to the marketing mix can be viewed from
two opposing perspectives, namely, the perspective of the entrepreneur
who produces the product and the opposing perspective of the consumers
who ultimately buy the product. Normally producers want higher prices
for the products to gain higher profit, while the consumers want lower
prices for the products.

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 PRICING
Albeit there are no rigid rules as to now prices are set,
there are some things that highly influence the setting of
prices of goods or services. These include the following:

1. availability of the competing products

2. cost of making the product
3. type of product
4. presence of substitute products
5. stages of the product in the market
6. demographic profile of the target consumers

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 PRICING
1. AVAILABILITY OF THE COMPETING
PRODUCTS

WHEN THERE IS HIGH SUPPLY, PRICES ARE

LOW. WHEN SUPPLY IS LOW, PRICES TEND TO
BE HIGH. ENTREPRENEURS ADJUST PRICES
BASED ON SUPPLY AND DEMAND.

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 PRICING
2. COST OF MAKING THE PRODUCT

COST REFERS TO THE AMOUNT SPENT BY THE

MANUFACTURER FOR FUTURE BENEFITS. IT
INCLUDES DIRECT MATERIALS, DIRECT
LABOR, AND FACTORY OVERHEAD.
ENTREPRENEURS SHOULD'NT SET PRICES
LOWER THAN THE MANUFACTURING COST.

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 PRICING
THE THREE ELEMENTS OF COST

DIRECT LABOR FACTORY DIRECT

OVERHEAD
- INCLUDES INDIRECT MATERIALS
- PERTAINS TO THE
- REFERS TO THE
WAGES PAD TO MATERIALS, INDIRECT MATERIALS THAT
THE WORKERS LABOR, AND OTHER FORM PART OF
WHO ARE DIRECTLY EXPENSES LIKE THE FINISHED
INVOLVED IN THE COST OF PRODUCT.
MANUFACT- LIGHT AND WATER
URING THE PRODUCT. , FUEL, OR DEPRECI-
ATION OF MACHINERY.

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 PRICING
3. TYPES OF PRODUCTS

PRODUCTS ARE CLASSIFIED INTO

INDUSTRIAL AND CONSUMER CATEGORIES.
INDUSTRIAL PRODUCTS ARE USED AS RAW
MATERIALS BY OTHER MANUFACTURERS,
WHILE CONSUMER PRODUCTS ARE USED AND
CONSUMED BY INDIVIDUAL CONSUMERS.

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 PRICING
4. PRESENCE OF SUBSTITUTE PRODUCTS

SUBSTITUTE PRODUCTS THREATEN

THE PRIMARY PRODUCT'S SELLING
PRICE. CONSUMERS CAN SWITCH TO
CHEAPER SUBSTITUTES WHEN THE
PRIMARY PRODUCT IS UNAVAILABLE.

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 PRICING
5. STAGES OF THE PRODUCT IN THE MARKET

THE PRODUCT USUALLY UNDERGOES THE

FOLLOWING STAGES:

1. introductory stage
2. growth stage
3. maturity stage
4. decline stage

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 PRICING
6. DEMOGRAPHIC PROFILE OF THE TARGET
CONSUMERS

SINCE THE FINAL BUYERS ARE THE CONSUMERS,

THEIR DEMOGRAPHIC PROFILE HIGHLY
INFLUENCES THE PROCESS OF SETTING THE
MOST APPROPRIATE PRICES OF THE GOODS OR
SERVICES.

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 PROMOTION

In marketing mix the term promotion refers to the

mode of conveying the presence and tributes of the
product to the target consumers.

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 PROMOTION
Promotion utilizes the most appropriate media
to reach the consumers. These include the following:

1. advertising
2. publicity
3. personal selling
4. sales promotion
5. direct marketing

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 PROMOTION
ADVERTISI
The most common medium of promoting
NG
product or service is through:

1. television or radio commercials

2. print advertisements like those on billboards, magazines,
telephone directories, ornewspapers
3. online advertising
4. packaging ads

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 PROMOTION

PUBLICI
TY
Publicity promotes products or services
through media coverage. The media is informed
through press releases about events where
the product or service is highlighted
with well-known personalities.

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 PROMOTION

SALES
the productPROMOTION
Sales promotion aims to influence the target consumers to buy
or avail of the service now and not tomorrow. This
strategy resorts to equire the product or service. This strategy
resorts to giving incentives to the consumers to acquire the
product or service.

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 PROMOTION
SALES
The most popular promotional tools adopted in sales
PROMOTION
promotion category are the following:

1. discounts
2. coupons
3. cash rewards
4. gift certificates

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 PROMOTION

DIRECT
MARKETING
Promoting a product or service through direct marketing is
undertaken with the assistant of the internet. The entrepreneur
starts building a consumer database, performs a one-on-one
approach in building consumer relationship, and sells the
product online.

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 PEOPLE
The modified model of the marketing mix has added people as
another element that assists In product positioning. The term
people here refers to individual employees or workers who are
directly involved in the production, marketing, and sale of the
product or service. Hence the entrepreneur must be sure to hire
the right person for the position.

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 PACKAGI
NG
In the context of marketing mix, packaging refers to the process
of putting the product in a packagging container. It includes the
kind of material to use as wrapper or container and the label and
product information printed on the package.

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 PACKAGI
NG
The basic purpose of packaging is to protect the product from
spillage, damage, or spoillage. Spilled, damaged, or spoiled
products create impressions that are disadvantageous to the
product or business. The type of product basically determines
the kind of packaging whether it will be plastic container,
breakable bottle, tin can, carton or box, or paper or cellophane
wrapper.

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 POSITIONI
NG
Positioning, as an additional element in the
modified model of the marketing micete to the
place occupied by the product in the minds of the
consumers. It is a markering strategy that defines
the target consumers. It is the last marketing stage
in the customer identification process..

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 Any
Question?
Thank
You