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Lesson 9 Recognizing The Importance of Marketing Mix I Part 1 The Development of Marketing Strategies NOTES

The document discusses marketing strategies and the marketing mix. It explains that a marketing strategy outlines how a product will be presented to the target audience, considering benefits and marketing methods. The marketing mix combines the four Ps of marketing - product, price, place, and promotion. It also introduces the 7Ps of marketing, which additionally considers packaging, positioning, and people. The marketing mix is the set of tactical tools a company uses to target its market, while the marketing strategy looks at providing value to customers while competing.

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Shunuan Huang
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2K views

Lesson 9 Recognizing The Importance of Marketing Mix I Part 1 The Development of Marketing Strategies NOTES

The document discusses marketing strategies and the marketing mix. It explains that a marketing strategy outlines how a product will be presented to the target audience, considering benefits and marketing methods. The marketing mix combines the four Ps of marketing - product, price, place, and promotion. It also introduces the 7Ps of marketing, which additionally considers packaging, positioning, and people. The marketing mix is the set of tactical tools a company uses to target its market, while the marketing strategy looks at providing value to customers while competing.

Uploaded by

Shunuan Huang
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Lesson 9 Recognizing the

Importance of Marketing Mix I


Part 1 The Development of
Marketing Strategies NOTES
Marketing strategy – is simply a clear statement on how a marketing
professional intends to present a product to the public, taking into account
the target audience, product benefits and marketing methods.
A marketing mix combines the four Ps of marketing
 Product
 Price
 Place
 Promotion
Marketing mix – is the set of controllable, tactical marketing tools that a
company uses to produce a desired response from its target market.
Marketing strategy – looks at the big picture of providing a profitable product
or service to a customer while taking into account that same customer is
being courted by the competition.
Develop a Marketing Strategy & Marketing Mix for a Product
Define the Unique Selling Proposition & (USP) for the company - Describe the
stated benefit that a product has for the customer.
Describe the targeted audience for the product – narrow the focus of the product
by identifying who will be buying.
Define the product in detail – take the time to describe the specific value and
qualities of the product
Create a pricing strategy for the product – gather this market research and study
it to ensure that you do not overprice or underprice the product.
Identify the place where the product will be marketed – recognize that place goes
beyond geographic location. Look more closely at the type of venue where the
product will be featured.
Define the promotional techniques that you will use for the product – explain how
you will use the standard promotional techniques, such as advertising, sales and
promotional events, person-to-person selling, and public relations campaigns.
7P’s of Marketing
 Product
 Price
 Promotion
 Place
 Packaging
 Positioning
 People
Product – to begin with, develop the habit of looking at your product as
though you were an outside marketing consultant brought in to help your
company decide whether it is in the right business at this time.
Prices – develop the habit of continually examining and re-examining the
prices of the products and services, you sell to make sure they are still
appropriate to the realities of the current market.
Promotion – includes all the ways you tell your customers about your
products or services and how you then market and sell to them.
Place – where your product or service is actually sold.
Packaging – develop the habit of standing back and looking at every visual
element in the packaging of your product or service through the eyes of a
critical prospect.
Packaging – refers to the way your product or service appears from the
outside.
Positioning – you should develop a habit of thinking continually about how
you are positioned in the hearts and minds of your customers.
People – develop the habit of thinking in terms of the people inside and
outside of your business who are responsible for every element of your sales,
marketing strategies, and activities.
Marketing Mix – the set of controllable, tactical marketing tools that a
company uses to produce a desired response from its target market.
Marketing Strategy – Designed to meet the company’s marketing objectives
by providing its customers with value.

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