MARKETING MIX
BBI – Marketing Mix (2 Cs)
Learning Goals
By the end of this lesson, I will be able to:
identify the 2Cs of marketing
explain all 6 elements of the marketing mix
AGENDA
1. Marketing Mix 2 Cs:
a. Competitive Market b. Consumer Market
2. Review – Place Mat Activity
The 2 Cs
In order to perform an effective “Marketing Mix”
assessment, in addition to the 4 “P”s, a marketer must also consider the 2 “C”s of marketing:
• Competitors
• Customer
Competitive Market
The competitive market refers to the sellers of a specific product, and is often expressed in terms of the total dollars spent annually on that product.
The percentage of the market that a
company or brand has is called its
market share.
Who are Our Competitors?
Competition among Products
Products that are similar to one another are called direct competition.
Indirect competition are ‘substitute’ products
Marketing Strategy
1. Identify target market2. Create Marketing Mix
Consumer Market
In their effort to be competitive, businesses study and target the consumer market, the potential users of a product or service.
These consumers can be identified by demographics and lifestyle.
DEMOGRAPHICS
Characteristics that categorize people.
age, gender, family life cycle, income level and ethnicity and culture.
Let’s look at each of the main variables…….
Age
• Depending on the market, people are grouped into various groups
• Stats Canada divides the population as such:
• 0-15, 15-24, 25-44, 45- 64, 65-74, 75+
• Depending on the product / service, marketers need to determine the age group that will most likely
purchase their product
Needs vs. Wants
Needs… are the essentials, the basics of life that we cannot live without (necessities).
Wants…are the items, activities or services that increase one’s quality of life.
BELL RINGERS
BELL RINGER!!!!
List the 5 different sales
promotion strategies discussed
in class.
1. Coupons 2. Contests 3. Premiums 4. Samples
5. Special Events
Gender
Marketers must determine whether the target market for their product or service is mainly male, female or both and strategize
accordingly.
Family Life Cycle
A consumer’s stage in the family life cycle determines many of his or her wants, needs and purchasing patterns
Example:
New Family – diapers, baby food
Older Family – iPods, computers
Examples of Family Life Cycle Stages
Single
Married (no children)
Family (young children)
Family (older children)
Empty Nesters (children left)
Retirees
Income Level
Grouped by how much money the targeted consumer earns
Allows marketers to determine how many
consumers can afford their product / service
Ethnicity & Culture
It is vital for a marketer to understand the ethnic and cultural differences of their market
Marketers must design their marketing strategy to appeal to their target market, yet make sure they don’t offend them
Example: Wedding Gowns
• In our western culture, white is the norm
• In India and parts of China, red is worn for “good luck”
LIFESTYLE
Measuring consumers’ values, beliefs, opinions, and interests.
A way of profiling consumers on the way they “think”…
Example:
• Religious beliefs, active lifestyle, musical tastes, healty attitudes, etc.
Much harder to measure than demographics, yet equally vital in creating an effective customer profile
Place Mat Activity
Place Mat Activity: Questions
1. What is marketing?
2. What are the elements of the
marketing mix?
HOMEWORK:
REVIEW the Marketing Mix (4Ps & 2Cs) p. 239-254
