MARKETING MIX
BBI – Marketing Mix (REVIEW 4Ps & 2 Cs)
Learning Goals
By the end of this lesson, I will be able to:
explain the 4Ps and 2 Cs
analyse the marketing mix of a business
AGENDA
1. Review of the 4Ps & 2Cs
2. Marketing Mix Assignment
Where we’ve been…
THE MARKETING MIX
The Ingredients: 4Ps
The “Four Ps”
Product Price Place Promotion
The Ingredients: 2Cs
CONSUMERS COMPETITORS
Target Market - Identifiers
These consumers can be identified by:
lifestyle
demographics
Demographics
Age Gender
Income Level Family life cycle
Ethnicity and Culture
Marketing Mix Analysis
Let’s look at an example of a company’s
marketing mix analysis….
Porsche
PORSCHE
PRODUCT
Describe in detail what the product is (quality, design, features, benefits)
Porsche sell high performance automobiles that are perceived as being ‘elite’
Only the highest
endparts/equipment/engineerin g are used to create these
automobiles
Cars are engineered for speed and comfort
PRICE
Describe the price range (e.g. Very Expensive $5000 gold watch)
(e.g. Low price – ‘Dollarama’)
Explain the reasoning behind the pricing (i.e. describe the pricing strategy)
What value does the consumer perceive
$50 000 - $500 000 Canadian
Very expensive, price creates
‘image’ of high quality/status
PLACE
Identify where the product can be purchased
Describe the channel of distribution for the product
Porsche dealerships
Indirect Channel of Distribution (manufacturer, retailer,
consumer)
PROMOTION
What strategies does the
company use to encourage sales of the product
Are there any sales, coupons, incentives, etc., to make
consumers aware of the product or to encourage the consumer to purchase the product
What image does the company portray?
Porsche use a variety of media to promote their cars (TV,
magazines, internet, auto shows)
In each case, they will portray an image of high end
performance status
Media are focused on high income customers & their interests
CONSUMER
Describe the ‘target market’ - who is the typical customer (demographics & lifestyle) (i.e. think of their age, gender, income level, interests, education, type of employment)
Male, 35-60, high income, post- secondary education, professional career, price insensitivity
COMPETITION
Who is their direct competition?
Who is their indirect
competition? (other products the target market/consumer might buy)
How do they differ from their competition?
Direct: Other high end auto manufacturers (Lamborghini, Mercedes, Rolls-Royce, Aston Martin, etc.)
Indirect: Any other high priced
‘toy’ (e.g. TVs, boats, plane, etc.)
Porsche differ from their competition through their reputation and strengthening their brand equity within the marketplace
Now it’s your turn….
HOMEWORK:
WORK ON Marketing Mix Assignment
