2. WHAT IS THE MARKETING?
• To understand the marketing mix you must understand Marketing
• Marketing- the trade of goods or services between the buyer and seller. The goods are
of value and the buyer and seller are better off because of the exchange.
3. THE MARKETING MIX
• Marketing is typically divided into for decisions and actions known as the 4 Ps or the
marketing mix.
• The 4 Ps include, product, price, place and promotion.
• Each of these are controllable activities firms use to respond to the wants of buyers.
4. PRODUCT
• The first of the four Ps is product.
• Marketing's purpose is creating value and making various offerings, goods, ideas
and services that make consumers happy.
• Product is the good (physical item) marketers create value for.
• Products are important for convenience. An example of this would be a breakfast
bar in the morning instead of someone cooking for themselves. This is an example
of a good.
5. PRODUCT CONTINUED
Service
• Unlike goods, you cannot touch service.
• Services are produced by people or
machine that can not be separated
from the producer.
• When you go to a concert, you are
paying for a service.
idea
• Ideas are
opinions/thoughts/philosophies and
more that can be marketed.
• An example would be a group
supporting car safety.
6. PRICE
• Everything has some sort of price. However, that does not always mean money.
• Price is anything the buyer or consumer gives up whether being money, time, or
energy.
• Price must be determined carefully by marketers to ensure buyers believe the price
is worth the product. They must determine how much the buyer is willing to pay.
7. PLACE
• Place shows everything needed to give the product to the customer when they want
it. This is everything from drive throughs to baggage claims in airports, or
conveniently placed kiosks.
8. PLACE CONTINUED
• Place also deals with marketing channel
management or supple chain
management.
• This is the way firms you approaches
and techniques to effectively work with
suppliers, warehouses etc. Although a
lot of this is behind the scenes it should
not be overlooked.
9. PROMOTION
• Promotion is extremely important in the marketing mix.
• Marketers communicate to buyers by informing, persuading and other methods to
remind consumers the value of their products.
• By doing this, it usually enhances the products value.
