STARBUCKS

WINDOWS
GOOGLE
SNAPCHAT
LEGO
TOYOTA
TWITTER
MASTERCARD
KNORR
MOTOROLA
MARKETING
 What is
Marketing Mix?
Marketing mix is a set of actions a
business takes to build and market
its product or service to its
customers.
It helps to make sure that you are
able to offer your customers the
right product, at the right time and
at the right place for the right price.
The marketing mix concept is one
of the most powerful ever
developed for executives.
Since just after World War I, it has
been the essential organizing
theme of many MBA marketing
courses.
It is now the main organizing concept
for countless corporate marketing
plans as well as for most marketing
textbooks and many courses and
executive education programs.
It has endured because it is both
effective and simple.
Developing a marketing mix increases the
chance of reaching more people in the
target market. It is the union of these
elements – right product, right time, right
place, right person – that results in a sale.
Marketing Strategy
vs. Marketing Mix
Strategy is the long-term, forward-
thinking plan that addresses sales in
the market. The strategy to reach the
target market comes first.
The marketing mix (tactics) is
developed to support the strategy and
sell a specific product to a specific,
identified market.
Importance of
Marketing Mix
Helps understand what your
product or service can offer to
your customers.
Helps plan a successful product
offering.
Helps with planning, developing
and executing effective
marketing strategies.
Helps businesses make use of
their strengths and avoid
unnecessary costs.
Helps be proactive in the face of
risks.
Help determine whether your
product or service is suitable for
your customers.
Helps identify and understand
the requirements of customers.
Helps learn when and how to
promote your product or service
to your customers.
LACOSTE
GATORADE
EXPLORER
REDBULL
SNICKERS
MOZILLA
SPOTIFY
NESTLE
KRAFT
ANDROID
 7 P’s of
Marketing Mix
Once you've developed your marketing
strategy, there is a "Seven P Formula"
you should use to continually evaluate
and reevaluate your business activities.
 Ask critical questions such as, "Is your
current product or service, or mix of
products and services, appropriate and
suitable for the market and the customers
of today?"
 Whenever you're having difficulty selling as
much of your products or services as you'd like,
you need to develop the habit of assessing your
business honestly and asking, "Are these the
right products or services for our customers
today?"
 Develop the habit of continually
examining and reexamining the prices of the
products and services you sell to make sure
they're still appropriate to the realities of the
current market.
 Sometimes you need to lower your prices. At
other times, it may be appropriate to raise your
prices. Many companies have found that the
profitability of certain products or services doesn't
justify the amount of effort and resources that go
into producing them.
 By raising their prices, they may lose a
percentage of their customers, but the
remaining percentage generates a profit on
every sale. Could this be appropriate for
you?
 Sometimes you need to change your terms and
conditions of sale. Sometimes, by spreading your
price over a series of months or years, you can sell
far more than you are today, and the interest you can
charge will more than make up for the delay in cash
receipts.
 Sometimes you can combine products and
services together with special offers and special
promotions. Sometimes you can include free
additional items that cost you very little to produce
but make your prices appear far more attractive to
your customers.
 Promotion includes all the ways you
tell your customers about your
products or services and how you then
market and sell to them.
 And here is the rule: Whatever method of
marketing and sales you're using today will,
sooner or later, stop working. Sometimes it will
stop working for reasons you know, and
sometimes it will be for reasons you don't
know.
 In either case, your methods of
marketing and sales will eventually stop
working, and you'll have to develop new
sales, marketing and advertising
approaches, offerings, and strategies.
 Develop the habit of reviewing and
reflecting upon the exact location where
the customer meets the salesperson.
Sometimes a change in place can lead to a
rapid increase in sales.
 You can sell your product in many
different places. Some companies use
direct selling, sending their salespeople
out to personally meet and talk with the
prospect.
 In each case, the entrepreneur must make
the right choice about the very best location
or place for the customer to receive essential
buying information on the product or service
needed to make a buying decision.
 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.
 Remember, people form their first impression
about you within the first 30 seconds of seeing you or
some element of your company. Small improvements
in the packaging or external appearance of your
product or service can often lead to completely
different reactions from your customers.
 Packaging refers to the way your
product or service appears from the
outside. Packaging also refers to your
people and how they dress and groom.
Positioning
 You should develop the habit of thinking
continually about how you are positioned in the
hearts and minds of your customers. How do
people think and talk about you when you're
not present?
 How do people think and talk about your
company? What positioning do you have in
your market, in terms of the specific words
people use when they describe you and your
offerings to others?
 In the famous book by Al Reis and Jack
Trout, Positioning, the authors point out that
how you are seen and thought about by your
customers is the critical determinant of your
success in a competitive marketplace.
 Attribution theory says that most
customers think of you in terms of a single
attribute, either positive or negative.
Sometimes it's "service." Sometimes it's
"excellence."
 If you could create the ideal impression in
the hearts and minds of your customers, what
would it be? What would you have to do in
every customer interaction to get your
customers to think and talk about in that
specific way?
 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.
 Your ability to select, recruit, hire and
retain the proper people, with the skills
and abilities to do the job you need to have
done, is more important than everything
else put together.
 Good to Great, Jim Collins discovered the most
important factor applied by the best companies was that
they first of all "got the right people on the bus, and the
wrong people off the bus." Once these companies had
hired the right people, the second step was to "get the
right people in the right seats on the bus."
 To be successful in business, you must develop
the habit of thinking in terms of exactly who is going
to carry out each task and responsibility. In many
cases, it's not possible to move forward until you can
attract and put the right person into the right
position.
 Many of the best business plans ever
developed sit on shelves today because the
[people who created them] could not find
the key people who could execute those
plans.
TACOBELL
PIZZA HUT
JURASSIC PARK
BLUETOOTH
NASA
SPRITE
SUNKIST
MOANA
HOME ALONE
 Develop a
Brand Name
 A brand name is how an
organization wants its name,
communication style, logo or mark,
and other visual elements to be
perceived by consumers.
 The components of the brand are
created by the organization and as a
result, brand identity reflects the way
an organization wants consumers to
perceive its brands.
 It does not necessarily reflect how
the brand is actually perceived by
current and potential customers.
The brand name should:
 Meet the purpose and
objectives of the
organization.
The brand name should:
 Meet the needs of the
target market for the
brand.
The brand name should:
 Define key brand
characteristics to be
communicated.
The brand name should:
 Highlight the benefits of
the products or services
associated with the brand.
The brand name provides potential
international customers with information
about the service or product, and can help
them form an immediate impression about
the organization.
When a brand name is carefully selected, it
distinguishes an organization’s service or
product from a competitor’s. As well, it can
send out a strong message about the
organization’s marketing position or
corporate personality.
Ideally, a brand name should be:
Short and simple.
Easy to spell, pronounce
and remember.
Ideally, a brand name should be:
Pronounceable in only one
way.
Indicative of the benefits of the
product or service.
Ideally, a brand name should be:
Easy to adapt to packaging and
labelling requirements or to any
form of advertising.
Non-offensive or negative.
Ideally, a brand name should be:
Unlikely to become dated.
Legally available for use.
International organizations take a variety of
approaches to finding the right brand name. One
approach is to simply invent a new word. Consider
Kodak. Invented by founder George Eastman, the
name Kodak (a word without a meaning) was
deemed to be easy to pronounce and was non-
offensive in the organization’s target markets.
The stakeholders involved in selecting the
international brand name would benefit from the
insights and guidance of individuals who are fluent
in the international market’s language and culture.
The steps typically taken to select a brand name
are listed and described below:
Research brand names in use
Know which brand names are currently
being used in its target foreign market and
evaluate the effectiveness of these brand
names.
Identify three to five product or service
characteristics
Determine how the product or service
should be represented to the target market.
Pinpoint the traits of the product or service.
Identify three to five organizational
characteristics
Identify the personality traits of the
organization (e.g. efficient, unique and
supportive) that would resonate with the target
audience.
Create buzz words
Using the characteristics derived from
steps two and three, create a list of all the
words and phrases that can be associated with
each characteristic or personality trait.
Envision the brand name
Consider how the list of words and phrases
generated would look if featured on a billboard
sign or on the product’s packaging.
Test possible brand names
Once the list is reduced to 10-15 names,
test the reactions to these names through focus
groups or surveys of potential customers.
Check for availability of use
Once a few top brand names have been
selected, check whether these names are
available for use or are already being used by
another organization.
 Brand Name, Product
Name, Business Name –
What’s The Difference?
What is a Business Name?
Your business name (also referred to as your
trade name) is the name that you register with your
state to operate. You use it on your bank account,
your tax forms, and other legal documents. For
example, Nike, Inc. is the business name of the Nike
company.
What is a Brand Name?
A brand name is the name that you use to
identify the family of products or services that you
offer or a single line of products or services that you
offer. For example, Nike is the brand name used on
most products manufactured by Nike, Inc.
What is a Product Name?
A product name identifies a specific product or
service and becomes a brand name when the
company starts using it. For example, the Toyota
company operates using Toyota as its company
name, and its products are cars.