Mixiplicity: The 4P’s of Your Marketing Mix

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Information about Mixiplicity: The 4P’s of Your Marketing Mix
Business & Mgmt

Published on February 28, 2014

Author: matthewagilbert

Source: slideshare.net

Description

A guest lecture I gave to a UC Santa Barbara Extension course, "Strategic Business Development for the Global Marketplace." Provides an overview of the traditional 4P's of Marketing -- Product, Price, Place, and Promotion -- along with a discussion of Brian Solis's suggested 5th P: people. Features embedded videos with real world examples of each P plus some humorous clips to balance out the academic content.

Matthew A. Gilbert, MBA Presented by Matthew A. Gilbert, MBA matthewagilbert.com | @MatthewAGilbert Wednesday, February 26, 2014 Mixiplicity: The 4P’s of Your Marketing Mix Mixiplicity: The 4P’s of Your Marketing Mix 1

Mixiplicity: The 4P’s of Your Marketing Mix • The 4 P’s are the 4 personalities of your marketing mix. Matthew A. Gilbert, MBA Welcome 2 MULTIPLICITY Trailer: http://youtu.be/SH2XDPI5664

• Product • Price • Place • Promotion • The “5th P” Matthew A. Gilbert, MBA • Learning Objectives. Mixiplicity: The 4P’s of Your Marketing Mix Welcome 3 This Presentation Was Adapted In Part from Principles of Marketing (14th Edition) by Philip Kotler and Gary Armstrong

Welcome • 6:45 t0 7:15 Lecture: Product & Price • 7:15 to 7:30 Worksheet: Product & Price • 7:30 t0 8:00 Lecture: Place & Promotion • 8:00 to 8:15 Worksheet: Place & Promotion • 8:15 to 8:30 Break • 8:30 to 9:15 Global Marketing Quiz (Take and Grade) • 9:15 to 9:30 Class Evaluations • 9:30 to 9:40 The 5th P • 9:40 to 9:50 Parting Words Matthew A. Gilbert, MBA • 6:30 to 6:45 Mixiplicity: The 4P’s of Your Marketing Mix Agenda 4

attention, acquisition, use, or consumption that might satisfy a need or want. • Service: A product that consists of activities, benefits or satisfaction that is intangible and does not result in the ownership of anything. • Experiences: Represent what buying the product or service Matthew A. Gilbert, MBA • Product: Anything that can be offered in a market for Mixiplicity: The 4P’s of Your Marketing Mix Product will do for the customer. 5

• Convenience products • Newspapers, Candy, Fast food • Shopping products • Furniture, Cars, Appliances • Specialty products • Medical services, Designer clothes, High-end electronics • Unsought products • Life insurance, Funeral services, Blood donations Matthew A. Gilbert, MBA • Consumer Product Types Mixiplicity: The 4P’s of Your Marketing Mix Product 6

• Capital items • Industrial products that aid in the buyer’s production or operations • Materials and parts • Raw materials, manufactured materials and parts • Usually sold directly to industrial users • Supplies and services • Operating supplies, repair and maintenance items, business services Matthew A. Gilbert, MBA • Industrial Product Types Mixiplicity: The 4P’s of Your Marketing Mix Product 7

Matthew A. Gilbert, MBA • Individual Product and Service Decisions Mixiplicity: The 4P’s of Your Marketing Mix Product 8

Mixiplicity: The 4P’s of Your Marketing Mix • GoGurt Matthew A. Gilbert, MBA Product 9 BUSAD X411.1: Marketing Mix -- Product (GoGurt): http://youtu.be/rw9mro2vOpg

• Price is the only element in the marketing mix that produces revenue; all other elements represent costs. • Before setting prices, the marketer must understand the relationship between price and demand for its products Matthew A. Gilbert, MBA • Price: The amount of money charged for a product or service. It is the sum of all the values that consumers give up in order to gain the benefits of having or using a product or service. Mixiplicity: The 4P’s of Your Marketing Mix Price 10

• Inelastic demand occurs when demand hardly changes when there is a small change in price • Elastic demand occurs when demand changes greatly for a small change in price Price elasticity of demand = % change in quantity demand % change in price Matthew A. Gilbert, MBA • Elasticity of Demand: Illustrates response to a change in price. Mixiplicity: The 4P’s of Your Marketing Mix Price 11

• Market-skimming pricing • Market- penetration pricing • Product Mix Pricing Strategies • Product line pricing • Optional-product pricing • Captive-product pricing • Product bundle pricing Matthew A. Gilbert, MBA • New-Product Pricing Strategies Mixiplicity: The 4P’s of Your Marketing Mix Price 12

• Discount and allowance pricing • Segmented pricing • Psychological pricing • Reference prices • Promotional pricing • Geographical pricing Matthew A. Gilbert, MBA • Price Adjustment Strategies Mixiplicity: The 4P’s of Your Marketing Mix Price 13

Mixiplicity: The 4P’s of Your Marketing Mix • Smashburger Matthew A. Gilbert, MBA Price 14 BUSAD X411.1: Marketing Mix -- Pricing (Smashburger): http://youtu.be/xwjjEHlzSgk

Welcome • 6:45 t0 7:15 Lecture: Product & Price • 7:15 to 7:30 Worksheet: Product & Price • 7:30 t0 8:00 Lecture: Place & Promotion • 8:00 to 8:15 Worksheet: Place & Promotion • 8:15 to 8:30 Break • 8:30 to 9:15 Global Marketing Quiz (Take and Grade) • 9:15 to 9:30 Class Evaluations • 9:30 to 9:40 The 5th P • 9:40 to 9:50 Parting Words Matthew A. Gilbert, MBA • 6:30 to 6:45 Mixiplicity: The 4P’s of Your Marketing Mix Agenda 15

• Complete individually (5 minutes) • Discuss as a class (5 minutes) Matthew A. Gilbert, MBA • Product and Price Mixiplicity: The 4P’s of Your Marketing Mix Worksheet 16

Welcome • 6:45 t0 7:15 Lecture: Product & Price • 7:15 to 7:30 Worksheet: Product & Price • 7:30 t0 8:00 Lecture: Place & Promotion • 8:00 to 8:15 Worksheet: Place & Promotion • 8:15 to 8:30 Break • 8:30 to 9:15 Global Marketing Quiz (Take and Grade) • 9:15 to 9:30 Class Evaluations • 9:30 to 9:40 The 5th P • 9:40 to 9:50 Parting Words Matthew A. Gilbert, MBA • 6:30 to 6:45 Mixiplicity: The 4P’s of Your Marketing Mix Agenda 17

service is made available to consumers to purchase. • Supply Chain Management: Process of managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers • Marketing logistics (physical distribution): Planning, implementing, and controlling the physical flow of goods, Matthew A. Gilbert, MBA • Place: The distribution channels through which a product or Mixiplicity: The 4P’s of Your Marketing Mix Place services, and related information from points of origin to consumption to meet consumer requirements at a profit 18

Matthew A. Gilbert, MBA • Number of Channel Levels Mixiplicity: The 4P’s of Your Marketing Mix Place 19

Matthew A. Gilbert, MBA • Multichannel Distribution System Mixiplicity: The 4P’s of Your Marketing Mix Place 20

Mixiplicity: The 4P’s of Your Marketing Mix • Stew Leonard’s Matthew A. Gilbert, MBA Place 21 BUSAD X411.1: Marketing Mix -- Place (Stew Leonard's): http://youtu.be/YLTi0wfPJJQ

relations, personal selling, and direct-marketing tools that the company uses to persuasively communicate customer value and build customer relationships. • Advertising is any paid form of non-personal presentation and promotion. • Sales promotion is the short-term incentive to encourage a purchase or sale. Matthew A. Gilbert, MBA • Promotion: The specific blend of advertising, public Mixiplicity: The 4P’s of Your Marketing Mix Promotion 22

company’s publics. • Personal selling is the personal presentation by the firm’s sales force to prospective customers. • Direct marketing involves making direct connections with carefully targeted consumers through the use of direct mail, telephone, direct-response television, e-mail, and the Internet. Matthew A. Gilbert, MBA • Public relations involves building good relations with the Mixiplicity: The 4P’s of Your Marketing Mix Promotion 23

Matthew A. Gilbert, MBA • Determine the best balance for your product. Mixiplicity: The 4P’s of Your Marketing Mix Promotion 24

per exposure, and it enables the seller to repeat a message many times • Social media presents a powerful platform with which marketers can reach customers and track results in real time; empowering marketers and consumers alike. • Personal selling is the most effective method, particularly in building buyers’ preferences, convictions, actions, and developing customer Matthew A. Gilbert, MBA • Advertising reaches masses of geographically dispersed buyers at a low cost Mixiplicity: The 4P’s of Your Marketing Mix Promotion relationships. 25

Matthew A. Gilbert, MBA • Integrated marketing communications: the integration by the company of its communication channels to deliver a clear, consistent, and compelling message about the organization and its brands Mixiplicity: The 4P’s of Your Marketing Mix Promotion 26

Mixiplicity: The 4P’s of Your Marketing Mix • Nestlė Matthew A. Gilbert, MBA Promotion 27 BUSAD X411.1: Marketing Mix -- Promotion (Nestle): http://youtu.be/YjUrP05tRp0

Welcome • 6:45 t0 7:15 Lecture: Product & Price • 7:15 to 7:30 Worksheet: Product & Price • 7:30 t0 8:00 Lecture: Place & Promotion • 8:00 to 8:15 Worksheet: Place & Promotion • 8:15 to 8:30 Break • 8:30 to 9:15 Global Marketing Quiz (Take and Grade) • 9:15 to 9:30 Class Evaluations • 9:30 to 9:40 The 5th P • 9:40 to 9:50 Parting Words Matthew A. Gilbert, MBA • 6:30 to 6:45 Mixiplicity: The 4P’s of Your Marketing Mix Agenda 28

• Complete individually (5 minutes) • Discuss as a class (5 minutes) Matthew A. Gilbert, MBA • Place and Promotion Mixiplicity: The 4P’s of Your Marketing Mix Worksheet 29

Welcome • 6:45 t0 7:15 Lecture: Product & Price • 7:15 to 7:30 Worksheet: Product & Price • 7:30 t0 8:00 Lecture: Place & Promotion • 8:00 to 8:15 Worksheet: Place & Promotion • 8:15 to 8:30 Break • 8:30 to 9:15 Global Marketing Quiz (Take and Grade) • 9:15 to 9:30 Class Evaluations • 9:30 to 9:40 The 5th P • 9:40 to 9:50 Parting Words Matthew A. Gilbert, MBA • 6:30 to 6:45 Mixiplicity: The 4P’s of Your Marketing Mix Agenda 30

Matthew A. Gilbert, MBA • 15 minutes Mixiplicity: The 4P’s of Your Marketing Mix Break 31

Welcome • 6:45 t0 7:15 Lecture: Product & Price • 7:15 to 7:30 Worksheet: Product & Price • 7:30 t0 8:00 Lecture: Place & Promotion • 8:00 to 8:15 Worksheet: Place & Promotion • 8:15 to 8:30 Break • 8:30 to 9:15 Global Marketing Quiz (Take and Grade) • 9:15 to 9:30 Class Evaluations • 9:30 to 9:40 The 5th P • 9:40 to 9:50 Parting Words Matthew A. Gilbert, MBA • 6:30 to 6:45 Mixiplicity: The 4P’s of Your Marketing Mix Agenda 32

in small groups. • 10 minutes to grade another group’s answer sheet. Matthew A. Gilbert, MBA • 20 minutes to take Mixiplicity: The 4P’s of Your Marketing Mix Global Marketing Quiz 33

Welcome • 6:45 t0 7:15 Lecture: Product & Price • 7:15 to 7:30 Worksheet: Product & Price • 7:30 t0 8:00 Lecture: Place & Promotion • 8:00 to 8:15 Worksheet: Place & Promotion • 8:15 to 8:30 Break • 8:30 to 9:15 Global Marketing Quiz (Take and Grade) • 9:15 to 9:30 Class Evaluations • 9:30 to 9:40 The 5th P • 9:30 to 9:40 Parting Words Matthew A. Gilbert, MBA • 6:30 to 6:45 Mixiplicity: The 4P’s of Your Marketing Mix Agenda 34

• A Hero (Volunteer) shall rise! • Your input is essential. Matthew A. Gilbert, MBA • Complete the class evaluations. Mixiplicity: The 4P’s of Your Marketing Mix Class Evaluations 35

Welcome • 6:45 t0 7:15 Lecture: Product & Price • 7:15 to 7:30 Worksheet: Product & Price • 7:30 t0 8:00 Lecture: Place & Promotion • 8:00 to 8:15 Worksheet: Place & Promotion • 8:15 to 8:30 Break • 8:30 to 9:15 Global Marketing Quiz (Take and Grade) • 9:15 to 9:30 Class Evaluations • 9:30 to 9:40 The 5th P • 9:40 to 9:50 Parting Words Matthew A. Gilbert, MBA • 6:30 to 6:45 Mixiplicity: The 4P’s of Your Marketing Mix Agenda 36

• “If we visit the traditional 4P’s of marketing…the key ingredient of favorable engagement and business outcomes is the very thing that’s been missing all along, People – you, me and the individuals who invest in products and sometimes the brands behind them.” Matthew A. Gilbert, MBA • Brian Solis: People are the 5th P. Mixiplicity: The 4P’s of Your Marketing Mix The 5th P 37 Source: http://www.briansolis.com/2011/10/we-are-the-5th-p-people/

Mixiplicity: The 4P’s of Your Marketing Mix • The 5th P is made of people! Matthew A. Gilbert, MBA The 5th P 38 Soylent Green is People: http://youtu.be/8Sp-VFBbjpE

Welcome • 6:45 t0 7:15 Lecture: Product & Price • 7:15 to 7:30 Worksheet: Product & Price • 7:30 t0 8:00 Lecture: Place & Promotion • 8:00 to 8:15 Worksheet: Place & Promotion • 8:15 to 8:30 Break • 8:30 to 9:15 Global Marketing Quiz (Take and Grade) • 9:15 to 9:30 Class Evaluations • 9:30 to 9:40 The 5th P • 9:40 to 9:50 Parting Words Matthew A. Gilbert, MBA • 6:30 to 6:45 Mixiplicity: The 4P’s of Your Marketing Mix Agenda 39

customer so well the product or service fits him and sells itself.” -- Peter Drucker Matthew A. Gilbert, MBA • “The aim of marketing is to know and understand the Mixiplicity: The 4P’s of Your Marketing Mix Parting Words 40

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