Take care of your customers and your market share and profits will grow 4 P’s of the Marketing Mix 1. Product – Goods or Services that a company can offer to a target market. Ex: Mongol pencil 2. Price – Amount of money that consumers have to pay to obtain product. Ex: P 10. 00 per pencil 3. Place – Locations or trade channels where product is available. Ex: National bookstore Promotion – Activities that persuade target consumers to buy the product.
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Americans “need” food but “want” a McDonald’s hamburger w/ fries and Coke soft drink * c. Demands * when a person has buying power, the “want” becomes a “demand” * Ex: Consumers demanding comfort, luxury and status in a vehicle will buy a Lexus, Mercedes Benz or a BMW d. Product * anything (tangible or physical object) that can be offered to the market to satisfy a need, want or demand * Ex: book, ball pen, chalk, etc.
Marketing Management Philosophies 1. Production Concept * consumers will favor products that are inexpensive and widely available * management should focus on improving production and distribution efficiency to bring down prices * Example 1 : Texas Instruments’ philosophy of increased production and lower costs in order to bring down prices of its calculators Example 2 : Toyota produces very affordable cars with readily available spare parts.
Marketing Concept * the key to achieving company’s goals consists of being more effective than competition in creating, delivering and communicating customer value to its chosen target markets * Example : Unilever Phils is # 1 in the consumer market due to its variety of quality products that are competitively priced, aggressively promoted and available nationwide Based on the AC Nielsen (Phils) Tri-media total advertising expenditure summary report, Unilever was the top advertiser for consumer products 5. Societal Marketing Concept deliver superior value to customers in a way that maintains or improves the consumer’s and “society’s” well being.
Marketing prepares and implements the Marketing Plan as approved by management c. Production / Manufacturing * in charge of producing the physical or tangible output of a product or rendering the intangible output of a service d. Purchasing * ensures the delivery of supplies and raw materials to the factory plant e. Accounting / Finance * handles the finances of an organization and provides funds to carry out the Marketing Plan.
Research and Development determines new trends and technology for application to the production of the company’s products and services h. Management Information System (MIS) * consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information needed by the company
