io n P ro m
e
ot
ct P ro d u
P la c
P ri ce
MARKETING PLAN ILLUSTRATION PRESENTED BY NEW DELHI INTITUTE OF MANAGEMENT
P ro d
Price is the amount of money paid by customers to purchase the product.
P ro m
ot i
on
ce
ce la P
Place or distribution is the activities that make the product available to consumers.
ri P
Product is the goods and/or services offered by a company to its customers.
u ct
MARKETING PLAN ILLUSTRATION
Promotion is the activities that communicate the product’s features and benefits and persuade customers to purchase the product.
The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution. 2
MARKETING PLAN ILLUSTRATION
PRODUCT The choices that are made concerning the product can be: brand name, design, functionality, protection, maintenance, packaging, guarantee, accessories and services. To define what the product is supposed to represent questions may be asked like: What does the consumer want from the product/service? The term ‘Product’ refers to both tangible physical goods and services.
Product refers to what the business offers for sale and may include products or services. Product decisions include the "quality, features, benefits, style, design, branding, packaging, services, warranties, guarantees, life cycles, investments and returns". 3
MARKETING PLAN ILLUSTRATION
PRICE The term ‘Price’ refers to the choice of appropriate approaches to forming the actual price of the product. It is also important to mention that while all the other three aspects of marketing mix are costs, price is the only one which creates sales revenue. Company’s pricing policy depends a lot on the circumstances in which the organization is operating.
Price refers to decisions surrounding "list pricing, discount pricing, special offer pricing, credit payment or credit terms". Price refers to the total cost to customer to acquire the product, and may involve both monetary and psychological costs such as the time and effort expended in acquisition. 4
MARKETING PLAN ILLUSTRATION PLACE ‘Place’ element of the marketing mix is the one being concerned with a range of methods of transferring and storing goods, and then making them accessible to the consumers. Delivering the right product to the proper place at the right time requires creation of a distribution system. When referring to ‘place’ marketer has to make decision on distribution channels and centers, transportation, warehousing, order processing, etc.
Place is defined as the "direct or indirect channels to market, geographical distribution, territorial coverage, retail outlet, market location, catalogues, inventory, logistics and order fulfillment". Place refers either to the physical location where a business carries out business or the distribution channels used to reach markets. 5
MARKETING PLAN ILLUSTRATION
PROMOTION ‘Promotion’ refers to the actual process of communicating with consumers Promotion can increase the sales significantly, so that advertising and other costs are spread over a larger output. Promotion is aimed at generating the positive customers’ response and deals with decisions on promotional strategy, advertising, public relations and publicity, sales promotions, marketing communication budgeting, etc.
Promotion refers to "the marketing communication used to make the offer known to potential customers and persuade them to investigate it further". Promotion elements include "advertising, public relations, direct selling and sales promotions. 6
MARKETING PLAN ILLUSTRATION
Product
A product refers to an item that satisfies the consumer's needs or wants.
Price
Place
Promotion
Price refers to the amount a customer pays for a product.
Refers to providing customer access Considers providing convenience for consumer.
Promotion refers to marketing communications
The 'marketing mix is a foundation model in marketing. The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target“. Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place. 7
MARKETING PLAN ILLUSTRATION
The choices that are made concerning the product can be: brand name, design, functionality, protection, maintenance, packaging, guarantee, accessories and services.
Product
Promotion
Price
 Investigating consumers’ attitude toward pricing is
significant since it specifies how they value what they are looking for, as well as what they would like to pay for it. Delivering the right product to the proper place at the right time requires creation of a distribution system. Promotion can increase the sales significantly, so that advertising and other costs are spread over a larger output.
Place
8
THANK YOU