Marketing mix




The marketing mix consists of the 4 Ps: Product, Price, Promotion, Place

  • Product :Defines the characteristics of your product or service that meets the needs of your customers.

  • Price: Decide on a pricing strategy - do not let it just happen! Even if you decide not to charge for a service (a loss leader), you must realise that this is a conscious decision and forms part of the pricing strategy.

  • Promotion: This includes all the weapons in the marketing armoury - advertising, selling, sales promotions, Public Relations, etc.

  • Place (or route of distribution): Some of the revolutions in marketing have come about by changing this P. Think of telephone insurance and the internet! A bit of lateral thinking here might reap

    * Marketing mix of Starbucks*

    Products

  • Brewing and serving equipment, Coffee beverages, Coffee by the pound, Gifts, Music, Sweets, Teas
  • Prepaid Starbucks Card
    : priced from $5 to $500 : Starbucks has sold $70 million of the cards
  • Store Changes
    : installed automatic espresso machines
    : high-speed wireless Internet service




    • Place

  • Starbucks is caffinateing the world
    : 5,689 stores in 28 countries
    : Stores provide inviting atmospheres Grocery Stores, Wholesale Stores, Gas Stations, Offices, Online Sales







    		•

    Promotion

  • Only $30 million on advertising annually
  • Relies on ubiquity and word of mouth
  • McDonald¡¯s spends $300 million annually
  • No commercials on TV


    		•
    Price

  • Expensive
    :about $2 for a regular coffee or $3-$4 for a specialty coffee






    • * Marketing mix of Coffeebean*

    Products

  • distinction with starbucks using light roast
  • selling various kinds of teas
  • well-nourished products with fat-free milk



    • Place

  • avoiding francise,preferring direct management




    • Promotion

  • runnig welfare business
  • marketing for environment
  • specialized promotions for customers


    • Price

  • high prices with high quality products











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