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What are the 4 P’s of Marketing?

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WHAT IS MARKETING?

  • Is Marketing all around you?
  • In what ways?

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  • Marketing
    • the creation and maintenance of satisfying exchange relationships

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Satisfying Customer Needs

  • identify your customer and the needs of your customer
  • develop superior products
  • operate your business profitably

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THE MARKETING MIX

  • marketing mix
    • how a business blends the following four elements
      • product
      • place
      • price
      • promotion

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    • what a business offers to satisfy needs
      • goods and services

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  • product

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  • distribution
    • the locations and methods used to make products available to customers

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  • place

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    • amount customers pay for products

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  • price

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  • promotion
    • ways to make customers aware of products
    • encourages customers to buy

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BUT WAIT……. Most Marketers consider a 5th P

  • people
    • Describes the importance of the employees and the customers of the business.

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Marketing Mix Considerations

  • discretionary income
    • the amount of money individuals have available to spend after paying for necessities
  • Striking the right balance between price, distribution and promotion is important.

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A Marketing Mix Example in the Sports Industry

  • The product the Super Bowl offers is a game between the best teams of the AFC and NFC.
  • Consumer costs extend beyond ticket prices and include travel and lodging expenses aka price
  • Place includes the location of the host city and ticket sales.
  • Promotion involves media outlets and related-product contests.

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