additional slides on ps of marketing

8/13/2019 Additional Slides on Ps of Marketing

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THE 5 P'S OF MARKETING

The Marketing Mix


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About Marketing MixThe marketing mix is probably the most famous marketingterm. Its elements are the basic, tactical components of amarketing plan.


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The Marketing Mix-The 5 P's

Product Price Place (distribution)

Promotion People


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People are your strongest centralingredient of you marketing mix. Internally,you and your employees are brandambassadors for your product or service.

People- When referred to as an element in themarketing mix, this 5th P refers to how your level of

service and the expertise and skills of the peoplewho work for you can be used to set you apart fromyour competitors. The truth is, marketing has to becustomer centric, and although the customer is whatcompletes the adjoining sales cycle, it is also thecustomer that drives the entire marketing mix.


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Basically, the entire process starts and stops withthe customer.

People are your strongest centralingredient of you marketing mix. Internally, youand your employees are brand ambassadors foryour product or service.

Two way communication can help buildrelationships with customers and result in moreclosed sales. Even if u have small operations

customer support is fairly easy to implement.


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People

People decisions are those related to customerservice. In order to market effectively, people arean essential part of the equation.

The company hires and train staffs that wouldrepresent their company to the market.Recruiting the right staff and training themappropriately in the delivery of their service isessential if the organization wants to obtain aform of competitive advantage.


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Contd

People are the most important element of anyservice or experience. Services tend to beproduced and consumed at the same moment,and aspects of the customer experience are

altered to meet the 'individual needs' of theperson consuming it. some ways in which people add value to an

experience, as part of the marketing mix -

training, personal selling and customer service.


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Contd

Training: All customer facing personnel needto be trained and developed to maintain ahigh quality of personal service.

Personal Selling: The salesperson buildsgoodwill with customers with the longer-termaim of generating orders.

Customer Service: Many products, servicesand experiences are supported by customerservices teams.


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'People' as part of the marketing mix: People How your level of service and the people

who will provide that service will be used in

marketing your products or services to thecustomer. Who are the people that will be providingthis service and what kind of training will theyreceive.


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Marketing Mix


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Marketing theorists like booms and Bitners haveadded a 5th P of marketing to the elements of themarketing mix: People- When referred to as anelement in the marketing mix, this 5th P refers tohow your level of service and the expertise andskills of the people who work for you can be used to

set you apart from your competitors. The truth is,marketing has to be customer centric, and althoughthe customer is what completes the adjoining sales

cycle, it is also the customer that drives the entiremarketing mix. Basically, the entire process startsand stops with the customer.


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The Power of the Fifth P

When the importance of employees to brandmarketing is ignored, the cost is huge. The name ofthe game for any brand manager today is inducingthe customer with a view to establishing a long-term relationship.

people have become the most importantcomponent in the marketing mix. Social networksare largely driven by the people who use them, and

these people are discussing the business,


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Comparison-To Prove

Fast Food: Relative importance of people and four other factors inlikelihood of a consumer choosing a fast-food restaurant again


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Airlines: Relative importance of people, promotion and place inlikelihood of a consumer choosing an airline again


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Summary of Marketing Mix Decisions People:- Appearance, Service, Uniforms,

Attitude, Patience, responsive, willing full,time conscious, dynamic, exception

Job allocation/marketing plan/staff interaction

so that consumers have good judgment &perception. Performance/reliability/responsibility/quality/

value/satisfaction/feedback/measure success &controland budget.


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Contd Without people no one to listen, cater, engage

with or sell to / no profits/salaries. Just remember first impression counts. Willpower is the key to success. Nothing stops an organisation faster than people

who believe that the way you worked yesterday isthe best way to work tomorrow.

Believe and be yourself and striveNo matter what happens .


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Promotion

Generally, is communicating with the

public in an attempt to influencethem toward buying product orservices


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What is Promotion

It is one of the element of Marketing Mix orfour Ps.The concept begun in 1953 coined byMr. Neil Borden in his American MarketingAssociation presidential address

Product Price Promotion Place


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Promotion

Basically it is related to retail business as wellas service sectors

It is an activity such as sale or advertisingcampaign designed to increase sales ofproduct or service


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Promotion Period

Annually Semiannually

Seasonally


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Contd,

To stimulate the customer To acquire new customer

To bring back the old customer
http://www.pdclipart.org/displayimage.php?album=100&pos=168


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Promotion

Marketing team Sales team

Advertising team Are responsible for promotional program


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Main Considerations

Budget Outcome of the promotion


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Forms of Promotion

Raffle Coupons Scratch & Win Coupons (Instant Price) Buy one Get one free Air Mails Discounts on certain amount of purchase Free service post sales Attributes Free other products with prime

product


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Promotional Mix

Advertising Personal Selling

Sales Promotion Direct Marketing Internet Marketing

Publicity


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Promotional Objectives

Sales Targets Increase Market Share

Awareness Information Retain the brand name forever in customers

mind like Lux, Colgate Britania etc


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Advertising Media

Television Radio

Magazines Newspapers Direct Mails

Banners Billboards


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Promotion

In order to bring attention of the people &creating awareness, information is veryimportant

It is medias significant activity Therefore your advertisement should be very

promising

Factual information Should not be overstated


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Conclusion

Promotions should be done in ethical manner Reimburse incentives /rewards /gifts promptly

Winner information should be provided forevery buyer

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