Marketing Mix 4 P's
What is Marketing?
- Selling and Advertising
- Managing profitable customer relationships
- "Process by which companies create value for customer and build relationships with them in order to be profitable" - Philip Kotler
The Marketing Mix 4 P's
Product: Goods or Services. Competition occurs on product differentiation and packaging.
Price: The amount a customer pays.
Promotion: The communication strategies used by a marketer. This includes the 4 distinct elements of Advertising, Public Relations, Sales Promotion and Personal Selling.
Place: The distribution channel. This could be a physical store, or a virtual website.
Case Study of Marketing Mix 4 P's: McDonald's
Product: Food, in the form of Burgers, Fries, Soft Drinks, Salads, etc. Service is fast and efficient, hence, Fast Food.
Price: Affordable, even for children.
Promotion: Many methods are used.
Advertising done through mass media of TV, Print, and Internet.
Public Relations done through CSR efforts of the Ronald McDonald Children's Charity, and Sponsorships of events.
Sales Promotion done through offering Value Meals, Limited Time offers, Lower Prices during selected times, Discount Coupons.
Personal Selling done though counter staff, who are trained to up-sell (upsize / super size).
Place: Located in convenient places near housing estates, heartlands, in town. Accessible, open 24 hours daily, provides online / phone ordering, drive-through, delivery service.
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