The 4 P's and 7 P's of Marketing Mix (With case studies of Amazon, Tesla & Other brands)
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A marketing mix or 4 P's of marketing is a set of components that work together to distinguish a product from others by emphasising its unique selling points.
1. Product
Product Variety, Quality, Design, Features, Sizes, Warranties, Returns.
2. Price
List Price, Discounts, Allowances, Payment
Period, Credit Terms
3. Place
Channels, Coverage, Locations, Transport
4. Promotion
Advertising, Sales Promotion, Public Relations, Direct Marketing
Product
At the core of a great brand is an exceptional product that the company sells.
It might be a non-physical service (like as physiotherapy sessions, legal services, and so on) or a physical good.
In essence, everything that is supplied to the customer falls under the gamut of a product.Product is the key offering; customers pay for.
Product – Tesla’s complete bouquet of products
Did you Know - Tesla not only designs and manufactures electric vehicles, but also offers battery energy storage from home to grid-scale, solar panels & solar roof tiles, and related products and services.
Price
The cost of a product or service is the amount that a company is willing to charge for it.
The price of anything, from food to transportation, is determined by its cost per unit.
The cost of a product can be raised to appeal as a premium and limited service, or it might be decreased for the sake of more customers trying it. The cost of a product is determined by a number of factors.Because it is dependent on so many things, the price is always changing.
Price – Amazon’s Dynamic Pricing Strategy
Example – Amazon changes Prices
The prices of products are changed by Amazon 2.5 million times in a day.
This means that the average price of the product listed on Amazon changes every 10 minutes.
Even though a lot of customers are annoyed when the price of a product drops immediately after they buy it.
This tactic has also helped increase Amazon’s profit by 25%
Place
Place entails determining where the product should be sold and how the product should be delivered to the market.
Place is covered by responsibility for dealing with elements such as locations, channel of distribution (both online and offline), coverage, logistics, and transport.
Place – Starbucks Self-Serve Kiosks in China
Starbucks opened new self kiosk installed in select Freshippo stores in China.
"Star Kitchens", the new smart self-serve kiosk is a classic example of how online meets offline world. It is installed inside Freshippo stores that are dedicated to processing delivery orders.
Promotion
Promotion links a brands to various people, places, events, brands, experiences, sentiments, and items.
Also known as Integrated Marketing Communications (IMC); it is an attempt by businesses to get consumers to become more familiar with, influenced by, and reminded of their products.
Promotion Mix
The promotion component, which is a component of marketing functions communication aspect, includes advertising, sales promotion, direct marketing, personal selling, and public relations.
Advertising
Sales Promotion
Direct marketing
Personal selling
Public relations
Events
Regardless of the channel utilized, marketing should be appropriate for the product, price, and targeted consumer.
Promotion – Super Bowl Commercial exceed $5.6 Mn/30 Sec
Super Bowl Commercials
The final game of the National Football League (NFL) is known as the Super Bowl and is telecast in the U.S. There are many high profile ads that are run during the game. These are popularly called Super Bowl ads.
The price for airing Super Bowl commercials has kept increasing over the years.
At Super Bowl I the average cost for a 30-second ad was $37,500 during the game. By Super Bowl LIV in 2020, the cost had reached a high of $5.6 million for the same 30-second slot.
This video is on Marketing Mix 4Ps and 7Ps and it has the following sub-topics.
Time Stamps
0:00 Introduction to The 4 P's and 7 P's of Marketing Mix
0:21 4 Ps of Marketing
1:04 Product
1:39 Price
2:28 Place
3:08 Promotion
4:26 7 Ps of Services Marketing
5:16 Product – Hospitality Service
6:01 Price – Uber’s Dynamic Pricing
6:35 Place – Burger King’s innovative distribution options
7:17 Physical Evidence – Singapore Airline's First Class
7:57 Promotion – KFC’s Quirky Campaign Process – MasterCard
8:33 Process – MasterCard
9:11 People – Starbucks invests in Employee Experience
A marketing mix or 4 P's of marketing is a set of components that work together to distinguish a product from others by emphasising its unique selling points.
1. Product
Product Variety, Quality, Design, Features, Sizes, Warranties, Returns.
2. Price
List Price, Discounts, Allowances, Payment
Period, Credit Terms
3. Place
Channels, Coverage, Locations, Transport
4. Promotion
Advertising, Sales Promotion, Public Relations, Direct Marketing
Product
At the core of a great brand is an exceptional product that the company sells.
It might be a non-physical service (like as physiotherapy sessions, legal services, and so on) or a physical good.
In essence, everything that is supplied to the customer falls under the gamut of a product.Product is the key offering; customers pay for.
Product – Tesla’s complete bouquet of products
Did you Know - Tesla not only designs and manufactures electric vehicles, but also offers battery energy storage from home to grid-scale, solar panels & solar roof tiles, and related products and services.
Price
The cost of a product or service is the amount that a company is willing to charge for it.
The price of anything, from food to transportation, is determined by its cost per unit.
The cost of a product can be raised to appeal as a premium and limited service, or it might be decreased for the sake of more customers trying it. The cost of a product is determined by a number of factors.Because it is dependent on so many things, the price is always changing.
Price – Amazon’s Dynamic Pricing Strategy
Example – Amazon changes Prices
The prices of products are changed by Amazon 2.5 million times in a day.
This means that the average price of the product listed on Amazon changes every 10 minutes.
Even though a lot of customers are annoyed when the price of a product drops immediately after they buy it.
This tactic has also helped increase Amazon’s profit by 25%
Place
Place entails determining where the product should be sold and how the product should be delivered to the market.
Place is covered by responsibility for dealing with elements such as locations, channel of distribution (both online and offline), coverage, logistics, and transport.
Place – Starbucks Self-Serve Kiosks in China
Starbucks opened new self kiosk installed in select Freshippo stores in China.
"Star Kitchens", the new smart self-serve kiosk is a classic example of how online meets offline world. It is installed inside Freshippo stores that are dedicated to processing delivery orders.
Promotion
Promotion links a brands to various people, places, events, brands, experiences, sentiments, and items.
Also known as Integrated Marketing Communications (IMC); it is an attempt by businesses to get consumers to become more familiar with, influenced by, and reminded of their products.
Promotion Mix
The promotion component, which is a component of marketing functions communication aspect, includes advertising, sales promotion, direct marketing, personal selling, and public relations.
Advertising
Sales Promotion
Direct marketing
Personal selling
Public relations
Events
Regardless of the channel utilized, marketing should be appropriate for the product, price, and targeted consumer.
Promotion – Super Bowl Commercial exceed $5.6 Mn/30 Sec
Super Bowl Commercials
The final game of the National Football League (NFL) is known as the Super Bowl and is telecast in the U.S. There are many high profile ads that are run during the game. These are popularly called Super Bowl ads.
The price for airing Super Bowl commercials has kept increasing over the years.
At Super Bowl I the average cost for a 30-second ad was $37,500 during the game. By Super Bowl LIV in 2020, the cost had reached a high of $5.6 million for the same 30-second slot.
This video is on Marketing Mix 4Ps and 7Ps and it has the following sub-topics.
Time Stamps
0:00 Introduction to The 4 P's and 7 P's of Marketing Mix
0:21 4 Ps of Marketing
1:04 Product
1:39 Price
2:28 Place
3:08 Promotion
4:26 7 Ps of Services Marketing
5:16 Product – Hospitality Service
6:01 Price – Uber’s Dynamic Pricing
6:35 Place – Burger King’s innovative distribution options
7:17 Physical Evidence – Singapore Airline's First Class
7:57 Promotion – KFC’s Quirky Campaign Process – MasterCard
8:33 Process – MasterCard
9:11 People – Starbucks invests in Employee Experience
2 سال پیش
در تاریخ 1401/07/04 منتشر شده
است.
910
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