3�307MktgMix

3�307MktgMix - U SC M ar k eting 307#3 M ar k eting M...

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Unformatted text preview: U SC M ar k eting 307 #3 M ar k eting M ix 1. What is the Marketing Mix? Combination of the 7 building blocks in various amounts to build marketing strategies to achieve Market Plan goals. Cake analogy -- The Marketing Mix is analogous to baking a cake. 2-1. If there is too much or too little of one ingredient or it is not properly baked, the cake will not taste good. 2-2. Once the ingredients are mixed and heat is applied, you cannot break the cake down into its constituent ingredients. 1. Marketing Mix -- As with the cake, the ingredients have to be in balance, and if you try to change one building block, it will affect the others. 3-1. Once mixed, the building blocks are connected. You cannot change one building block without affecting all the others. 3-2. Don't be out of balance. Changing one ingredient can throw the mix out of balance, and you'll have a too salty or too sweet cake. 3-3. Rebalance everything. If you have to change one building block, you need to rebalance the others. For example, if you lower the price in response to competitive pressure, you may need to change the positioning of the product and the product. For example, if someone wants to buy bread for less, you will sell day old bread for less, or if they want to pay less for a computer processor, you will create and sell them the Celeron for less than the Pentium. If you don't rebalance, you will ruin the image of the original product and you anger customers who bought the day before you lowered the price 2008 Ira S. Kalb. All rights reserved. 2. Too many marketers who don't understand the mix and the idea of balance will lower the price in response to competitive pressure. What they fail to understand is that you cannot lower the price without affecting the Corporate Image, Positioning, perception of Product quality, and other building blocks. 1 ...
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