Lecture 04 - The Marketing Mixes.pdf - Topic 4 – The...

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Topic 4 – The Marketing MixesPrinciples of MarketingV1.0Visuals Handout – Page 1Principles of Marketing©NCC Education LimitedV1.0Principles of MarketingTopic 4:The Marketing MixesThe Marketing MixesTopic 4 - 4.2Scope and CoverageThis topic will cover:A brief background to where the currentMarketing Mix came from• The Marketing Mix©NCC Education LimitedV1.0The Marketing MixThe Extended MixThe New Full MixOther mixes: MarketingCommunications/Promotions/MediaThe Marketing MixesTopic 4 - 4.3Learning OutcomesBy the end of this topic, students will be able to:Identify the various mixes and their purposesBreakdown the Marketing Mix into its componentparts©NCC Education LimitedV1.0partsUnderstand how the Marketing Mix forms the basisof marketing planningIdentify and use other mixes: Media/MarketingCommunications/Promotion.
Topic 4 – The Marketing MixesPrinciples of MarketingV1.0Visuals Handout – Page 2The Marketing MixesTopic 4 - 4.4The Full and Sub MixesOur objective today is to explore and understandboth the FULL and Sub mixes of marketing©NCC Education LimitedV1.0The Marketing MixesTopic 4 - 4.5The Four ‘P’s’ - Borden to McCarthyBorden’s (1953) original Five P’s were amended in1960 by E. Jerome McCarthy; he proposed theFour ‘P’s’The first two P’s focus upon:• PRODUCT-RELATED elements with an input ofeconomicsProduct as a necessity©NCC Education LimitedV1.0economics - Product as a necessity• PRICE is seen as important – an element on its own insome products marketingThe other two ‘P’s’ are part related to the deliverysystems:• PLACE: delivering the product/service• PROMOTION: delivering the sales messageThe Marketing MixesTopic 4 - 4.6Borden to McCarthy - TheChallengeIn today’s market-place McCarthy’s Four ‘P’s’ areunder-fire:‘Too broad’– ‘Too simplistic’©NCC Education LimitedV1.0Too simplistic‘Not like real-life’McCarthy misunderstood Borden’s original workThese are all quoted reasons for the challenge
Topic 4 – The Marketing MixesPrinciples of MarketingV1.0Visuals Handout – Page 3The Marketing MixesTopic 4 - 4.7Borden to McCarthy – theResponseSo the response was to add a 5th ‘P’:People (or your customers)©NCC Education LimitedV1.0In today’s market place the Five ‘P’s’ representabasic method of formulating a marketing plan andeffectively committing to the use of marketing.The Marketing MixesTopic 4 - 4.8Using the Marketing Mix isImportantIt is critical to stress the importance of the actualuse of the mixes in business.

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Term
Spring
Professor
Dr.Bugok
Tags
Marketing, The Road, NCC Education Limited

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