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Video Synopsis:
THE MARKETING MIX EXPLAINED
Marketing comes with a host of semi-scientific jargon — but much of it comes down to simple common sense. This film cuts through the fancy words to explain the practical realities of the marketing mix.
THE MIX
The classic definition of the marketing mix is the "four Ps" — product, place, price and promotion. These are four factors which marketers think are critical to the success or failure of marketing anything.
PRODUCT
We all think we know what a product is, but most products these days are, in fact, services. And even with a product the physical part is only part of the product — it's bundled up with all kinds of things called benefits — considerations such as the brand name, reliability, after sales support and credit facilities.
PRODUCT LIFE CYCLE
Products don't last forever. In marketing terms, they go through four phases: introduction, growth, maturity and decline. This is what urges producers to constantly innovate, bringing out new products.
PRODUCT MIX
So companies tend to end up with a number of different types of products or "lines". You might try to bring out lots of new products aimed at your existing customers (called width) or bring out new products designed to attract new customers (called depth). Taken together the width and depth is what's called the product mix. Marketing research plays a critical role in deciding what products to make.
PLACE
But as well as deciding what to make, you've also got to work out where your customer is going to get your product. You need channels of distribution. You may sell through intermediaries like retailers or the internet. The point is to get the product where the customer wants it and how the customer wants it.
PRICE
Pricing products is an art form involving psychology, emotion and science: the simplest approach is cost-based pricing. With market penetration pricing, companies make a big initial impact with an extremely low price. Market skimming means companies positioning themselves at the quality end of the market by setting high prices.
PROMOTION
Also known as "marketing communications", product promotion embraces advertising, publicity, sales promotions, direct marketing, sponsorship and personal selling. This is the promotional mix — and the secret is to get the right combination of promotional techniques to reach the people you want to reach.
SEVEN PS
Product, place, price and promotion are the four Ps. But some people believe marketing involves another 3 Ps — people, process and physical evidence. These are all things that influence people to give their custom to a business.
BUT SHOULD WE DO IT?
Marketing techniques are now used to sell anything to anyone. But can we take things too far? What about the dangers of over-consumption?
Running time: 30 mins approx (Produced in 2002)
"A good video. I've used it with GCSE classes as an introduction to the subject. It moves quickly and it is just about the right length.
There are good examples given and the pacing is good for the students. It puts the subject over clearly."
Mrs Elizabeth Benson,
Wilmington Hall School,
Dartford, Kent
Video Summary:A guide to the 4 Ps — product, price, place and promotion — plus 3 more.