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Principles of Marketing MMM043

Lecture 7: 4Ps (or the Marketing Mix)

Dr. Vishal Talwar

Principles of Marketing www.henley.ac.uk

Ethics Different Marketing Contexts

4Ps

Segmentation, Targeting, Positioning Buying Behaviour Marketing Research Marketing Environment Marketing Planning

Marketing: Key Concepts

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Today’s Learning Outcomes

• Operationalising your Marketing Mix Strategy • Product Decisions • Pricing Decisions

• Promotion Decisions

• Placement Decisions

Related Textbook Readings: Chapters 8,10, 12, 14 plus PLC from Ch. 9

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Marketing Strategy and the Marketing Mix

Marketing intermediaries

Marketing analysis

Competitors

Product

Marketing Control Place Customer Value And Relationships Promotion Price Marketing Planning

Suppliers Marketing Implementation

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Publics

Product Decisions

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Product Types

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What is a Product

• Product: A bundle of attributes (anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.

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Why are some products more successful than others?

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Product Adoption & Diffusion

• Speed of Diffusion for Innovations (25% Adoption, US) – Automobile: 58 years – Telephone: 36 years – Radio: 22 years – Personal Computer: 16 years – Mobile Phone: 13 years

“The Americans haveWide Web: 7 years – World need of the telephone, but we do not. We have plenty of messenger boys.” – Sir William Preece, Chief Engineer, British Post Office, 1878

“This telephone has too many shortcomings to be

considered as a means of communication. The device is of inherently no value to us.” – Western Union internal memo, 1876

“Getting a new idea adopted, even when it has obvious advantages, is often very difficult.” – Rogers, 1962

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What is...