Marketing in a Global Environment

Objectives

• Understand concept of marketing mix
• Identify 4 elements of the marketing mix
• Be able to apply marketing mix to given products

Marketing Mix

• http://economictimes.indiatimes.com/definition/marketing-mix
• refers to the set of tactics used by a company to promote its brand or product in the market

4 Elements Of Marketing Mix

• Product
• Price
• Distribution
• Promotion

Product

• Product must satisfy a need or want
• Products include goods and services
• Ex. iPhone, Washing Machine, Toy, etc.

Price

• The monetary value of a product is its price
• Prices fluctuate based on supply and demand
• Prices are determined with their production costs
• Prices are also determined with their transportation costs
• Ex. The price of an laptop ranges from 200 to 2,000 USD.

Distribution

• Distribution involves the activities needed to transfer goods
• 4 factors of distribution include...
• Transportation
• Storage
• Wholesaling and Retailing

Promotion

• Promotion is the marketing efforts to persuade people to buy a product
• 4 factors of Promotion include....
• Advertising,Personal Selling,Publicitiy and Sales Promotion
• Ex. Cash for Clunker in early 2010, many dealerships during Holidays

Example of a marketing mix

• BMW is created in Munich, Bavaria..
• It's MSRP is determined based on its features
• It is distributed all over the world to many dealerships
• Individual Dealerships offer financing deals to promotes purchases

The End