INTEGRATED MARKETING MIX

Question 2

What is an integrated marketing mix

Answer 2

When each of the elements of the marketing mix compliments the others, and contributes to creating a coherent brand image.

Question 3

What are the elements of the marketing mix

Answer 3

Product
Price
Promotions
Place
People
Process
Physical Evidence

Also know as the 7Ps

Question 4

What are the aims of the 7P’s (all the elements of the marketing mix)

Answer 4

These should all come together to create the brand image the business is wanting to project.

For example: If you’re selling a beautifully packaged, high quality, exclusive product that gives the luxury high end feel, but you’re selling it for a discounted price, then you’re going to confuse the market.

Question 5

What are the Influences on the integrated marketing mix:

Answer 5

Positioning in the product life cycle (is the product in the development stage, so there will only need to be informative advertising, or is the product complete and is ready to be advertised for sale)

Type of product: Premium product vs value products. Premium products will have very different pricing, advertising, people will be trained differently, different processes to getting the product in your hand VS a value product.

Marketing objectives: Is the organisation trying to make its market position stronger, or is the company trying to grow, and enter new markets.

Target market: Demographic, income, how consumers behave (do they shop online or instore, or are they green consumers)

Competition: Highly competitive mass market products will probably have a very different marketing mix to a niche product.

Positioning: USP / differentiation / target market

All of the above will have an impact on how much people pay, where they shop, and the promotion.

Question 6

Influences on the marketing mix - Boston matrix

Answer 6

Problem child: Informative advertising, do a trial price or maybe cut the price, look at increasing the distribution of the product (where the product is sold)

Star - Because its the market leader, you may be able to swell it at a premium price, you want to develop the product to be ahead of its competitors, and improve its USP

Cash cow - Reminder advertising, competitive pricing strategy, extension strategy (to keep people interested in the product)