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Marketing Mix
The right combination of elements that will
produce profit.
The marketing mix is composed of every
factor that influences the marketing effort.
Calls upon markets to decide on the product
and its characteristics, set the price, decide
how to distribute their product, and choose
the method for promoting products.
Timing
Holidays, high season, low season, upward
trend in the business cycle
Brands
names, trademarks, labels, logos and other
identification marks all assist the consumer in
identifying and recalling information about
your product.
Packaging
Packaging is the enclosing of a physical object,
typically a product that will be offered for sale. It
is the process of preparing items of equipment
for transportation and storage and which
embraces preservation, identification and
packaging of products.
Packaging is an important part of the branding
process as it plays a role in communicating the
image and identity of a company.
Pricing
Price is the amount of money charged for a
product or service or the value exchanged for
the benefits of the product or service.
Affects the sales volume but also the image
of the product.
Channel of Distribution
Accessibility of the product to the consumer
Product
The physical attributes of the product help to
determine its position against the
competition and provide guidelines on how
to best compete.
Image
The consumers perception of the product
depends to a great extent on the important
factors of reputation and quality.
Advertising
Paid promotion
Selling
Internal and external selling are essential
components for success, and various sales
techniques must be incorporated in the
marketing plan.
Public Relations
The process by which we create a positive image
and customer preference through third-party
endorsement.
Service Quality
Outstanding service
Research
PRODUCT
A product is anything that can be offered to a
market for attention, acquisition, use or
consumption that might satisfy a want or
need
whatever is being delivered to satisfy
consumer needs. It is much more than the
good or service you provide.
Product Levels
Core Product
Facilitating Products
Supporting Products
Augmented Products
Core Product
What the buyer is really buying
Marketers must uncover the core benefit to
the consumer of every product and sell these
benefits than merely selling features.
EX:
Mobile Phones call and text
Facilitating Products
Goods or services that must be present for
the guest to use the core product
One important aspect is ACCESSIBILITY
EX:
Mobile Phones sim and load/ post paid line
Hotels facilities are open 24/7; front desk
Supporting Products
Extra products offered to add value to the
core product and help to differentiate it from
the competition
EX:
Mobile Phones GPS / Navigator
Hotels Business Center / Health Spa
Augmented Product
The augmented product includes
accessibility, atmosphere, customer
interaction with the service organization,
customer participation, and customers
interaction with each other.
Ex:
Hotel service
Airline in flight service
PRODUCT CONSIDERATIONS
Accessibility
This refers to how accessible the product is in terms
of location and hours of operation.
Atmosphere
A critical element in services. It is appreciated
through the senses. Sensory terms provide
descriptions for the atmosphere as a particular set
of surroundings.
Sensory Channels sight, sound, scent and touch
PRODUCT CONSIDERATIONS
Customer interactions with the service
system
Managers must think about how the
customers use the product in the three
phases of involvement: joining, consumption
and detachment
PRODUCT CONSIDERATIONS
3 PHASES OF INVOLVEMENT
Joining stage is when the customer makes the
initial inquiry contact ; make it easy for the
customers to learn the product; sampling of
products
Consumption phase takes place when the service is
consumed
Detachment phase is when the customer is
through using a product and departs
PRODUCT CONSIDERATIONS
Customer interactions with other
customers. Customers become part of the
product you are offering. Hospitality
organizations must manage the interaction
of customers to ensure that some do not
negatively affect the experience of others
Ex:
Airline J/C pax seated next to upgraded Y/C
pax; maximize revenue; proper attire
PRODUCT CONSIDERATIONS
Participation
Involving the guest in service delivery can
increase capacity, improve customer
satisfaction, and reduce costs.
BRANDING
Brand is a name, term symbol, design or a
combination of these that is intended to
identify the goods or services of a seller and
differentiate them from those of
competitors.
Introduction
- a period of slow sales growth as the product
is being introduced into the market.
- profits are nonexistent at this stage due to
high product introduction expenses.
Growth
- a period of rapid market acceptance and
increasing profits.
Maturity
- a period of slowdown in sales growth
because the product has achieved acceptance
by most of its potential buyers.
- profits level decline due to increased
marketing outlays to defend the product
against competition.
- stage to modify the product
Decline
- the period when sales fall off quickly and
profits drop.
- Due to the following reasons:
1. Technological advances
2. Shifts in consumer tastes
3. Increased competition