Final presentation Topic: “What is the marketing mix? Key points to successful marketing”

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Final presentation Topic: “What is the marketing mix? Key points to successful marketing”

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  1. Full name: Nguyen Thi Toan Class: TAN202.24_LT PRESENTATION Topic: “What is the marketing mix? Key points to successful marketing” *****000**** Hi, everyone! First of all, let me thank all of you for coming here today. My name is Nguyen Thi Toan. I come from A7_ Banking and Finance faculty. Everyone, are you interested in doing business? For me, I really keen on doing business. Therefore I usually study about what factors influence to the success of a product. They may be the brand name, the quality of product itself, the packing or something else. Last week, I read the survey of Economic Times about this statement, and I was really surprise that only 10% people think brand name decided to the success of product. 20% people think it was quality of product, and most of them think it was marketing. Because I did not understand deeply about Marketing, I searched on Internet and came to see some specialist to get information. Marketing makes me really excited and today, I’d like to share it for you. In my presentation, I will focus on two main parts. Firstly, I am going to talk about what marketing mix is. And in the second part, I’d like to recommend you some key points to successful marketing. My presentation may take you 7 to 10 minutes and if you have any questions, I am ready to answer them at the end of my talk. OK, let get start. Many people hold the opinion that Marketing is only selling product. But to be flank, it’s not only selling but also a process from producing to selling. This is the tool whereby the marketer takes decisions on what and how a product should be, where it can be sold, how it should be priced, how it can be promoted, how to equip people who are
  2. responsibility for selling the product …and so on. Getting the marketing mix right is equally important for the large corporation and the small business owner. Let us take a closer look at the some most important elements. Just think about making a cake. Do you know about ingredients to make it? In my point of view, cake is the mix of wheat flour, milk, sugar and eggs. Marketing mix is similar to a cake. It has four main components and is known as the “Four Ps”. They are Product, Price, Place, and Promotion Product is goods or services to satisfy the need or demand of the customers. Designing and Producing a product depend on the aims of product, the benefit that the company expect, the position that they plan it within the market and the differential advantage that the product offer over their competitors. Price is cost to produce and design a product, distribute product and promote product. It takes into account the following factors: a fixed and variable cost, competition, company objectives, proposes positioning, strategies, target group and willingness to pay. The third composition of marketing mix is place. That means by which products and services get from producers to consumers. The more places to buy and the easier it is made to buy it, the better for the business of company. In my opinion, the component that decides to the success of a marketing process is promotion, the Fourth P of Marketing mix. In fact, it pushes up offering and selling, makes revenue increase, the business undertaking more efficient. Promotion consists of advertising, personal selling, direct mail and Internet marketing. The “Four Ps” model is just one of marketing mix list that have been develop over the years. Moreover, that has “Five Ps” model, “Seven Ps” model, “Eleven Ps” model, sometimes called the extended marketing mix, which include the first Four Ps, plus people, process, physical decisions and something else. Deciding what components of marketing mix depends on target of each company. Before moving on, I want to tell you an exciting example about marketing mix. Do you know Manchester United? I think that everyone who is interested in football knows. This is not only a famous football club, but also a successful company in sport
  3. and entertaining. They have an excellent Marketing mix. Look at the main elements of the marketing mix of Manchester United. First of all the product includes providing an excellent football team that plays and wins in an exciting way. However, there are other ingredients of the product including merchandising such as the sale of shirts, and range of memorabilia. The product also relates to television right, and MU own television channel. In one respect the place is Old Trafford where home games are played, but MU always at a range of other venues. And of course its products are sold across the globe, through the club website and arrange of other sales media. MU marked itself as a global brand. The club also engages in arrange of joint promotional activities, for example with the mobile phone company Vodafone, MU books, shirts, programs, key rings and money others items are sold and promoted through the website. The club has positioned itself at the up market premier end of the market and, as a result, it tends to charge premium prices as evidenced by the high cost of a season ticket to watch home league games. As you know, marketing is the important process to make successful of a product. How to make a good marketing plan? Now I am ready pleased to suggest to you some key point to successful in marketing mix. Do you know Product or Market what has appeared earlier than the other? This question is similar to Eggs or Chicken. Some businesses only think about improving and selling their product. They do not know exactly what their need. In a competitive business environment, we can see the big difference between business who understand customers demand and who do not. That is similar to the difference between people who miss the opportunity and who create opportunity. To success in marketing, business must answer three questions: - Who will buy this product and why they want to buy it - How much are the customers willing to pay for this product? - How can business persuade the customers buy their product instead of their competitors’? To do this, the first thing is researching market carefully. Nowadays, people always focus on their needs. They may be ignoring about the products or services you offer before. Therefore you must ask yourself about what advantages in your product
  4. make the customers want to buy it. They may be whatever such as improving the technology or dragging out guarantee. An ideal customer always knows exactly what he/ she wants. So you must correct your product or service to suitable with the customers. When you research market carefully, you will understand deeply about customer needs and behavior, your product will sell very quickly. Besides demand, price is a factor that the customers care of. A suitable price of product will rise your selling, create greatest revenue. What will you do if you are ready to start a new product but it cost the higher price than others, although your product has some advantages and your customers need this new and improving product, what should you do? You can spend a large of money to advertisement and get opportunity from customers who are willing to pay higher price for these improve. But it is not great idea. Indeed, the best way is selling your new product with a suitable price. When customers asset your products, you can increase the price. Remember that Never do anything expect to you know exactly how to produce and sell your product or service and which potential customers are willing to pay for it. The last but not least is Prestige. In fact, a perfect product or service is not satisfied well enough. The more difficult to earn money, the more careful the customers take a look at their buying. What do influence to customers behaviors? Why do they buy your product instead of your competitors’ although your product has an equal or high price? Your prestige of company affect to customers’ behavior very much. You can not do any thing if you are not believed in. That is the reason why you should try to contribute your company brand name, offer high quality of goods or services as much as possible, taking care of your customers, having thoughtful guarantee and so on. All of them will contribute the prestige of your company. In summary, Marketing is the activities, set of institutions and process for creating, communicating, delivering and exchanging offering that have value for customers, clients, partners, and society at large. The contribution of marketing to the success of any business is highly significant. In fact, marketing has the power to determine the success of a particular products or services launched. To success in marketing mix, business must research market carefully to get a deep understanding of
  5. the customers need and behaviors, the company’s strength and weakness, then analyze all the business data and write a detail marketing plan and follow those steps. Thanks for your attention. Now I will be happy to answer any questions you may have. Do you have any questions? http://www.1-language.com/materials/toeic/index.htm

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