Name: ______________________________

The Marketing Mix Note Taking Guide

SmartArt Graphics in PowerPoint are included at the end of this guide!

Learning Objectives

✔ Identify and explain the elements of the marketing mix (4 P’s of marketing)
✔ Explain how each component of the marketing mix contributes to a successful
marketing strategy

What is the Marketing Mix?

● The _________Marketing Mix__________________ is the strategy or set of actions a

company uses to market its product or brand.
● Marketing professionals use the elements of the marketing mix to communicate
with and reach their intended _____________target markets________________.
● The Marketing Mix is made up of four elements, often referred to as the 4 P’s of
Marketing:
o Product
o Place (distribution)
o Price
o Promotion

Product

• The _________Product____________ is what you’re offering to the market. It can be a

___Good, service, idea, event, person, etc.
• The ______First__________ step of the marketing mix is to identify your
_____product___________. You cannot utilize the other elements of the mix (price,
promotion, or place) without having a basic product.
• If the customer sees the product as the best _________Solution_________, marketers
have succeeded at this important first step!

Write down 5 questions that marketers can ask to approach product analysis in this square.

What customer needs in our product filling?

 Name: ______________________________

Should we offer one product or more than one?

Does the product have multiple uses?

How much will it cost to develop the product?

Will our product be easy to use or will it need a user guide?

How can a company tell if product development is successful?

PRODUCT DEVELOPMENT IS SUCCESSFUL IF HAVE CREATED A PRODUCT THAT MEET CUSTOMER

NEEDS & WANTS

Price

• The ______price_________ is the amount of money exchanged for the product.

• Pricing strategies should reflect what customers are _______________willing and able to
pay______________________________.
• In pricing, the goal is to strike the right balance between the customer’s
_______perception of value____________________ and meet the __________company’s
objective___________________ (cover costs, make a profit, etc.)
• Marketers must also consider what price _________competitors___________ charge for
similar products.
 Name: ______________________________

• To achieve a good balance for the customer and the business, marketers first
determine their ______________pricing objectives_________________, which may include
one or more of the following:
• Getting the product into more _____________customers’ Hands____________
• Helping customers view them as ___________________distinct from
cometitors______________
• Bringing in desired ____profits_______________
• Raising ___________percived value_________ of the product in customers’ eyes
• Matching value with what customers ___________expect to
recieve_________________

Write down 5 questions that marketers can ask to approach pricing in this square.

What does it cost to develop the product?

What are our competitors’ prices?

What external factors influence our pricing?

Have we based our pricing strategy on market research?

What controls do we have in place to monitor and manage pricing?

How can a company tell if pricing is successful?

 Name: ______________________________

Pricing is successful if marketers have established a price customers are willing to pay and
the company is achieving objectives

Place/Distribution

• The ________place__________element of the marketing mix refers to distributing your

products to make sure they get into the hands of the customers at the right place and
right time.
– Basically, is the product available _____when______ and
____where_________customers want it?
– Marketers must make decisions about ____where________ to sell products, how
to _______transport_________ products, and what _________levels of
inventory________________/how much stock to keep on hand to meet customer
needs
– The goal of distribution is to create __________convienience_____________ and
make it easier for the customer to obtain your product

Distribution can be tricky!

• It’s one of the hardest marketing mix elements to get right!

• If marketers make a mistake
– The product could be _____damaged_______________
– The product may be available in the _______wrong about__________ or not
________available____________ at all
• However, if __________distribution_______________ is done well, it can
_________overshdow____________ other elements such as higher prices
– People might be willing to pay more to ensure the product is available when
they need it

Write down 5 questions that marketers can ask to approach distribution in this square.
 Name: ______________________________

Which firms to buy the product from and when to buy the product?

Which distribution channels have been considered and evaluated?

How do we protect the product from damage?

How do we store the product until it is needed?

How do we coordinate all the steps involved?

How can a company tell if distribution is successful?

Distribution is successful if the customer can buy the product when and where he/she wants.

Promotion

• _____________Promotion_____________ is the __________communication_____________

element of the marketing mix. It includes all communication types that marketers use
to __________inform_________, _________persuade_____________, or
_______remind_____________customers of their products
– Goal is to create a _________positive response________________ from the
customer (In many cases, a positive response means customers buy the
product)
 Name: ______________________________

– Promotion helps communicate the products’ ______value________ and how the

product will ______benefit___________ customers
– _____________personal selling____________, ___________advertising______________,
_____________public relations___________________ (publicity), and
__________________sales promotion______________ are all forms of promotion

Write down 5 questions that marketers can ask to approach promotion in this square.

Which messages to send and what we want to say about products

Which media to use

What is our promotional budget

What resources do we need to promote our product

Who influences consumers in our market

How can a company tell if promotion is successful?

Promotion is successful if the intended message has reached the desired audience and the
audience had a positive response to the message.
 Name: ______________________________

SmartArt Graphics from Presentation: Marketing Mix Element Considerations

Features

Differentiation Design

PRODUCT
What solution
does the customer
want and need?

User
Branding
Experience

Naming

Cost to
produce

Economic Value to
Trends buyer
PRICE
 cost to the
customer?
Competitor
Discounts
Pricing
Name: ______________________________

Existing
Price Points

Location

Sales force Transportation

PLACE
How/where does
the customer buy?

Indirect or Inventory
Direct Channels Control

Storage

Message

Communications Method of
from customers Message
and influencers Delivery