• Students will be able to define the four components of the marketing mix.

• Students will be able to apply these four components to their own business idea.

• Students will be able to recognize the importance of each area of the marketing mix.

• Students will have the opportunity to “develop” their own marketing mix.

• Student groups will get a feel for what it is like to be in a marketing strategy planning session.

• Students will have developed a viable marketing strategy that can be used in a future venture.

• Overhead projector
• Overhead transparencies with three different color markers

• Marker board with three different color markers

1. Class Discussion.  Discuss the elements of the 4-P Model.

2. Students will work together in their groups to create their own marketing mix for their business idea using the 4-P Model.  They will address each component with as much detail as needed for their product or service idea.

Instruction:

• Product.  Regardless of the business, there are general concepts that exist that need to be addressed in order for the business to survive. There are four main components to any marketing mix: Product, Placement, Price and Promotion.

  • PRODUCT

    • New product/needed

    • New product/perceived needed

    • Improved product/needed

    • Improved product/perceived needed

      • Every product is developed out of a “need” or a “perceived need”

    • Examples of “needed” products.  These products are needed for basic survival.

      • Food

      • Clothing

      • Transportation

      • Medicines

    • Examples of "perceived needed" products.  These products are important, maybe, but not necessary for survival.

      • Furniture and Equipment

      • Personal grooming items

      • Music collection

      • Arts, antiques and collectibles

  • PLACEMENT

    • Select target market

    • Explore various methods of product placement.

      • Storefront

        • General

        • Specialty

        • Convenience

        • Department

      • Warehouse

      • Mail Order

      • Internet

      • Door-to-door

    • Investigate current competition from market research

  • PRICE

    • Determine pricing objectives.

      • Profit oriented.

        • Target return

        • Maximize profits

        • Satisfactory profits

      • Sales oriented.

        • Growth in sales

        • Growth in market share

        • Maintaining market share

      • Status quo.

        • Meeting competition

        • Non-price Competition

    • Determine pricing policies.

      • Discounts

      • Seasonal

      • Sales

      • Employee discounts

    • Investigate current competition from market research

  • PROMOTION

    • Acknowledge target market

    • Personal selling

    • Mass selling

      • Advertising

        • Television

        • Radio

        • Newspaper

        • Internet

        • Billboard

        • Flyers

        • Others?

      • Sales promotion

        • In-store displays

        • Trade shows

        • Demonstrations

        • Other?

      • Investigate current competition

Student Activities:

1. Students will create their own marketing mix for their business idea using the 4-P Model.

2. Students will develop a pie graph for their marketing mix.

• Submit marketing mix for the product/service.
• Submit pie graph of marketing mix.