This article explores how shopping malls determine their marketing mix.
Appropriate Subject Area(s):
Marketing, marketing mix, entrepreneurship, business management, location
Key Questions to Explore:
- How is the best marketing mix determined?
Introduction to lesson and task:
This lesson explores the marketing mix and the 4 Ps of marketing.
Action (lesson plan and task):
- Ask students: what is the definition of marketing? Refer to the 4 Ps as the answer – putting the right Product, at the right Price in the right Place with the right Promotion in front of the right customer. Discuss examples with the class.
- In pairs, have students predict what questions the mall leadership might ask themselves and want answered as they determine the marketing mix.
- Combine pairs, then have the foursomes select a local mall most are familiar with and view the mall using the marketing mix from the perspective of the company, the customer and the competitors. Allow about 30 minutes for this and encourage students to use visuals and key words on flip-chart paper.
- Engage the class in a walkabout to see what ideas the other groups came up with.
- Distribute the article for reading.
- Using the local mall as the sample, ask students to answer the following questions:
- Product: What do customers want (products/services/brands)? How is the mall different from the competition?
- Place: do customers want specialty boutiques, chain boutiques or department stores? Do they want mall events? Entertainment?
- Price: Does the mall mix offer a variety of price points? Do they have to? Should they? Is the customer price-sensitive?
- How will the mall and its individual stores collaborate on its promotions to the target customer?
Consolidation of Learning:
- Have students write a one minute paper indicating the value of the marketing mix as a guide for business success.
- Students understand the marketing mix and how it applies in different circumstances.
- Many customers today are turning to on line buying. Discuss how the 4 Cs of digital marketing (creating Content, Connecting with customers, building Community and targeting influencers who can build Culture) compare to, enhance, rely on the 4 Ps of marketing (Product, Place, Price, Promotion)?