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The 4 Ps of Marketing

The 4 Ps of Marketing. What is Marketing?. By definition that many marketers learn Putting the right product in the right place, at the right price, at the right time Creating a product that a particular group of people want Put that product on sale where those people visit regularly

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The 4 Ps of Marketing

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  1. The 4 Ps of Marketing

  2. What is Marketing? • By definition that many marketers learn • Putting the right product in the right place, at the right price, at the right time • Creating a product that a particular group of people want • Put that product on sale where those people visit regularly • Price that product so the customer feels it matches the value they get out of it • Create, place and price that product when the customer wants to buy

  3. RESEARCH!! • Find out want the customer wants • Identify where they shop • How will you produce the product at a price that represents value • Timing • One wrong element can be disastrous

  4. What are the 4Ps • Product (or Service) • Place • Price • Promotion

  5. Product/Service • What does the customer want from the product/service? • What need(s) does it satisfy? • What features does it have to meet these needs? • Are there any features you've missed out? • Are you including costly features that the customer won't actually use? • How and where will the customer use it? • What size(s), color(s), and so on, should it be? • What is it to be called? • How is it branded? • How does is it stand out from your competitors?

  6. Place • Where do buyers look for your product or service? • If they look in a store, what kind? • A specialist boutique or in a supermarket, or both? • Online? Or direct, via a catalogue? • How can you access the right distribution channels? • Do you need to use a sales force? • Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies? • What do your competitors do, and what can you do different?

  7. Price • What is the value of the product or service to the buyer? • Are there established price points for products or services in this area? • Is the customer price sensitive? • Will a small decrease in price gain you extra market share? • Or will a small increase be indiscernible, and so gain you extra profit margin? • What discounts if any will you offer? • How will your price compare with your competitors?

  8. Promotion • Where and when can you get across your marketing messages to your target market? • How will you reach your audience by advertising? • Through the press, on TV, radio, or on billboards? • Direct marketing mailshot? Through PR? On the Internet? • When is the best time to promote? • Is there seasonality in the market? • Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions? • How do your competitors do their promotions? • How does that influence your choice of promotional activity?

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