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All four are essential to the success of a marketing
plan for either a product or a service1. Product2. Price3. Place4. Promotion
A mix of the four is necessary to sell a product
The 4 P’s
What need does the service/product fulfill
1. Quality2. Features3. Design4. Packaging5. Range of Products
Product
Marketing is responsible for establishing the
price of their service/product Must consider the costs of all the inputs
(materials, labour, etc) Mark-up Price – How much profit do you
want to make on every product/customer The price of your product or service tells the
customer a lot about your product
Price
Simply refers to how & where you are going
to sell the product to the consumer1. Direct Distribution
selling your product directly to the consumer.
Brick & Mortar vs. Virtual Store2. Indirect Distribution
Retailers are the best for reaching your Target Market
Place
A successful product or service means
nothing unless the benefit of that product/service can be communicated to the Target Market
There are many ways to get the Market Target:
i. Public Relationsii. Advertisingiii. Sales
Promotion
The 4 C’s are:
I. ConsumerII. CostIII. ConvenienceIV. Communication
The 4 C’s
Conversion of 4 P’s to 4
C’s
You can't develop products and then try
to sell them to a mass marketo You have to study consumer wants and needs
and then attract consumers one by one with something
o you have to find out what people want and then "build" it for them
Consumer wants and needs (vs. Products)
One of the most difficult places to be in the
business world is the retailer selling at the lowest price
If you sell Pizza, for example, you have to consider the cost of driving to your restaurant. the cost of conscience of eating meat, etc.
Cost to satisfy (vs. Price)
You must think of convenience to buy
instead of place.o You have to know how each subset of the
market prefers to buy - on the Internet, from a catalogue, on the phone, using credit cards, etc. Lands End clothing, Amazon Books and Dell Computers are just a few businesses who do very well over the Internet
Convenience to buy (vs. Place)
Communication requires a give and take
between the buyer and seller
Use phone numbers, your web site address, etc. to help here. And listen to your customers when they are "with" you
Communication (vs. Promotion)
