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4 p marketing

4 p marketing

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4 p marketing Presentation Transcript

  • 1. ASPECTS OF MARKETING MARKETING PRODUCT PLACE PRICE PROMOTION 4 P s
  • 2. PRICING
    • … setting the PRICE of the product
    • PRICE is the amount of money that has to be paid for a product
    • very important decision because it affects $$$ REVENUE $$$
    Too high… airfares loans rent room rates … customers may not buy Too low… … you will lose $$$ money $$$ PRODUCT PLACE PRICE PROMOTION 4 P s
  • 3. 3 C s of Pricing C OSTS C OMPETITORS’ PRICE C USTOMER’S WILLINGNESS TO PAY
    • expenses paid to buy
    • & produce product
    • lowest limit on price
    • of its product
    • sets the upper limit on
    • price of similar product
    • should price a product
    • according to how much
    • customer is willing to pay
    PRODUCT PLACE PRICE PROMOTION 4 P s
  • 4. PRICING TECHNIQUES 117-118 Odd-even pricing Optional-product pricing Product-bundle pricing Promotional pricing Product-line pricing PRICING TECHNIQUES PRODUCT PLACE PRICE PROMOTION 4 P s
  • 5. PRICING TECHNIQUES 117-118
    • … involves setting different prices for different versions of the same product
    • the pricing reflect the benefits of parts of the range
    • example: car wash (basic package vs. premium . package)
    Product-line pricing discuss PRODUCT PLACE PRICE PROMOTION 4 P s
  • 6. PRICING TECHNIQUES 117-118
    • ..setting prices of optional or accessory products along with the main product
    • optional 'extras' increase the overall price
    • of the product or service
    • example: pizza restaurant menus
    Optional-product pricing discuss PRODUCT PLACE PRICE PROMOTION 4 P s
  • 7. PRICING TECHNIQUES 117-118
    • … pricing a few items of related products into a bundle
    • bundle of products offered at reduced price
    • example: set meals / combo meals
    Product-bundle pricing PRODUCT PLACE PRICE PROMOTION 4 P s
  • 8. PRICING TECHNIQUES 117-118
    • … involves temporarily pricing products below the listed prices in order to increase short-term sales
    • examples: up to 50-70% SALE, discounts, Buy One Get One Free
    Promotional pricing PRODUCT PLACE PRICE PROMOTION 4 P s
  • 9. PRICING TECHNIQUES 117-118
    • … involves setting prices at values just below an even amount
    • customers respond better to these prices
    Odd-even pricing $1.99 $29.99 $79.90 PRODUCT PLACE PRICE PROMOTION 4 P s
  • 10. PLACE 119
    • … refers to how to the right product gets to the target customers
    LOCATION TYPES OF OUTLETS CONSIDER PRODUCT PLACE PRICE PROMOTION 4 P s
  • 11. LOCATION DECISION
    • Shop location can determine whether the business will be successful.
    • When deciding on the location, consider:
    Convenient location Target customers Competition Accessibility Volume of human traffic PRODUCT PLACE PRICE PROMOTION 4 P s
  • 12. PROMOTION
    • … to influence the attitudes and behavior of target customers so that they will buy our product
    • to inform customers of Product , Place & Price
    • each promotion technique has its advantages and disadvantages . Therefore, we use a combination of techniques to create a more effective promotion
    PRODUCT PLACE PRICE PROMOTION 4 P s
  • 13.
    • … refers to attracting public attention to a product/business
    • can be published in print media (newspaper, magazines, etc.), broadcast media (radio) or electronic media (internet)
    Advertising Sales promotion
    • … refers to short term incentives offered to encourage target customers to buy a product
    PRODUCT PLACE PRICE PROMOTION 4 P s
  • 14.
    • … refer to activities that communicate messages to the public to create goodwill towards a business
    Public relations (PR) PRODUCT PLACE PRICE PROMOTION 4 P s special events sponsorship corporate identity materials websites news PR TOOLS
  • 15.
    • … involves interpersonal communication with the potential customers with the aim of making sales and building customer relations
    • example: insurance selling
    Personal selling advantages?? Direct marketing
    • … a promotion method that sends
    • customised messages directly to the
    • target customers
    • tools: telephones, e-mail, Internet
    PRODUCT PLACE PRICE PROMOTION 4 P s
  • 16. SUPPORT SERVICES
    • ... are services and benefits offered to customers in addition to the main product.
    • make our customers remember us >> improve sales & business image
    LOYALTY CARDS DELIVERY SERVICES CUSTOMER SERVICE What other SUPPORT SERVICES are there? (brainstorm 5 other services) 113 why? PRODUCT PLACE PRICE PROMOTION 4 P s
  • 17. CREDITS…
    • http:// www.courts.com.sg/guestcard/popup.html
    • http:// www.ikea.com.sg/store_services/home_delivery.asp
    • www.asi.com.au
    • http://www.kfc.com.sg/latestpromo/familyfeast.asp
    • http://www.dnrfoods.com/sub.php?p=campaigns
    • http://vagrantrider.com/catalog/images/buy2_1free.jpg
    • http://touchstoneclimbing.com/images/graphics/0701_sale_clothing.png
    • http://mobaydp.blogspot.com/2007/09/street-vendor.html
    • http://www.pacificcoastvending.net/images/combo_snack_and_pop_vending_machine_53_k0j1.jpg
    • http://www.targettiusa.com/applications/Mango/100_2951x.jpg
    • http://www.postercheckout.com/PrintImages/EUR/jpgs/2300-8346.jpg
    • http://wanster.blogspot.com/2006/09/wan-yean-wears-darnest-thing.html
    • Elements of Business Skills Textbook
    • Microsoft Clipart