The 4 p's

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The 4 p's

  1. 1. Steps to Success By: Monique, Anita & Holly
  2. 2. The Four P's The four p's are product, price, place, and promotion. - Each of these marketing tools can affect one another. For example, if you decide to raise your price on a product, would you sell the product in the same place? Or would you move to a different area to sell the product and promote it to new customers? That way, there's a better chance the new consumers are willing to pay and are interested in the new price at the same time.
  3. 3. Advertising and Publicity Advertising costs money but publicity is FREE When you advertise, the opinion is yours Publicity on the other hand is someone elses opinioin on your product With both advertisig and publicity you get PROMOTION
  4. 4. How to get publicity Mail or fax pitch letters and press releases Call media and ask who you should contact Send out information when you are going to do a special event NOTIFY THE PRESS WELL IN ADVANCE Call them, don't wait for them to call you Don't give up, the worse thing that the press can say is No
  5. 5.                   Keystoning. A method used by a wide range of retailers is called, "keystoning." Retailers who buy goods wholesale and resell them to the consumer, which means doubling the wholesale price to arrive at a retail price. Ex. Buying watches $89 each from a wholesaler, then selling them for $120. This will not only cover your costs, but provide you with a beneficial profit.
  6. 6. Value Pricing & Other Pricing Strategies. Consumers are driven by a strong desire to get value for their money. Value pricing is not just price-cutting. It's finding the balance between quality and price which will give customers the value they seek. REMEMBER: Value is not the same as cheap. If the quality of a product is superior, consumers will be willing to pay higher prices. *Other pricing strategies.......... -Cost-Plus: When figuring all your costs and adding the desired profit margin. This method fails, to consider marketing plans. -Penetration Strategy: This works well during the early stages of a products life cycle, as it's based on an initial low price to gain
  7. 7. Continuing......... market share. -Skimming Strategy: It's the opposite of of Penetration Strategy, this method seeks to charge high prices during a products introductory stage, when it is new and has no or few competitors. - Meet or Beat the Competition: This is a common strategy in the service business. Every now and then airlines have the tendency in competing intensely by the lowering of their ticket prices. The more you can show that your business is different from your competition, the less you will have to compete with your price. Make sure you pick a price that communicates your competitive advantage to your market segment.

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