4 p marketing

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4 p marketing

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4 p marketing

  1. 1. ASPECTS OF MARKETING MARKETING PRODUCT PLACE PRICE PROMOTION 4 P s
  2. 2. PRICING <ul><li>… setting the PRICE of the product </li></ul><ul><li>PRICE is the amount of money that has to be paid for a product </li></ul><ul><li>very important decision because it affects $$$ REVENUE $$$ </li></ul>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. 3 C s of Pricing C OSTS C OMPETITORS’ PRICE C USTOMER’S WILLINGNESS TO PAY <ul><li>expenses paid to buy </li></ul><ul><li>& produce product </li></ul><ul><li>lowest limit on price </li></ul><ul><li>of its product </li></ul><ul><li>sets the upper limit on </li></ul><ul><li>price of similar product </li></ul><ul><li>should price a product </li></ul><ul><li>according to how much </li></ul><ul><li>customer is willing to pay </li></ul>PRODUCT PLACE PRICE PROMOTION 4 P s
  4. 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. 5. PRICING TECHNIQUES 117-118 <ul><li>… involves setting different prices for different versions of the same product </li></ul><ul><li>the pricing reflect the benefits of parts of the range </li></ul><ul><li>example: car wash (basic package vs. premium . package) </li></ul>Product-line pricing discuss PRODUCT PLACE PRICE PROMOTION 4 P s
  6. 6. PRICING TECHNIQUES 117-118 <ul><li>..setting prices of optional or accessory products along with the main product </li></ul><ul><li>optional 'extras' increase the overall price </li></ul><ul><li>of the product or service </li></ul><ul><li>example: pizza restaurant menus </li></ul>Optional-product pricing discuss PRODUCT PLACE PRICE PROMOTION 4 P s
  7. 7. PRICING TECHNIQUES 117-118 <ul><li>… pricing a few items of related products into a bundle </li></ul><ul><li>bundle of products offered at reduced price </li></ul><ul><li>example: set meals / combo meals </li></ul>Product-bundle pricing PRODUCT PLACE PRICE PROMOTION 4 P s
  8. 8. PRICING TECHNIQUES 117-118 <ul><li>… involves temporarily pricing products below the listed prices in order to increase short-term sales </li></ul><ul><li>examples: up to 50-70% SALE, discounts, Buy One Get One Free </li></ul>Promotional pricing PRODUCT PLACE PRICE PROMOTION 4 P s
  9. 9. PRICING TECHNIQUES 117-118 <ul><li>… involves setting prices at values just below an even amount </li></ul><ul><li>customers respond better to these prices </li></ul>Odd-even pricing $1.99 $29.99 $79.90 PRODUCT PLACE PRICE PROMOTION 4 P s
  10. 10. PLACE 119 <ul><li>… refers to how to the right product gets to the target customers </li></ul>LOCATION TYPES OF OUTLETS CONSIDER PRODUCT PLACE PRICE PROMOTION 4 P s
  11. 11. LOCATION DECISION <ul><li>Shop location can determine whether the business will be successful. </li></ul><ul><li>When deciding on the location, consider: </li></ul>Convenient location Target customers Competition Accessibility Volume of human traffic PRODUCT PLACE PRICE PROMOTION 4 P s
  12. 12. PROMOTION <ul><li>… to influence the attitudes and behavior of target customers so that they will buy our product </li></ul><ul><li>to inform customers of Product , Place & Price </li></ul><ul><li>each promotion technique has its advantages and disadvantages . Therefore, we use a combination of techniques to create a more effective promotion </li></ul>PRODUCT PLACE PRICE PROMOTION 4 P s
  13. 13. <ul><li>… refers to attracting public attention to a product/business </li></ul><ul><li>can be published in print media (newspaper, magazines, etc.), broadcast media (radio) or electronic media (internet) </li></ul>Advertising Sales promotion <ul><li>… refers to short term incentives offered to encourage target customers to buy a product </li></ul>PRODUCT PLACE PRICE PROMOTION 4 P s
  14. 14. <ul><li>… refer to activities that communicate messages to the public to create goodwill towards a business </li></ul>Public relations (PR) PRODUCT PLACE PRICE PROMOTION 4 P s special events sponsorship corporate identity materials websites news PR TOOLS
  15. 15. <ul><li>… involves interpersonal communication with the potential customers with the aim of making sales and building customer relations </li></ul><ul><li>example: insurance selling </li></ul>Personal selling advantages?? Direct marketing <ul><li>… a promotion method that sends </li></ul><ul><li>customised messages directly to the </li></ul><ul><li>target customers </li></ul><ul><li>tools: telephones, e-mail, Internet </li></ul>PRODUCT PLACE PRICE PROMOTION 4 P s
  16. 16. SUPPORT SERVICES <ul><li>... are services and benefits offered to customers in addition to the main product. </li></ul><ul><li>make our customers remember us >> improve sales & business image </li></ul>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. 17. CREDITS… <ul><li>http:// www.courts.com.sg/guestcard/popup.html </li></ul><ul><li>http:// www.ikea.com.sg/store_services/home_delivery.asp </li></ul><ul><li>www.asi.com.au </li></ul><ul><li>http://www.kfc.com.sg/latestpromo/familyfeast.asp </li></ul><ul><li>http://www.dnrfoods.com/sub.php?p=campaigns </li></ul><ul><li>http://vagrantrider.com/catalog/images/buy2_1free.jpg </li></ul><ul><li>http://touchstoneclimbing.com/images/graphics/0701_sale_clothing.png </li></ul><ul><li>http://mobaydp.blogspot.com/2007/09/street-vendor.html </li></ul><ul><li>http://www.pacificcoastvending.net/images/combo_snack_and_pop_vending_machine_53_k0j1.jpg </li></ul><ul><li>http://www.targettiusa.com/applications/Mango/100_2951x.jpg </li></ul><ul><li>http://www.postercheckout.com/PrintImages/EUR/jpgs/2300-8346.jpg </li></ul><ul><li>http://wanster.blogspot.com/2006/09/wan-yean-wears-darnest-thing.html </li></ul><ul><li>Elements of Business Skills Textbook </li></ul><ul><li>Microsoft Clipart </li></ul>

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