The document discusses various aspects of marketing, focusing on pricing strategies. It describes the four Ps of marketing - product, place, price, and promotion. For pricing, it explains the three Cs - costs, competitors' prices, and customers' willingness to pay. It then outlines different pricing techniques like odd-even pricing, optional product pricing, product bundle pricing, and promotional pricing. It also discusses factors to consider for location/place like target customers and competition. Finally, it briefly touches on different promotion methods like advertising, sales promotions, public relations, personal selling, and direct marketing.

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