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Marketing Concepts: The 4 P’s

Marketing Concepts: The 4 P’s. The Four P’s of marketing. A good marketing campaign deals with many different factors of the product to be sold Product Price Place Promotion All four of these need to be combined properly for a successful campaign

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Marketing Concepts: The 4 P’s

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  1. Marketing Concepts: The 4 P’s

  2. The Four P’s of marketing A good marketing campaign deals with many different factors of the product to be sold • Product • Price • Place • Promotion All four of these need to be combined properly for a successful campaign • The combination is called the marketing mix

  3. P #1: Product What features of the product make it attractive to consumers? • Quality • Design • Product Features

  4. Product Quality • As a general rule, higher quality products attract more customers • Is this always true? • “No Frills”, “Food Basics” are successful because they fill a need, while keeping costs low (lower quality)

  5. Product Design • Every product has a design component • What will the product look like (shape, colour, materials, packaging) • People may buy a specific product because they like the way it looks Why is product design important? • Labels and packing are how customers recognize and choose YOUR product

  6. Product Features • Different features will appeal to different consumers • Materials used to make the products • Size of the product • Taste/smell

  7. P #2: Price • Price of a product determines consumer demand • Too high and you lose customers • Too low and you will lose profit • Consumers know the price of your product, and competing products • This is called being price aware • Price should always be similar to the price of competing products

  8. P#3: Place (Channels of Distribution) The different ways the the product gets from the producer to the consumer • Direct channels  Producers sell right to consumers • Farmers market, bakery… • Indirect channels Producers sell to “middle-man” who sells to customers • Retailers (Nike sells to Footlocker, Footlocker sells to customer) • Specialty channels  Any indirect channel without a retail store • Telemarketing, catalogue sales, online shopping

  9. P #4: Promotion Promotion is any attempt to encourage consumers to buy a product by using: • Coupons – reduced price for the product • Contests – to increase brand recognition and sales

  10. P #4: Promotion • Premiums • giveaways (free toy in cereal box) increase brand recognition • loyalty cards (buy 5, get 1 free) ensure sales • Samples – encourage people to try your product • Special Events – celebrities and parties increase excitement for the product

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