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4 Ps of marketing

Terms in this set (6)

The Marketing Mix
describes kinds of choices organizations have to make in the whole process of bringing a product or service to market. Defined by 4 P's.
Four P's
product, place, promotion, and price, which together make up the marketing mix.
product
מוצר
What does the customer want from the product/service? What needs does it satisfy?
•What features does it have to meet these needs?
•How and where will the customer use it?
•What does it look like? How will customers experience it?
•What size(s), color(s), and so on, should it be?
•What is it to be called?
•How is it branded?
•How is it differentiated versus your competitors?
•What is the most it can cost and still be sold profitably?
Place
מקום
Where do buyers look for your product or service?
•If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue?
•How can you access the right distribution channels?
•Do you need to use a sales force? Or attend trade fairs?
•What do you competitors do, and how can you learn from that and/or differentiate?
Price
מחיר
What is the value of the product or service to the buyer?
•Are there established price points for products or services in this area?
•Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?
•What discounts should be offered to trade customers, or to other specific segments of your market?
•How will your price compare with your competitors?
Promotion
פרסום
Where and when can you get across your marketing messages to your target market?
•Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?
•When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
•How do your competitors do their promotions? And how does that influence your choice of promotional activity?
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