4Ps 02.ppt
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Transcript of 4Ps 02.ppt
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The 4 Ps of Marketing
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The 4 Ps
Referred to as The Marketing Mix
All four are essential to the success of a marketingplan for either a product or a service
4 Ps stand for Product
Price
Place Promotion
A mix of the four is necessary to sell a product
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The Marketing Mix
Think of a Cake
All cakes need 4 thingsflour, egg, sugar, milk
However, you can play with the flavour of yourcake by changing the ingredients slightly
Example: Sweeter cakeadd
more sugar
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The Marketing Mix
The same thing is true with the marketing mix
You can very the type of message you are
sending out about your product/service by
mixing different elements of each of the Ps
Example: Want to be seen as a luxury item
make the price high, have limited selection
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Product
Refers to the benefits of buying a product What need does the service/product fulfill
Quality What will the quality of your service/product be?
Some people really want quality (Ferrarri) vs. others thatdont really matter (McDs)
Features How will your product/service differ from the competition
What will you do differently?
Design How is it going to look?
Consumers often will purchase because it looks cool
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Product
Packagingif your selling a product what image
will the packaging communicate?
If a servicehow will the appearance of your operation
communicate an image about your business Range of Productswhat complimentary
products may you offer
If service: Will you offer other products with your
service
Example: Moose Winooskis you can buy T-Shirts and
Hats
Example: Think of the range of products that apple has
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Price
Marketing is responsible for establishing the priceof their service/product
Must consider the costs of all the inputs
(materials, labour, etc) Mark-up PriceHow much profit do you want to
make on every product/customer
Example: Selling Cupcakes
Every cupcake uses $1 of materials and labour roughlycosts $0.25 to make one muffin
You must charge at least $1.25 to break-even
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Price
The price of your product or service tells the
customer a lotabout your product
$550 $1550
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Price
Different Pricing Strategies
Competitionbasing your prices on those of the
competition
Penetrationmaking your price low while new
just to get some business
Bundleputting the product/service with another
item and bundling the prices Psychologicalmaking the price say something
about the quality of your product
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Place
Simply refers to how & where you are going tosell the product to the consumer
Direct Distributionselling your product directly
to the consumer Brick & Mortar vs. Virtual Store
Indirect Distributionsold through a 3rdparty
What retailers are the best for reaching your Target
Market?
Example: Selling protein powderwhere do I sell?
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Place
For a service : where are you going to locate in
order to best reach your target market
You want to be in an area that
your target market frequents
Says something about your business
Notice how car dealerships are
always on the outskirts of
town or close to a highway?
Brantford Commons
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Promotion
A successful product or service means nothing
unless the benefit of that product/service can
be communicated to the Target Market
There are many ways to get the word out
How many can we think of...
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Promotion
BuzzSales
AdvertisingPublic Relations
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Marketing Mix Activity
Lets Rank each of the elements of the
marketing mix in terms of importance for the
following products/services/businesses
Set Up a blank piece of paper like this:
Business Product Price Place Promotion
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Air Canada
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The GAP
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Nike
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Pepsi
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Hooters
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Tim Hortons
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Green Peace
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Toronto Maple Leafs
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Blackberry
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Louis Vuitton
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INTRO TO GO VENTURE!
GO Venture is an old game that lets you
stratagize your own business in terms of the
four Ps
You will start a business selling a product of your
own choice
Set your own prices
Chose your location Chose to promote your items at certain times of
the week etc.
Quick demo and then it is your turn!