Transcript The Four Ps of Marketing - Hale

The Four Ps of Marketing
BDI3C
The Four Ps
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The success of any marketing strategy
depends on whether or not the entrepreneur
has planned the right combination of
marketing elements
These elements are referred to as the
marketing mix, or often as the Four P’s of
marketing
The elements are product, place, price and
promotion
Product (or service)
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Is the product or service something customers
will want to buy?
Will it be of benefit to them?
Will it meet their needs?
Place
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How will the product or service get to the
customer?
What channels of distribution are needed?
When should the product or service be in
stock or ready?
Where will the products or service be made
available?
Price
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How much are customers willing and able to
pay?
What is the best price to charge to earn a
maximum profit?
Promotion
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How will customers be made aware that the
product or service is available?
Which of the following promotional activities
will be best for this venture: advertising,
personal selling, publicity, sales promotion or
e-marketing?
Target Market
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Those people who have a particular need or
want for a product/service
The type of consumer most likely to purchase
your product/service
A product or service may have a primary
target market in addition to one or more
secondary target markets
Market Segmentation
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When a product or service is targeted toward
groups of people who share common
characteristics, the group is called a market
segment.
Market segmentation helps entrepreneurs
match their products and services to the needs
of a specific group.
Demographics
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People may be grouped together based on
common characteristics:
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Age
Gender
Income
Family life cycle
Culture/ethnicity
Geographics
Psychographics
Example
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What would be the demographic profile of the
target market for:
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A Toyota mini-van
A Rolex watch
Lululemon yoga pants