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The 4 P's of Marketing
Transcript of The 4 P's of Marketing
The 4 P's of Marketing
This refers to the four elements of marketing that make up the marketing strategy
The Marketing Mix
Quality, design, name, warranty & Guarantee, packaging, labeling, exclusive features
Importance of setting the ‘correct price’. A price that is too low may give the impression of a ‘cheap and nasty’ product but on the other hand a price too high may lead to loss of sales unless superior service is offered.
Four Methods for correct pricing
1. Cost Plus Margin
2. Market Price
3. Competitors Price
4. Discount Price
Also known as channels of distribution
3 Main types of distribution channels:
1. Producer to Customer
2. Product to retailer to customer
3. Producer to wholesaler to retailer to customer
How will you inform customers of your product?
Main Types of Selling:
Development of a product image compared with image of competing products
eg. Rolex -> makes you think of luxury and implies the quality of a product
Gives the first impression of a product.
Has the ability to create an image of luxury and exclusiveness
The packaging also helps preserve, inform, protect and promote the product
With increasing environmental awareness, businesses must now carefully think about how they package a product and with what materials.
eg. Coles and Woolworths 'Green Bags"
Excess packaging on snackfoods
What brand is the product?
How do i know it is from a particular business?
Is my brand associated with a logo?
eg. White earphones & Apple
McDonalds 'Golden Arches'
Cost Plus Margin
Pricing according to the interaction between the quantity that customers are willing to purchase and the quantity that the suppliers are willing to supply.
If there is a shortage of the product, then the price will rise, i there is a surplus of the product, then the price will fall
eg. Fish, Bananas and other fruit
Choosing a price that is either below, equal to or above that of competitors
Reducing the price of stock that is not selling to stimulate demand
How would you manage the price of your products if you were the only person selling them?
Producer -> Customer
Producer -> Retailer -> Customer
Producer -> Wholesaler -> Retailer -> Customer
1. Predict what would happen to the sales of a product if the packaging did not match its position?
2. What could be the perception of a product if the price is set too low?
3. What does promotion aim to achieve?
4. Summarise the 3 channels of distribution
Calcuating the total cost of a product and adding a percentage (a margin) for profit
Simplest channel and involves no intermediaries. Virtually all services
eg. tax advice, car repairs
Retailer is an intermediary who buys from a producer and resells to customers
Most common method used for the distribution of consumer goods
Wholesaler buys in bulk from a producer and then sells the product in smaller quantities to retailers.
eg. when a large number of retailers sell the same product, this method is used because it is more simple
eg. a Sales assistant
Activities and materials are used to attract interest and support the good or service
eg. Flybuys, free samples
A business can set up a free news story about its product
This can also be used to help reduce any negative attention or the creation of a negative image that may have been created
Print or electronic mass media are used to communicate a message about the product
It is used to attract potential customers, create a demand for the product and communicate essential information
ICT has changed the advertising game significantly.