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Marketing strategies summary
Transcript of Marketing strategies summary
Product support services
Product decisions product attributes quality features design branding manufacturers? private label? generic? labelling product support access to operating manuals (internet)
software upgrades where applicable,
repairs and spare parts,
information (ie nutrition) HELP? So that was the first P, product.
Now... price You must know the three methods of cost plus, market pricing, and competitive pricing.
and price skimming, price penetration, loss leaders and price lining So, Product, Price, and the third P...
promotion Promotion describes the methods used by a business to inform, persuade and remind the target market about the product.
You must know the elements of the promotion mix — personal selling, advertising, below-the line promotions, public relations
and the important communication process - including opinion leaders and word of mouth
So, Product, Price, Promotion and now the last P...
place Place means the channels of distribution or marketing channels of products.
Distribution + channels.
You must know what distribution channels are, and why intermediaries exist.
hint: it's about efficiency and core business....
and channel choice including intensive, selective, exclusive: ie where is the product sold?
Place also covers your strategy for physical distribution including transport, warehousing, inventory Finally, you need to consider environmental effects on distribution — like technology, and local government regulations. So, 4 Ps of marketing for you to apply! Product Price Promtion Place