The 4 P’s of Marketing

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The 4 P’s of Marketin g

description

The 4 P’s of Marketing. Product. A tangible object or a service provided to customers. Market research Gather information Record information Analyze information Present information. Why do market research???. Product. Market research - PowerPoint PPT Presentation

Transcript of The 4 P’s of Marketing

Page 1: The 4 P’s of  Marketing

The 4 P’s of

Marketing

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Product• A tangible object or a service provided to

customers. Market research

• Gather information• Record information• Analyze information• Present information

Why do market research???

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Product• Market research

– Necessary to determine the customers needs/wants– How to design and promote the product or service to

attract the customer

• Results of this market research:

- The product to make- How to package it- Brand name to use- Appropriate image to portray

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Market Research Example

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$ Price $• Determining what to charge for the product

or service. – People can charge whatever people are willing to pay.

• It is assumed a profit is to be made.• Price includes:

- Cost of production• time, labor, ingredients, packaging, advertising, etc

- The state of supply and demand- The amount of profit to be made

• The end result is the price of the product or service.

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Promotion• The actual “marketing” of the product or

service, the image portrayed.

• It includes:- Advertising the product- Making the customer aware of the product or service• Should be something creative and catchy.

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Place• The distribution of the product (or service) in the

best way possible.

• It involves:- Determining the best place to display and sell the product or offer the service- How to set up the actual display- Where to place it in the space provided - Timing of the distribution of the service

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Rice Krispie Business Example

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Example of Promotion