5857895
Description
Mind Map by Jamie Abbey , updated more than 1 year ago
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Created by Jamie Abbey
over 8 years ago
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The Four Ps
- Why are the four Ps so important?
- The 4 Ps basically summarize the entire concept of marketing.
- Putting the right product in the right place, at the right price, at the right
time.
- These Ps act as a basic outline of what needs to be accomplished for any marketing effort to
be successful. The difficulties lie in obtaining the information and implementing the idea.
- This process is sometimes called the marketing mix
- The Ps
- Product/ service
- The key requirement of this stage is that the product or
service must fulfil a consumers need and do that better
than any competiotrs
- The product phase is completed once the question,
"what can I do to offer a better product to this group of
people than my competitors" can be answered in detail.
- During this section, several questions should be asked and answered
- What does the client want from the service or product?
- How will the customer use it? Where will the
client use it?
- What features must the product have to
meet the client’s needs?
- Are there any necessary features that you missed out? Are you
creating features that are not needed by the client?
- What does the client want from the service or product?
- The key requirement of this stage is that the product or
service must fulfil a consumers need and do that better
than any competiotrs
- Place
- The positioning and distribution of the product so
that it is accessible to the target market
- A strong understanding of the target
market is vital for this step as a
strong understanding leads to better
ideas on how to reach out to them
- The following questions should be asked and answered in this stage
- Where do your clients look for your service
or product?
- What kind of stores do potential clients go to? Do they shop in a mall,
in a regular brick and mortar store, in the supermarket, or online?
- How do you access the different distribution channels? How is
your distribution strategy different from your competitors?
- Do you need a strong sales force?
- Where do your clients look for your service
or product?
- The positioning and distribution of the product so
that it is accessible to the target market
- Price
- The price a consumer is willing to pay for a product. For them to pay for a product they
must perceive that the products benefits are worth the cash in their pocket
- Prices cause the consumer to judge the quality of a product. A lower
price generally means a lower quality inferior good while a higher price
generally means a higher quality good.
- The following questions must be answered in
this section
- How much did it cost you to produce the
product?
- What is the customers’ perceived
product value?
- Do you think that the slight price
decrease could significantly increase
your market share? Can the current
price of the product keep up with the
price of the product’s competitors?
- How much did it cost you to produce the
product?
- The price a consumer is willing to pay for a product. For them to pay for a product they
must perceive that the products benefits are worth the cash in their pocket
- Promotion
- Promotion is all about getting your message out and has
several different paths based upon your budget, the
message you want to send out, and your target market,
- Contains the elements of sales organization,
public relations, advertising, and sales promotion
- Advertising is typically paid communication
methods, such as TV ads
- Public relations typically is unpaid
communication, such as a press release
- Advertising is typically paid communication
methods, such as TV ads
- These questions must be answered in this stage
- How can you send marketing messages to your potential buyers? When is the
best time to promote your product?
- Will you reach your potential audience and buyers through television ads? Is it
best to use the social media in promoting the product?
- What is the promotion strategy of your competitors?
- How can you send marketing messages to your potential buyers? When is the
best time to promote your product?
- Promotion is all about getting your message out and has
several different paths based upon your budget, the
message you want to send out, and your target market,
- Product/ service
- The Ps
- This process is sometimes called the marketing mix
- These Ps act as a basic outline of what needs to be accomplished for any marketing effort to
be successful. The difficulties lie in obtaining the information and implementing the idea.
- Putting the right product in the right place, at the right price, at the right
time.
- The 4 Ps basically summarize the entire concept of marketing.
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