2The Four PsThe success of any marketing strategy depends on whether or not the entrepreneur has planned the right combination of marketing elementsThese elements are referred to as the marketing mix, or often as the Four P’s of marketingThe elements are product, place, price and promotion
3Product (or service)Is the product or service something customers will want to buy?Will it be of benefit to them?Will it meet their needs?
4Place 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?
5Price How much are customers willing and able to pay? What is the best price to charge to earn a maximum profit?
6PromotionHow 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?
7Target MarketThose people who have a particular need or want for a product/serviceThe type of consumer most likely to purchase your product/serviceA product or service may have a primary target market in addition to one or more secondary target markets
8Market SegmentationWhen 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.
9DemographicsPeople may be grouped together based on common characteristics:AgeGenderIncomeFamily life cycleCulture/ethnicityGeographicsPsychographics
10ExampleWhat would be the demographic profile of the target market for:A Toyota mini-vanA Rolex watchLululemon yoga pants