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The Four Ps of Marketing BDI3C. The Four Ps  The success of any marketing strategy depends on whether or not the entrepreneur has planned the right combination.

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Presentation on theme: "The Four Ps of Marketing BDI3C. The Four Ps  The success of any marketing strategy depends on whether or not the entrepreneur has planned the right combination."— Presentation transcript:

1 The Four Ps of Marketing BDI3C

2 The Four Ps  The success of any marketing strategy depends on whether or not the entrepreneur has planned the right combination of marketing elements  These elements are referred to as the marketing mix, or often as the Four P’s of marketing  The elements are product, place, price and promotion

3 Product (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?

4 Place  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?

5 Price  How much are customers willing and able to pay?  What is the best price to charge to earn a maximum profit?

6 Promotion  How 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?

7 Target Market  Those people who have a particular need or want for a product/service  The type of consumer most likely to purchase your product/service  A product or service may have a primary target market in addition to one or more secondary target markets

8 Market Segmentation  When 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.

9 Demographics  People may be grouped together based on common characteristics: Age Gender Income Family life cycle Culture/ethnicity Geographics Psychographics

10 Example  What would be the demographic profile of the target market for: A Toyota mini-van A Rolex watch Lululemon yoga pants


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