THE 4 PS OF MARKETING BDP301

THE MARKETING MIX Every marketing plan needs a target market and a good mixture of marketing elements. The right mixture of these elements enables the venture to differentiate its products or services from others.

THE FOUR PS OF MARKETING Marketing Mix: Refers to the right combination of marketing elements an entrepreneur uses as their marketing strategy. It is also known as the Four Ps of Marketing. Marketing Mix: Refers to the right combination of marketing elements an entrepreneur uses as their marketing strategy. It is also known as the Four Ps of Marketing. The Four Ps of Marketing: Product, place, price and promotion. The Four Ps of Marketing: Product, place, price and promotion.

How much are customers willing to pay? How will the product get to the customers? Is it something customers want to buy? How will customers be aware? PromotionProduct PricePlace

THE FOUR PS OF MARKETING Product (or service) Product (or service) Will it benefit them? Will it benefit them? Will it meet their needs? Will it meet their needs? Place Place What channels of distribution are needed? What channels of distribution are needed? When should the product or service be in stock or ready? When should the product or service be in stock or ready? Where will it be made available? Where will it be made available?

Price Price What is the best price to charge to earn a maximum profit? What is the best price to charge to earn a maximum profit? Promotion Promotion Which of the following promotional activities will be best for this venture: advertising, personal selling, publicity, sales promotion or e-marketing Which of the following promotional activities will be best for this venture: advertising, personal selling, publicity, sales promotion or e-marketing

TARGET MARKETS AND MARKET SEGMENTATION Target Market: Individuals or organizations who are likely wanting to use what you can provide Target Market: Individuals or organizations who are likely wanting to use what you can provide Confirming your market means identifying people who have a particular need or want for a product or service. Confirming your market means identifying people who have a particular need or want for a product or service. Market Segmentation: Refers to different groups within the market. Targeting your product towards groups of people who share common characteristics refers to the market segmentation. Market Segmentation: Refers to different groups within the market. Targeting your product towards groups of people who share common characteristics refers to the market segmentation.

COMMON MARKET SEGMENTATION Demographic: people of the same age, sex, marital status or family size Demographic: people of the same age, sex, marital status or family size Socioeconomic: people of similar occupation, education, income, social class or culture Socioeconomic: people of similar occupation, education, income, social class or culture Geographic: people who live in various regions of the country Geographic: people who live in various regions of the country Psychographic: similar lifestyles of personality attributes Psychographic: similar lifestyles of personality attributes Behaviour Patterns: People who can be identified by when, where and how often they shop or consume media Behaviour Patterns: People who can be identified by when, where and how often they shop or consume media Consumption patterns: people who are identified by the knowledge about and loyalty brands/products. Consumption patterns: people who are identified by the knowledge about and loyalty brands/products.

THE LIFE CYCLE OF A PRODUCT OR SERVICE Introduction: When the product or service is first introduced to the market Introduction: When the product or service is first introduced to the market Growth: Begins to establish its presence in the marketplace Growth: Begins to establish its presence in the marketplace Maturity: The product has reached its peak of popularity Maturity: The product has reached its peak of popularity Decline: When sales begin to drop off Decline: When sales begin to drop off

ASSIGNMENT Please read the article on Christmas Inflatables Please read the article on Christmas Inflatables Answer the following Questions: Answer the following Questions: 1. What are the 4 Ps of Marketing for Christmas Inflatables? Provide an answer for each category, using information provided in the article. 1. What are the 4 Ps of Marketing for Christmas Inflatables? Provide an answer for each category, using information provided in the article. 2. What is the Target Market for Christmas Inflatables? Provide support for your answer with evidence from the article. 2. What is the Target Market for Christmas Inflatables? Provide support for your answer with evidence from the article. 3. According to the Life Cycles of product, what stage do you feel Christmas inflatable is in? Use examples from the article as well as your own ideas. 3. According to the Life Cycles of product, what stage do you feel Christmas inflatable is in? Use examples from the article as well as your own ideas.