Four Ps

Marketing Mix Product Price Promotion Place

Target Market is the key Competition

Product- (Learn) A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are often service based like the tourism industry & the hotel industry or codes-based products like cell phone load and credits.

Product Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ever- present mass produced service is a computer operating system.

Product Variety Quality Design Features Brand Name Packaging Service

Product Quality A product or process that is reliable, and that performs its intended function is said to be a quality product. Quality in business, has an interpretation as the non-inferiority or superiority of something. Quality is a perceptual, conditional and somewhat subjective attribute and may be understood differently by different people. Consumers may focus on the specification quality of a product/service, or how it compares to competitors in the marketplace.

Product Instruments that aim at satisfaction of the prospective exchange party’s needs Examples: Product characteristics, options, assortments, packaging, guarantees, quality, features, style, brand name, size & packaging, services, warranties/guarantees, returns & replacements

Place Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.

Place Physical distribution are activities involved in transporting products from the producer to the consumer: Mode of transport Warehousing & Storage Order processing Inventory control

Place PLACE MERCHANDISING STRATEGIES size of store layout of store (commonly purchased items place around perimeter of store) location of store use of lighting to enhance products

Large Format Stores Lifestyle Westside Shoppers Stop Pantaloons Big Bazaar

Price The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the product. The business may increase or decrease the price of product if other stores have the same product.

Pricing matrix

Loss leaders Loss leader pricing is used to increase store traffic by offering very popular items of merchandise for sale at below-cost prices. The theory behind this practice is that customers will be attracted by the low price. Once in the store, they will buy regularly priced merchandise in addition to the loss leader item Safeway Flyers

Multiple pricing Some businesses have found that pricing items in multiples, such as 3 for $1.00, is better than selling the same items at $0.34 each. Multiple unit pricing suggests a bargain and helps to increase sales volume.

Unit pricing Ex. Costco shows unit prices on it’s signs. A multi-pack of different Trident flavours has a unit price of.64 cents per package of gum. A package of 5 gum costs.98 per unit and costs $11.79 for the whole box of gum.

Warehouse Prices that are used by large prganizations or individuals that are willing to buy large quantities. This type of pricing is the lowest cost for individuals because it is near “COST” pricing

Promotion Promotion activities are meant to communicate & persuade the target market to buy the company’s products This is done by:-

Promotion Advertising Personal selling Sales promotion- POS Public Relations Word of mouth – Viral advertising