4 P's
What are the 4 p's and a short definition
Product-What you are selling, including its features, quality, design, and benefits.
Price-How much the product costs and the strategy behind its pricing (discounts, payment plans, etc.).
Place-Where and how the product is distributed and made available to customers.
Promotion-How you communicate the product’s value to customers (advertising, social media, sales promotions, etc.).
This “C” refers to the people buying the product.
What are Customers?
Products you can see and touch.
What are goods?
: The specific group a product is aimed at.
target market
what are the common channels of distribution
Importer – imports
Wholesaler – buys in bulk from manufacturer and resells in smaller amounts to retailers
Retailer – sells to consumers
This “C” represents other businesses selling similar products.
What is Competition?
Haircuts and car repairs are examples of this.
What are services?
Age, gender, income, and education are parts of this segmentation.
What is demographic segmentation?
What is the definition of Product
Refers to the physical product or the service offered to the consumer, the brand and stage of product life
cycle
This “C” refers to the company itself and what it can do well.
What is the Company?
A brand name, logo, and slogan are all part of this.
What is branding?
A pizza place targeting teens after school uses this segmentation.
What is behavioral segmentation?
3 WAYS ON HOW PEOPLE PROMOTE THEIR PRODUCT
Advertising
– Coupons
– Contests
– Premiums (Giveaway – free t-shirt)
– Samples (Costco)
– Publicity (Special Events)
The 3 C’s help marketers understand these three major influences.
What is the marketing environment?
A product’s packaging is part of this “P” in the marketing mix.
What is Product?
These four elements together make up this marketing concept.
What is the Marketing Mix?
When a company compares its strengths and weaknesses to competitors, it is analyzing this C.
What is Competition?
The level of customer awareness and loyalty toward a brand.
What is brand recognition?