Business - The 4 Ps

Place
1. Location of business
  1. Town, high street
  2. Industrial estate
  3. Town mall
2. Must suit the product
3. Methods of distribution
4. The internet and e-commerce
  1. Reasons/pressures to change
    1. Competition
    2. Productivity
    3. Increased profit
  2. Advantages
    1. A global market
    2. Economies of scale
    3. New markets
    4. New products
    5. Seven-day opening
    6. Image
    7. Low promotion costs
  3. Disadvantages
    1. A global market
    2. Changes in skills
    3. Training
    4. Extra Recruitment
    5. Website building and maintence
    6. Dependant on others
    7. Rapid rise in demand
    8. Setting up costs
Price
1. Competitor
  1. Looks at others prices
  2. Based on the competition
  3. Maybe slightly less
2. Cost plus
  1. Take the cost to make one product
    1. Add profit
3. Penetration
  1. Low prices to start out
  2. Slowly raise prices
4. Skimming
  1. New or innovative products only
  2. Very high prices
  3. Slowly lower the price
5. Differencial
  1. Different prices for the same product
  2. Plane or train tickets
  3. Age
6. Promotional
  1. reduction in price
  2. Sales
7. Psychological
  1. Penny less
    1. £4.99
  2. Seems like a bargain
Product
1. Conciderations for marketing a product
  1. Price
    1. Quality
    2. Cost to make
    3. Profit
  2. Design
    1. Clothing, furniture, cars
    2. Innovative
  3. Image
    1. how the customers feel about owning a product
    2. Expensive goods
2. Research and development
  1. Testing and trialing
  2. Financial investment
3. Product mix
  1. More than one being made and sold
4. Branding
  1. Trade mark
  2. Desirable
  3. Good name - trusted
5. PRODUCT LIFE CYCLE
  1. Customers tastes change
  2. Introduction, Growth, Maturity, Saturation, Decline
Promotion
1. Advertising
2. Extend product life cycles
3. Make price attractive for customers
4. Tell people about new shops opening
5. Bring good qualities to the attention of the public
6. Inform customers about a product or service
7. Keep ahead of competitors
8. Create/change image
9. Maintain/increase sales
10. Sales promotion
  1. Price reduction
  2. Loss leaders
  3. Added value
  4. Gifts
  5. Points of sale
  6. Competition
  7. Free samples
  8. Merchandising
  9. After-sale service
11. Public Relations
  1. no cost
  2. releasing stories to the media
  3. offer one of its products as TV Prizes
12. Sponsorship
  1. supporting a business
  2. Get on TV
13. Advertising
  1. Consider costs
  2. Target market for the product
  3. Single or part of a campaign

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Business - The 4 Ps

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	Created by Madsxox about 11 years ago