Chapter 18 - Marketing mix(Product & Price)

Chapter 18 - Marketing mix(Product & Price)

1. 4Ps

   • the right PRODUCT
   • the right PRICE
   • effective PROMOTION
   • right PLACE, right time

2. 4 Cs

   • CUSTOMER SOLUTION - what's needed to fulfill customers' wants
   • COST TO CUSTOMER - total cost of production
   • COMMUNICATION - 2way communication w/customers
   • CONVENIENCE - accessible pre-sales info & location to buy product

3. CRM - Customer relationship management

   • use marketing activities to establish successful customer relationships to achieve & maintain their loyalty.

4. HOW - long term relationships

   • Targeted marketing
   • Cust. service & support
   • Provide information
   • Social Media

5. Products

   • Quality
   • Durability
   • Peroformance
   • Appearance

6. USP - Unique Selling Point

   • Product differentiation from competitors

7. PRODUCT LIFE CYCLE

   • 1. Introduction
   • 2. Growth
   • 3. Maturity
   • 4. Decline

8. COST BASED PRICING

   • Mark up pricing
   • Target Pricing
   • Full Cost
   • Contribution Cost
   • Competition based
     • Perceived value pricing
     • Price DIscrimination
     • Dynamic pricing

9. Pricing Strategies

   • Penetration Pricing
   • Market Skimming

10. Pricing Decisions

    • Competition level
    • Loss leaders
    • Psychological pricing