MARKETING

Starter

Learning Objectives Must: Be able to name each of the 4 P’s of the marketing mix Should: be able to use the Marketing Mix in relation to a product Could: be able to evaluate areas within the Marketing Mix in relation to a product

The Marketing Mix PRODUCT PRICE PLACE PROMOTION Getting the right product in the right place and the right price for customers to buy

The Marketing Mix We have now decided upon the product and the packaging for out pitch to Sir Alan Sugar…. It is now time to decide upon the remaining areas of the Marketing Mix Price Place Promotion

Which pricing method will you use for your product and why? Price Which pricing method will you use for your product and why? Method Definition Advantage Disadvantage Cost-Plus Add a % profit to the overall cost Ensures a profit will be made May be unable to sell the product Competition Charge a price similar to competitors Price will be competitive Price may not be profitable Penetration Start with a low price to attract customers Encourages people to try Cannot last long Skimming Start with a high price for a unique product Allows extra profit to be made Only lasts while there is no competition Promotional Special price for a limited time Useful to get rid of old stock Only useful for a limited time

Place Place refers to how the product will get to the consumer Will you sell direct to the consumer from your factories? Will you sell to a wholesaler like CostCo? Will you sell to retailers like Tesco? Simply, it is where the product will be sold In your teams, decide where your product will be sold and why

Promotion Promotion lets your customers know about your product Methods include Bonus Packs – e.g. 10% Extra Free Coupons – money off Sample Packs – encourages people to try Price Reductions – encourages more buyers Competitions – gain interest into the product 2 for 1 offers – also known as BOGOF In your teams, decide which method of promotion you will use and why

The Marketing Mix The Marketing Mix Product Price Place Promotion Packaging Using a diagram similar to the one shown here, as a team, draw out “The Marketing Mix” for your product

Homework Write up your sales pitch to Sir Alan Sugar which explains each of the following: Product Packaging Price Place Promotion

Plenary What are the 4 p’s of the Marketing Mix? What Enterprise Skills have you used today? What Enterprise Level do you think you have reached today?