Marketing The 4 Ps and 2 Cs

Marketing Marketing… describes all activities involved in getting goods and services from the producer to the consumers A company’s marketing is made up of six parts = Consumers & Competition… determine… Product, Place, Price & Promotion Better known as the 4 Ps and 2 Cs

Consumers . The consumer market is made up of all the potential users of a product or service Consumers are the individuals or businesses who buy the goods and services Also known as the Target Market The consumers or the target market determines product features, advertising, packaging, etc..

Consumers Consumers can be identified in two ways: Demographics The study of obvious characteristics that categorize human beings Ex) Age and gender Can you think of other examples? Lifestyle (Psychographics) The way people live Ex) Values, beliefs, motivation, hobbies

Consumers Demographics Age Defines our tastes and also our needs and wants Gatekeeper – a person who makes buying decisions for others Example? Young children and parents Baby-boom group – people who were born after World War II (1947-1961) The largest age group  very important to businesses

Consumers Gender (Male or Female) Gender roles have changed a great deal Many products are now unisex Family Life Cycle Married? Single? Student? New parent? Senior? Income Level How much money do they have? Ethnicity and Culture Korean, Chinese, Italian, Indian, Jewish, etc.

Consumers Lifestyle (Psychographics) Introverted Interested in self-identity, personal statement in fashion, personal growth Extroverted Interested in the opinion of others, trendy and fashionable, popularity

Create your own consumer profile! A new company geared towards teenagers needs help gathering information about their consumers: Create a consumer profile of yourself. Make sure you include both demographic and psychographic information! Share your profile with a partner

Competition The competitive market consists of all the sellers or a specific product Competition is companies who produce products or services that are similar to yours Discretionary income is the income that you have that is not committed to paying basic necessities Disposable income is used to pay for basic necessities

Competition Direct Competition: Products that are very similar to yours Ex) Coke VS. Pepsi Indirect Competition: Products are not directly related but compete for the consumers money Ex) Movie VS. Dinner

Competition Product/Service Direct Competition Indirect Competition Nike BMW HMV Air Canada Telus Adidas, Reebok Aldo, The Gap Lexus, Mercedes Hyundai, TTC Music World, Sunrise Records iTunes, MP3s, radio American Airlines, United Airlines Cars, trains, boats Email, home phone, Canada Post Rogers, Bell, Koodo

Accurate knowledge of your Customers and Competitors determine your … … Marketing Mix (4 Ps)

The 2 Cs of Marketing: You Tell Me! We will watch FOUR commercials for different products You must describe the 2 C’s of marketing for that product Share and discuss your answers with your group!