MOST: Apply the four 4ps to a product or service

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Presentation transcript:

MOST: Apply the four 4ps to a product or service Marketing ALL: Understand the 4ps MOST: Apply the four 4ps to a product or service

4Ps A strategy of marketing a product Price Place Product Promotion

Product What is the USP? Who are the target market? For how long will it be on the market (Product Life Cycle) What direct competitors exist?

Pricing Strategies Cost Plus Breakeven Price Skimming Price Penetration Psychological Prestige/Image based Competitor Pricing Promotional Price Grouping Discriminatory

Place This means your channels & methods of distribution Availability of your product to your customer at right time & right location. Channel of distribution is how you get your product from it’s production site to your final customer For you to consider: How will you get your food product to your customer on the night? If you could sell your food product other than at the school market night, where? How will you get your product from it’s production point to your final consumer?

Length of Chain Which one for market night? Which one for other sales? Producer Wholesaler Retailer Customer Producer Retailer Customer Producer Consumer Which one for market night? Which one for other sales?

Other things to consider for Place Who are you trying to sell to? For each distribution channel (place) who is likely to shop there? What kind of service do you want your products to have? What kind of service is offered by the available distribution channels? What other products do they sell (competition) Do you want wide availability of your product (mass market) or do you want to be select, exclusive (niche)?

Promotion Promotion is the means by which an organisation attempts to communicate with its target customers. Key to affective communication: ALERTS Attract the eye/ear Lead the person through the message Entice the person with a benefit Relate to the target market Tempt the target to consider the offer Send the person to buy/enquire

Promotion Methods Above the Line – using the media Below the line – not using the media