Marketing Chapter 8

The 4 P’s of Marketing 1. Product 2. Price 3. Place 4. Promotion

Product Goal is to design a product that will catch a customer’s attention and satisfy their need Is the product or service something customers will want to buy? Will it be of benefit to them? Will it meet their needs? What is included in Packaging? Labels Designs Logos NOTE: The product can be a service too!!

Price Pricing strategy Offer discounts or coupons Choose price of product based on competitor’s prices Can make your product cheaper than your competitors Can make your product more expensive or the same price as competitors Choose price based on your product’s image (high end or economy priced) Offer discounts or coupons Need to consider: How much are customers willing and able to pay? What is the best price to charge to earn a maximum profit?

Place Having product easily available for customers. Want a location that a lot of people will see and walk by your store. Need to consider: How will the product or service get to the customer? What channels of distribution are needed? When should the product or service be in stock or ready? Where will the product or service be made available?

Promotion Relates to the communication and selling to customers Components of Promotion Advertising Publicity Personal Selling Sales Promotion E-marketing How will customers be made aware that the product or service is available? Which of the following promotional activities will be best for this venture: advertising, personal selling, publicity, sales promotion, or e-marketing?

Marketing - Promotion Promotional Mix Publicity E-Marketing Personal Selling Publicity Promotional Mix Sales Promotion E-Marketing Advertising

Publicity & Public Relations Management of the communication of the product or brand with the general public. Examples: Press Release Event Sponsorship Arrange a speech or a reward

Personal Selling Persuading a potential consumer to purchase your product or brand. Modes of Selling Direct Sales Indirect Sales Electronic Agency based

Sales Promotion Non-personal promotional efforts that are designed to have an immediate impact on sales Examples: Coupons Discounts Rebates Gifts

Advertising Form of non-personal promotion in which companies pay to promote ideas, goods, or services in a variety of media. Different Types of Media: TV Radio Print Internet Billboards

E-Marketing Using the Internet to market your product or service. Tools available: distribute via the Internet (Amazon.com). use the Internet to build and maintain customer relationship (Dell.com). money collection could be done online (bills). attract potential customers to sign-up for short term trial use for advertising (Google Adwords)

Advertising and the Promotional Mix

Advertising Form of non-personal promotion in which companies pay to promote ideas, goods, or services in a variety of media. Different Types of Media: TV Radio Print Internet Billboards

Print Advertisements http://www.thecoca- colacompany.com/presscenter/presskit_open_hap piness_images.html (Print advertisements - coke)

Billboards http://www.smh.com.au/articles/2003/10/08/106560 1907307.html?from=storyrhs http://www.gobritney.com/album2683/britney- spears-2683-54782.html (Billboard – Pepsi) http://www.flickr.com/photos/jasoninhollywood/30 85768518/ (Billboard – Coke)

TV http://www.hongkiat.com/blog/battle-of-the- brands-pepsi-vs-coke-advertisements/ (Commercials – Pepsi vs. coke)

Radio ..\Pepsi_Commercial.mp3 (Radio – Pepsi) http://www.youtube.com/watch?v=189lpNlIUDw (Radio – Coke)

Question? Think about the different advertisements that we have looked at today, which one you believe is the most effective and why?

4 P’s Poster Assignment In this assignment you will use a poster and the concepts presented in class to market a very important product─ yourself. You will use create a glogster using a variety of materials including your own pictures to tell the person looking at your poster who you are and what you are all about. Remember marketing is about getting the audience to want to “buy” the product so make sure that you think about the audience that your poster is aimed at: namely your teacher.