1. The 4 P’s of the Marketing Mix Product Place Price Promotion

2. The Marketing Mix is comprised of four basic marketing strategies, collectively known as the “Four P’s.” The Marketing Mix is dependent on how well the target market is defined and how well all strategies are directed toward that target audience! The 4 P’s of the Marketing Mix

3. Product Knowing what product to make, how to package it, what brand name to use, and what image to project. Product decisions include: – What should be offered to sale? Is there a market for the product? What makes the product useful? – What would you name the product? – What design features should the product/package have? – Should we offer guarantees or warranties?

4. Place Determines how and where a product will be distributed. – Product decisions include: Where will the customers buy the product? Where is the best place to sell? How can you add value through place utility? Should we allow our product to be sold by a wholesaler?

5. Price Should reflect what customers are willing and able to pay. Price decisions include: – What is the right price? – Who is our competition and how is it priced? – What image should we project with price? – How often should we put the product on sale? – Should we offer credit? How can you add value through possession utility?

6. Promotion Deals with how potential customers will be told about the new product, what the message will be, when and where it will be delivered, and with what inducements to buy. – Promotion decisions include: What specific info do customers need? What is/are the most effective form of communication for these products? (promotional mix – advertising, personal selling, sales promotion, public relations) What will entice customers? Should we have a celebrity endorser? How many salespeople should we hire? Training? How often should we advertise? What should be the main theme of slogan of your advertising campaign?

7. On Your Own 4Ps/Profit Review 1.Suppose you want to earn money by making something. Pick a product to create (you will have to tell me who your target customer is) and write a 3-5 sentence description of it. What need does it fulfill? Who is your customer? Who is your competition? Create a prototype for your product. 2.Research and estimate how many materials you would need to make the product and how much the materials would cost. Add in the cost it would take for you to make it. What would you charge for the product? Your selling price should include the total cost of your materials and your labor, plus some profit. 3.Where would you sell your product? 4.How would you promote your product?