lunes, 28 de enero de 2013

The 4Ps of Marketing mix


The 4ps:
-         Product
-         Price
-         Place
-         Promotion

Product

-         Product includes the good and service as well as the name, packaging, labelling and any guarantees that come with it.
o       A business have to develop products that consumers want and will pay for it.
-         Product includes:
o       Brand name: name that identifies the goods and services of a business
§       Logo: visual element of a brand
§       Trademarks: brand that are registered, so none else can use them.
o       Packaging: the container or wrapper for a product. It includes the design and information printer on the container.
§       Containers must also attracts attention of costumers.
§       Package often contains a slogan, list of special features or provides info about the product.
o       Labelling: part of packaging that provides the consumer with info such as ingredients.
§       Labels vary from country to country and appear in many languages.

Price

-         The price of a product will be determinate by the demand for it.
-         Price will play a role in how important the product is.
-         Strategies:
o       Must take into account the price that competitors are asking for and how much consumers are willing to pay.
o       Some business price their products low to sell more.
o       Others price high for a larger profit margin.

Place

-         A business is responsible for consumers can get the product easily.
-         Manufacturers must select the appropriate channel of distribution.
-         Channel of distribution: path a product takes from manufacturer to final consumer.
o       Manufacturer: makes a profit
o       Wholesaler: buys goods and sells them to other business for resale
o       Retailer: sells goods and services directly to consumers


Manufacturer – Consumers
It is used by craftspeople and small farmers. Many manufacturers are also selling on the internet
Manufacturer – Independent salesperson distribution – Consumers
It is used for door-to-door distribution.
Manufacturer – Retailer – Consumers
It is used for cars, furniture and clothing.
Manufacturer – Wholesaler – Retailer – Consumers
It is the most common channel for consumers goods such as groceries, drugs and cosmetics

Promotion

-         Promotion informs consumers about a product or service and encouraged them to buy.
-         It involves different types of promotion:
o       Personal selling, sales promotion, publicity, public relations and advertising.