to answer questions about the product and market to ensure maximum profit. Buyer: Adrian Wilson ([email protected]) Transaction ID: 7JD609918P0582640
Principles of Marketing CLEP Quick Prep Sheet Page - 15 Copyright 2013 The 4 (or 7) P’s of Marketing – This is the list of things that every marketer looks at in order to maximize profit on a product. Originally, there were only four P’s of marketing. These were Price, Product, Place, and Promotion. This has actually been updated to seven P’s depending on the market you’re in . For the Marketing CLEP, you’ll likely only be asked for the first four, but I’ve included the other P’s in case you get an updated exam. Price – What is going to be our price? The price is the amount a consumer is willing to pay for a certain product. Pricing is a very delicate issue, and many of the same products can have very different prices, often influenced by consumer perception or demographics as well. Product – How does our product target this market? When a marketer looks a product, they need to decide whether the consumers’ needs or wants are being f ulfilled. If not, then no matter how much marketing or advertisement is done, the product is likely to fail. Promotion (Advertising) – How are we going to advertise this product? To whom? How are we going to answer questions about this product? Letting your target market know about your product is incredibly important. This can be done with online advertising, TV commercials, newspapers and magazines, or even word of mouth. Place – How are we going to get the product into the customers’ hands? This refers to the actual distribution of your product. Can your customers find your products? Can they buy them once they’ve found them? You can have the greatest product in the world, but if it’s not put in front of your target customers, it will fail. We’ll talk more about distribution in just a bit. The following three are the additional “P”s. You’ll likely want to know them just in case. Physical Evidence (Packaging) — This is how people look at your business or products. If I want to buy a Rolex watch, I’m going to pick a place that looks like it actually sells nice watches and has salespeople who are professional looking. I wouldn’t spend that kind of money in a run-down store with someone sleeping behind the counter. All of this falls under Physical Evidence, even the packaging my watch comes in after I’ve bought it. Process — Your process is how hard (or easy) it is to do business with your company. Everything from shipping the product to the customer or having a great customer service department to handle complaints. If people hate doing business with your company, they won’t buy your products. You need to make it easy for them to buy and walk away happy.
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