Marketing's Four Ps

The basics of marketing.

Instructions

Instructions text.

Outcomes

Understand the basics of marketing & the marketing mix

Tasks

Task points

The Four Ps of Marketing

Price. Product. Place. Promotion.

An essential part of marketing are the "Four Ps". There are other approaches (5 Ps, 7 Ps), but the 4 Ps form the basis of the marketing mix. The combination of ideas that combine to form your marketing strategy.

P = PRICE

P = PRODUCT

P = PLACE

P = PROMOTION

Aside from being a great song (!) the video here introduces you to the basics of the marketing mix and the four Ps.

The Four Ps in Detail

Price

How will you set prices for your products or services?

Price generally includes all the parts that make up the overall cost, including the advertised price, any discounts or sales, and any other payment arrangements.

You want to make sure your price is competitive (with others) but also that it covers your costs!

Product

What exactly are you selling to your customers?

This includes the value added features, branding and packaging, as well as any services provided. What incentive can you give for the purchase?

For example, products can be personalised or every product is gift wrapped.

Place

Where can customers buy your product or service?

The place element refers to how you deliver your product or service to your customers.

This might include the school yard, library or classroom, or bigger places like local community fetes and fairs.

Place also includes how you place your business online. Is it easy for customers to find?

Promotion

How will customers hear and know about your business?

The promotion element refers to all the activities and methods you use to promote and market your business.

This includes in-school, digital and social media, word-of-mouth and any free advertising you secure.

descriptions above are taken from FYA's $20 Boss Toolkit (www.fya.org.au)

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