Marketing 4Ps
The American Marketing Association defines marketing as “the activity and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large". However, what it comes down to is something called the 4 P’s: product, price, place, promotion.
Product: This is any good or service that is for sale. Examples include backpacks, pizza, hair cuts, and clothes.
Price: This is the amount of money expected in exchange for something. Customers will only pay for perceived value. Psychological pricing allows companies to charge different amounts for similar products (ex. .99 makes it look affordable, prices ending in even numbers are perceived as higher value $102).
Place: This is how your product is bought and where it is bought. This includes bricks and mortar (in store) and clicks and mortar (online).
Promotion: These are your marketing communication strategies. This includes advertising, sales, promotions, special offers, public relations, and branding.
These make up the basics of what a marketing plan are. A marketing plan is a detailed plan outlining what your product is, who you want to sell it to, how you will convince them to buy it, and how you will get it to them.
Class activity:
Form groups of 3
Choose your product
Post the 4Ps of your product on your website
Post a prototype of your product