2.1.6 The marketing plan: 4P’s of marketing Flashcards
1
Q
list and describe the 4ps of marketing
A
- Product
A detailed description of your product
- Features
Such as, tangible? - Why is your product better than other products similar?
- Who is the target market for the product
- What is your product targeted as
such as, good quality etc.
- Price
- What pricing method is used
ex.
- Recommended retail price
- Help new business owners price their product
- Make your product more expensive
- Enables people to be more satisfied with your product - Place
- Where your business is
Strategies
- Close to wealthier people
The distribution channel
- why
- more cost effective?
- Promotion
- How will you promote your product
- Brand
- Quality
- Features
- A competitive advantage through correct promotion of the product
Will you use posters etc.
2
Q
- Describe each of the 4P’s of marketing and apply each to the business that you developed as part of
the Online Social Enterprise Business (OSEB) project
A
- Product
- Service, which is tutoring
- Our product is intangible being a service
- Good quality service
- Our product is better than others
Because are staff are
1. All qualified to teach math, science, and english
2. Never late
3. Very respectful and understanding of our customers
Our target market is demographic
- Children
- Price
Price method used:
- Recommended retail price is $20 per 1 hour
This advice was helpful
- Very unsure of what is a good price
- How to sustain a competitive advantage in the market
- Place
Distribution channel
- Website
As customers being booked via the phone could be missed
- However, considerate and the phone is also available for customers unsure how to book via our website
- Adjacent De La Salle College
Good for our business being close to potential customers
- Promotion
- Posters around secondary and primary schools, such as De La Salle College
Because we will get their attention - Advertised as good quality and time efficient
