4 P's and 2 C's

Question 1

2 C’s:

Answer 1

1. Consumer Market
2. Competition

Question 2

Consumer Market

Answer 2

• Refers to all those consumers who may become interested in G&S and have the means to buy it
  Questions to consider as marketers:
• Who is the target market?
• What are their needs and wants?

Question 3

Competition

Answer 3

• All G&S that compete with each other for the consumer’s money
• Competition can be narrow (i.e. Movie)
• Or broad (i.e. entertainment industry)
  Questions to consider as marketers:
• Who is our competition?
• How do we differentiate ourselves?

Question 4

4 P’s

Answer 4

Product, price, place, promotion

Question 5

Product

Answer 5

What G&S should we sell and how?
- Marketing research
- Product development
- Packaging
- Branding

Question 6

Price

Answer 6

How much should we charge?
- Too low?
- Too high?

Question 7

Place

Answer 7

• How will we actually get G&S to our customers?
• Distribution channel - how do we transport goods?
• Location - where will we sell the G&S
• Inventory Management - how do we ensure we receive the appropriate goods at the right time?
• Storage - where will we keep the goods?

Question 8

Promotion

Answer 8

How do we create awareness of our G&S for our target market?
- Advertising
- Sales Promotion
- Publicity
- Personal Selling