Marketing Flashcards
The 4 Ps
1) Product
2) Place
3) Promotion
4) Price
The action or business of promoting products or services to the public or other businesses
Marketing
The 5 Ps (in service)
1) Product
2) Place
3) Promotion
4) People
5) Price
Marketing Mix - Product
- Launch: How we are planning to introduce the product onto the market
Marketing Mix - Place
- Distribution: high street retailers and mail order via website and catalogues
- Delivery: 5 five days by mail order or straightaway in shops
Marketing Mix - Promotion
- Advertising: in children’s magazines
- Direct marketing: insert catalogue in parent marketing
Marketing Mix - People
- Customers: educated, city-dwellers with pre-teen children, school teachers
- Competitors: they have a larger sales force to sell their products
Marketing Mix - Price
- Premium pricing: 20% above market average for a CD-ROM
- Special deals: 15% discount for students
The 4 Cs
1) Customer needs
2) Cost to user
3) Convenience
4) Communication
The 4 As
1) Acceptability
2) Affordability
3) Accessibility
4) Awareness
The 4 Cs - Customer needs
What does the customer need to solve a problem?
-> identify customer needs -> meet these needs
The 4 Cs - Cost to user
Does the customer perceive the cost of the product at fair, or is it too expensive?
The 4 Cs - Convenience
How convenient is it to find your product? Is it easy, or does the customer have to make an effort?
The 4 Cs - Communication
How should you communicate with your customers?
The 4 As - Acceptability
How acceptable is the product, and do people approve of the product?
Is it socially acceptable, fashionable and attractive?
Does the product respect the laws of the country? Is it legally acceptable?
The 4 As - Affordability
Does the customer have enough money to buy the product? Can he / she afford the product?
The 4 As - Accessibility
Is the product easy to access?
Is the product accessible for people with disabilities?
The 4 As - Awareness
How many people know about, are aware of, the product?
Is awareness high?
The 4 Os
1) Objects
2) Objectives
3) Organization
4) Operations
The 4 Os - Objects
- What do you sell?
- How Is it manufactured, or made?
- Is it a high quality product, or Is it bottom end?
The 4 Os - Objectives
- Revenue objectives concern the income you want to generate
- Price objectives concern the price you want to sell at
The 4 Os - Organization
- How should you organize the sale and distribution of your product?
- Which distribution methods will work best?
The 4 Os - Operations
Which kind of promotional operations, such as direct mail, will work best for the product?
The steps a marketer takes in order to persuade customers to buy a product or service
AIDA
AIDA
- Attention
- Interest
- Desire
- Action
AIDA - Attention
Marketing must first attract the customers’ attention to the product. Customers become aware of a product and know it Is available
AIDA - Interest
Marketing must create an interest in the product. Customers will develop an interest in the product.
AIDA - Desire
Marketing must develop a desire to own or have the product so that customers actively want the product
AIDA - Action
Marketing must prompt action to purchase, so that customers take steps to buy the product - for example by going to the shop or ordering it online.
