Marketing Stratergies Flashcards
Marketing Strats
Help efficiently and accurately analyse the market, allowing you to plan effective methods for producting and advertisings successful products
Product (4 P’s)
The actual item or service being offered, designed to meet customer needs and wants. It refers to the pyhsical ptoduct regrading its ergoinicms, colours, packaging but its different for online marketing as you cant interact with it so pictures, descriptions, featire list, benefits are used on online pages to make up for it.
Essentially, product is the actual, physical item being offered which has been designed to meet customer needs/wants. Its physciallity includes the products ergonimcs, colour, packaging, smell, feel and everything else you can identify upon interacting. In this generaton however online marketing elimates interaction so it makes up for this by including pictures (multiple angles, different colour), descriptions, features (what it does) and reveiews (to see what simialr people with simialr needs thinks)
Price (4 P’s)
Process of setting a price for a product, including discounts, competitiors prices, and perceived value.
Actual price - set price customer pays (buying a tshirt)
Perceived Price - Value a customer believes they are getting for a price paid (This time a brand charging a lot more for a similar t shirt because of its perceived exclusivity)
Essentially, price is setting a price for a product which can either be its actual price or a percieved price which is tricking the customer that they are getting more value for the price they are payingn for, scummy thing to do and can potentially lose a customer, good pricing startergy is to balance both.
Place (4 P’s)
How products are distributed. Knowing where to distrubute is **arguably just as valuable as the product **as product could be incredible but if you’re in the wrong market place then no.
Im not explaining this
Promotion (4 P’s)
Includes advertising and marketing efforts to attract customers and boost sales.
