4P'S OF MARKET
PRODUCT/SERVICE What is it that you are selling? What is its quality? How will it be packaged? Or presented? PRICE This plays a critical role in marketing Strategy and there are three ways you can approach it: Cost pricing means that you work out What it costs you to do something and Then add a bit for a profit you find out what you think the customer will pay You discover what the competition is doing and find out the ’going rate’ PROMOTION Products or services need the support of well-devised schemes of promotion. It is a good idea to plan how you will promote what you are selling with leaflets, advertisements online, in newspapers, etc. Don’t do it in a haphazard way but plan it over the year. PLACE This refers to where the product or service will be made available to the customer. For some businesses this is more critical than for others but it is an important consideration as it directly influences the market you will be targeting. It is impo
