4 Ps of marketing
product
the company must pay attention to what the market wants
2 types of products
services
products
goods of tangible nature (phone, car, etc.)
goods of intangible nature (haircut, law consultation)
people don't only buy products for the sake of the product
benefits and satisfaction
positive expectations
symbols and ideas
price
the amount of product costs
the price customers pay to buy the products
the value customers acquire from the product
competitive strategy
place
product distribution
deliver a product the customer wants
allows the customer to have the product at the right time
deliver a product where the customer wants it
stores/showrooms, sales people
a place where people can find it
promotion
TV ads
street ads
show various steps of the process for customers to gain an understanding of how the product is used
billboards and banners to show a simple/quick promotion of what the product is
brand loyalty
brand preference
brand insistence
brand awareness
customers need to know the product exists
convince the customers our product is better than competitiors'
customers link a product with their own lifestyle
food and beverages
goods and services
burgers, chicken nuggets, french fries, shakes, sundaes, etc.
inexpensive food
happy meal includes toys
restaurants, all over hong kong
mcdonald's app/website
postmates/deliveroo/food panda
advertisement, sales promotions
direct marketing, public relations
TV, radio, social media
posters, bus shelter advertising
discounts, coupons, buy 1 get 1 free
bundle pricing - discounted meal sets compared to buying items separately
psychological pricing - $__.50 (instead of rounding to the nearest dollar, this makes the customer believe it is cheaper)