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)