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4 Ps of Marketing - Coggle Diagram
4 Ps of Marketing
Product
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Customers believe that they are also acquiring benefits, satisfaction, and positive expectations from buying a product
Customers are attracted to symbols, ideas, and concepts that will somehow improve their lives
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Variety of different products that cater to almost everyone (e.g fish, breakfast, McCafé, Happy Meals, salad)
Variety of different products/services for different usages (e.g iPhone, iMac, wearable accessories, Apple Care)
Price
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As long as the price is lower than that of competitors, the strategy will work well
If customers believe a product to be of more value, they are willing to pay more
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Meal sets, combos (e.g the extra value meals, Happy Meals)
Psychological pricing (selling products for $_.99 to make it seem cheaper than if rounded to the nearest dollar)
Sold at premium prices - gives the appearance that their products are also premium - Increases profit margin
Freemium - products/ services are free, but customers have to pay for access to better or more advances features
Promotion
Above-the-line: Using mass media such as TV, magazines, radio, social media
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Marketing activities used to communicate with customers to inform and persuade them to buy a business’s products/services.
Degrees of brand loyalty: brand awareness, brand preference, and brand insistence
Below-the-line: Using incentives such as sales promotion, sponsorships
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TV ads, print media, online media, discount coupons, freebies
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Place
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Use of the McDonald's mobile app, kiosks, placed in places with a lot of people (e.g airports)
Apple store locations (appear futuristic), online stores, resellers, telecommunications companies