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4 Ps - Coggle Diagram
4 Ps
price
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cost-plus(mark-up) pricing-involves adding a percentage or predetermined amount of profit to the cost per unit of output to determine the selling price
Penetration pricing sets a relatively low price to help establish a new product in the industry
can only be set when the product is first launched in the market
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Predatory pricing involves temporarily reducing prices in an attempt to force rivals out of the industry
Premium pricing- setting a distinctively high price. This is initially set to recoup the costs of research and development
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Dynamic pricing is the practice of varying the price of a good or service to reflect changing market demand, often with price changes throughout the day
Competitive pricing is the practice of a business drying the price of its goods or services at a similar level to that of its competitors.
product
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Product orientation: is a marketing approach adopted by businesses that are inward-looking. They focus on selling products that they make, rather than making products that they can sell.
increased market share: by product development, improvements ,and innovation
Ensure that there is adequate and effective promotion to convince customers to buy the firm’s products.
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Ensure that there is adequate and effective promotion to convince customers to buy the firm’s products.
A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market
Place
Place refers to the distribution of a product and sometimes it is defined as “getting the right product to the right customer at the right price in the right place at the right time
How products are distributed are known as distribution channels. E.g retailing or oline placement or a firms product
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Intermediation is used to facilitate this by acting as a middle person in the chain of distribution between the firms and the consumers of a product
Promotion
refers to methods of communicating marketing messages to existing and potential customers, usually to sell a firm’s products
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Below the line promotion refers to the use of non-mass media promotional activities, allowing the business to have direct control.
Through-the-line promotion refers to promotional strategies that involve both above and below-the-line
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Above-the-line promotion (ATL) is any form of paid-for promotional method through independent mass media sources