Price: Getting the price right, so the product brings in a respectable income and appeals to the right target market. Issues include discounts and special offers, credit terms, warranties, returns i.E. Replacements for faulty goods, etc.
Product: Getting the right product for the right target market. Issues include product name, new product development, product design, size, packaging design, quality control, etc.
Place: Getting the product to the right place at the right time, and making sure customers who want to buy the product have access to it. Issues include inventory, distribution channels, transport, points of sale.
Promotion: Attracting customers’ attention and getting the desired message across. Issues include advertising, personal relations, direct sales, events, publicity, etc.
In addition to these Ps including:
Packaging: The colours, design, quality and quantity of the packaging, as well as the language used, may be considered a separate P from Product.
People: Important for creating and maintaining a company’s reputation, for selling and for customer service.
Physical environment: Making the point of sale as pleasant as possible.
Process: The way the product is made or distributed may be improved/customised, etc. To improve customer service.
Public relations(PR) is an important part of marketing, and involves managing a target market’s (or the public’s) perceptions of a brand or organisation.
Techniques used in PR include:
-Providing news stories to the press, etc. As a cheap and effective way of getting publicity.
-Appearing as a guest or an expert on TV talk shows, etc.
-Putting the right ‘spin’ on bad news stories, for example managing a recall of a faulty or dangerous product. Reassuring the public and being seen to act responsibly. Publicity stunts and other events designed to attract attention.
-Lobbying decision-makers, for example politicians.
-Collateral literature, for example brochures, websites.