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Marketing and Tourism What is Marketing? Marketing is what you do to take your product or service to the public. A market is the group of actual or potential customers for your product or service. Good marketing is built around the target customers, taking into account their age, gender, economic condition, location, etc. The 4 Ps of Marketing Marketing is basically made up of four elements, or the four P's of marketing: Product Price Place Promotion Products are the goods and services bought and sold on the market. Remember to include such things as packaging, presentation, and warranties when explaining your product. The price is how much the consumer is willing to pay for the product or service. Price is often determined by considering the cost of production, consumer demand (how much a customer will pay for the product/service) and the price of competing goods and services. The place is where the product is sold and is very important because you want it to be an area that is convenient for the consumer. The place includes the company’s distribution activities necessary to make the product available Promotion of a product is how a company communicates the merits of the product and persuades the target consumers to purchase the product. This is your opportunity to get your company message to your customers. What to think of when marketing Products- Answer this: Describe all of your products and services and why you are offering them. What ‘need’ will your product fill? Who will be the end user of your product? What is unique about your product? How will your products/services change over time? Price- Answer this: What is the company’s pricing strategy? How will you price your product? What is your mark-up percentage and how did you choose this percentage? How does your margin compare to your industry average? Place- Answer this: Where will your business be located? Why did you choose this location? Describe the location (interior and exterior) How much will this location cost? Provide a layout of your space if applicable. Is your place accessible to consumers with special needs? Promotion- Answer this: What marketing initiatives will you use to reach your target customers? What are your plans for advertising, Event marketing, and online marketing & public relations? How much will these initiatives cost and how did you figure out these rates? Have you considered your company’s image?