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BBI120 Marketing Concepts 4 Ps of Marketing Product Price Place Promotion These are referred to as the marketing _______, and they must be properly combined for an effective marketing campaign 1. Product/Service Mix Mixing of product and service o e.g. retail stores such as Sears add _______ to the products they sell such as delivery, installation and extended product _______________ Can also have a service business, such as a movie theatre, that also sells products, e.g. popcorn 2. Price How much is ____________ for the product or service Can determine the success or failure of a product Consumers are very aware of _________ and compare brands and stores Marketers need to know if consumers are price ______________ How much sales will go up or down based on changes in price 3. Place Also known as channels of _________________ Paths of ownership or control that goods follow as they pass from producer to consumer Methods that a business uses to sell and distribute its products Types of Place Direct Indirect Specialty Direct Channel Connects _____________ to businesses that are selling the goods or providing services No _________________ (middle person) to increase the cost Known as maker-user relationship Indirect Channel Have one or more intermediaries Could be an_____________, wholesaler or retailer Importer Someone who searches for foreign businesses that want to sell their product to Canadian consumers Can have ______________ rights to distribute the product in a certain region/country Wholesalers Individuals or companies that buy goods from producers or importers and __________ the products to retailers Why use a wholesaler? Can buy in smaller ______________ vs. buying directly from manufacturer Usually located closer to the wholesaler Specialty Channels An _____________ channel of distribution that does not involve a retail store Examples: o Vending machines o Telemarketing o Catalogue sales o _____________ o Door-to-door sales 4. Promotion Any attempt to _________ a product or service Sales promotions encourage consumers to buy products using: o Coupons o Contests o ____________ o Samples o Special events Coupons Offering consumers money ______ of the price of a product They are treated like cash Most coupons end up in the ____________ Redemption Rate Measures the __________________ of a coupon program The larger the coupon, the higher the redemption rate Average is about 5% Contests A way to increase brand ________________ and sales Law requires people to demonstrate a __________ or answer a skill-testing question e.g. Tim Hortons Roll up the Rim contest Premium Giveaways Sometimes the consumer gets something for ________ when purchasing a product e.g. a toy in cereal box Customer ____________ cards are another method Stamped each time the consumer makes a purchase Samples Encourage consumers to ________ a product Often small “trial” sizes of the product Sometimes distributed door-to-door or at the ______________ An effective way to increase sales but ______________ Special Events Organizing special events to attract _______________ and increase product sales e.g. book signing, celebrities that promote shoes, perfume Two Cs of Marketing Consumer Competition Must consider these when developing the marketing mix Consumer Market Companies study the ____________ of consumers that buy their products Can be identified by: o Demographics o ____________ Demographics The study of obvious _________________ that categorize people, such as: o Age o Gender o Family life cycle o Household ___________ o Ethnicity and culture o Lifestyle Competition Competitive market o Consists of all the _____________ of a specific product o Often expressed in terms of _____________ spending on a specific product Market share o The _______ of the market that a company or brand has Market Segment o Part of the overall market that has _____________ characteristics o e.g. soft drink market would have a diet segment, flavoured segment Direct Competition Competition between products that are very _____________ o e.g. Ritz Crackers vs. Premium Plus crackers Indirect Competition Competition between products or services that are _______ directly related to each other e.g. movie and pizza Discretionary Income The portion of disposable income that is not already committed to paying for ____________ and can be used to buy items for comfort and pleasure Disposable Income The amount of income that is left after _________ have been paid Could be used for basic necessities such as _______, shelter and clothing