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Chapter 5: Action Step 5
Develop a Strong Marketing
How will you reach your customers
and what will you say to them?
The Four Ps of Marketing
Product or service
Price you will charge
Place, or sales and distribution
Promotion and advertising
Positive Product Characteristics
“Newness” either entire product or features
Improved performance
High Status
Attractive or functional packaging
Attractive appearance and styling
Some Issues with Setting Price
Generally, consumers prefer lower prices
Your business needs to make a profit
Low prices sometime signal low quality
It is tougher to raise than lower prices later
Place: Distribution
• How will purchasers obtain your product?
• How will you manage the distribution
• Which distribution channels are available to
– Retail
– Internet
– Direct Mail
Good Promotion Plans:
Are specific
Have measureable goals
Include a system for keeping track of results
Hold your expenditures accountable for the
results they produce
Methods to Reach Customers
• Paid media such as television, newspaper,
radio, magazines, and direct mail
• Free media such as media coverage in
newspapers, television, or radio