The 4 P’s and Macro Marketing Strategies

The 4 Ps
Product, Price, Place, Promotion
Marketing is about…
Great products
Place
Movement of products from manufacturer to wherever you will buy it. Making products available in places and quantities desired. Minimize cost
– Inventory
– Transportation
– Storage
Products
Goods, services, ideas.
Promotion
Inform about products and services
– Advertising
– Public relations
– Personal selling
– In-store promotions
– Guerilla Marketing
– Viral Marketing
Pricing
Determining product prices, determine value of exchange
Popular Macro Marketing Strategies
– Identifying opportunities
– Creating value and relationships
– Segmenting markets departments and course delivery
Market opportunity
Where circumstance and timing meet to create strategic windows
Core competencies
Things a firm does quite well, like Starbucks and their service and nice locations
Competitive advantage – Opportunity + Competency
McDonald’s core competency?
Consistency, making things the same every time
Value
What you get / What you give up
Value examples
Wendy’s 4for4, Publix BoGo, Great Value Walmart
Relationship Marketing
Increase value without lowering price, Disney is not about the rides so they’re selling relationships in many ways: theme parks, cruises, movies TV, live events like Disney on ice. (Long term mutually satisfying relationships) Disney imagineers
How would you build a relationship with a customer if you sell toilet paper?
Charmin big signs in New York for a free bathroom increases sales
Segmenting Customers
One soft drink to rule them all? Different types of Coca Colas for different customers’ needs. Tab, Diet Coke, Coke Zero, cherry coke, etc.
Segmentation
Happens in all product classes, and essentially all grocery store products, Hilton multiple hotels.
Strategic Planning
Firms establishes a mission, goals, corporate strategy, marketing objectives, marketing strategy, and finally a marketing plan