Developing Marketing Strategies

Developing Marketing Strategies

Product: the different goods and services that are offered to customers, the range of styles, colours and features available, the reputation (brand name and image of product), after sales services.

Price: the cost of the product in the marketplace. Includes the methods of pricing used, deciding on discounts, credit terms and other price tactics: psychological, price-skimming, competitive.

Promotion: the different methods used to let customers know about the product and persuade them to buy it more than just once. Methods include; media advertising (social media), shop displays, loyalty cards, free samples, competitions.

Place: refers to distribution, storage and delivery that are used for the product.

Extract from Business Studies Stage 6 Syllabus. © 2010 Board of Studies NSW.