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Main Body

Module 4: The 4P’s of marketing – Product, Price, Place

Learning Topics

  • Pricing strategies
  • Retail and distribution strategy
  • Supply chain management

In plain language:

  • We will evaluate the different ways we can price our product or service based on our costs, the competition, and the perceived value.
  • We will assess the best methods to deliver our product or service to our customers and end-users.
  • We will analyze how we source our supplies and how we can improve our products.

Learning Skills

  • We will learn about the 4 P’s.
  • We will confirm our product and servicing offering and develop competitive pricing.
  • We will use Microsoft Office to create a marketing pamphlet.
  • We will develop our analysis skills by determining our pricing and distribution.

Resources

Learning Activities

In your module 3 video, be sure to discuss the following:

  • The importance of the marketing program in the course – it is worth 40% of your overall grade
  • What does a pamphlet consist of?
    • Many students make the same mistakes:
      • Have a one sided piece of paper.
      • Does not include colour or images and just provides
      • Does not answer the specific questions required such as what do the products cost? How can customers buy the product or service? What are the variants?

Assignment

Assignment Title: The 4P’s of marketing – Product, Price, Place

Topics:

●      Pricing strategies

●      Retail and distribution strategy

●      Supply chain management

Description:

This assignment focuses on the following sections of the marketing plan:

Page 5: Marketing Program

  • Product Strategy
  • Price Strategy
  • Promotion Strategy
  • Place (Distribution) Strategy

Marketing Program

The marketing program is the most important part of your marketing plan and the marks issued in this class represent the importance.

The marketing program will follow the 4 P’s of marketing Product Strategy, Price Strategy, Promotion Strategy, Place (Distribution) Strategy. The four P’s of marketing describe how you intend to reach your target market; each target market will have a different mix of the 4ps to effectively sell to. This article is a particularly good explanation and gives you guidelines to complete the assignment.

After you review the article, be sure to watch this video to further explain the concept:  The 4 P’s of the Marketing Mix

Finally, review your open education textbook which has lots of information on this topic.

Product Strategy

The product is what you are selling. If you have various models of your product, you would list the varieties and the differences in this section. The product can either be tangible, which have independent physical existence (from needle to motor parts) or an intangible service (like in IT and tourism industry). Launching the right kind of product with an appropriate number of variants is one of the critical decisions for marketing managers.

Price Strategy

The price of a product determines the offering which the customers are willing to give to buy that product. The price can neither be too low that the seller incurs losses, nor be too high that the consumers cannot afford the product.

Your pricing strategy would also include if you were to offer volume discounts, bundling deals, holiday rates, etc. How you price your product or service can be considered the most important decision you make regarding your business.

Place (Distribution) Strategy

The market where the product is sold is known as place or distribution strategy. The markets should be convenient for the consumers to access which could include using a distribution network of shops or outlets. Digital and online sales can also be considered as places, you can choose from Ebay, Amazon, Shopify, or virtually endless amounts of options to develop a strategy. Place does not have to be a crucial business decision but can be as simple as how you may set up your farmers market booth.

Promotion Strategy

The method of communication by which the marketer provides information about the product is known as promotion. It included advertisements, personal selling, word of mouth publicity etc.

In this assignment you will consider your promotion strategy but in the next module you will expand upon this area.

Resources: Computer, Internet access.

Technical specifications:

Prepare a pamphlet for download in this section using Word or any program you may choose. Your pamphlet should be double sided and the color and imagery should match your marketing page plan.

The pamphlet should have the following information:

  • Product Strategy – A description of your products or services in detail. If you have variations of your product or services, you should include everything that is for detail. The information should clearly outline the product or service but still be presented as if a customer would read this pamphlet.
  • Price Strategy – List the pricing of your products. If you are including variations of your pricing by sales or bulk purchases outline the deals customers can use.
  • Place (distribution) strategy – Outline where your customers can purchase the product or service. This section should make purchasing your goods or service easy and convenient for your target customer.
  • Promotion Strategy – In a small section, describe where your customer can learn more. Consider what your target market is and how they should be reached. For instance, if your target market is women over 60 years old, would you use tiktok as a promotion? In the next assignment you will mock up some promotional material.

Due Date: Sunday, 1159pm

Marks: 20% rubric

Examples: 

Figure 7: Example of a marketing program brochure within the webpage.

 

 

Figure 8:  Example of brochure back side

Figure 9: Example of brochure front side

Rubric:

Criteria Excellent 3 Points Good 2 Points Satisfactory 1 Point Poor 0 Points
 

Technical Specifications

 

 The project meets all the requirements of the assignment. The marketing plan looks professional and the entire marketing plan is described from all the required aspects.

The instructions were followed.

 The project meets the basic requirements of the assignment and includes some information about the marketing plan.

The instructions were adequately followed.

 The project meets some of the requirements and needs improvement.

The assignment needs improvement.

The instructions were not followed.

 The project is not complete. The assignments did not follow the instructions.
 

Materials / Content

 

 The student has shown all of the elements of the marketing plan and can easily answer questions related to the four segments. The student can easily describe how to create an effective marketing program. The student showed many elements of the marketing plan and can answer questions related to it. The student can summarize how to create a marketing program. The student has little elements of the marketing plan and is able to answer some of the questions. The student can describe most of the procedures involved in creating a marketing program. Student did not demonstrate good progress regarding the project and is unable to describe the marketing plan and its relevant segments.
 

Presentation and creativity

 The assignments are clear and easy to read. High quality graphics are used which attract the audience. All the information provided is relevant to the topic. Students have used excellent creative skills which makes the assignment more attractive. The assignments are clear. Good quality graphics are used which attract the audience. No irrelevant information. The project shows creativity with the use of attracting colors. The assignments are of good quality. Little irrelevant details.

The student did not make an effort to show any creativity to make the project more attractive.

 Poor presentation and no signs of creativity
Critical Thinking and decision making The student has used critical thinking in the marketing program. The student has shown application of research and shown some critical thinking. The student has shown no use of research and shown little critical thinking.  

Little to no use of critical thinking.

 

License

Intro to Marketing Course Copyright © by Krista Lambert. All Rights Reserved.

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