Marketing plans illustrating the products, price, place and promotion.

GCSE: Business Studies

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Price
There are two things that determine the price of a product these are how quickly you want to sell of your product and also how unique the product is. There are numbers of ways in which a price can be set this is called price strategies. This consists of cost – plus pricing, competition pricing, penetration pricing, skimming pricing and promotional pricing. Depending on what strategy you use depends on the advantages you will encounter.
I will use the competition pricing strategy as i will price my business depending on what the market around me is doing so that i can have a lower price. But i will have a better reputation.
Place
This is usually the most forgotten of the 4p’s but is actually the most important. Where the product is available depends on how many people will buy the product or service. Also the availability of access to the distribution is vital as the products are usually delivered in big Lorries. Most companies don’t only sell products in shops that they now sell their products online.
I will not be placing my business in the town centre but i will be placing it at a well accessible area with a big car park.
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