Pricilla’s and the Four Ps
Your team has been assigned to write a report for the executives of the company summarizing your marketing plans. You decide to do this using the 4 P’s of marketing.
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In your report you plan to list each of the 4 P’s and provide a specific example of each from the company’s marketing plan. Remember that your executives may know nothing about the 4 P’s, so be very precise in your report. They also have enormous egos and will not spend much time reading a report, even if you do know a lot more than they do. Consequently, your report must be concise, specific, and free from “fluff.”
Remember, your year-end bonus (and that new Beamer) depends on the success of this plan.
For each of the four P’s, as listed below, you must develop part of the marketing plan. Each of the four parts should be described in about a paragraph, although you may use more as needed. The use of bullets and other formatting tools is encouraged where appropriate. Remember, this is intended for the senior managers of the firm so grammar, spelling, and punctuation are important (a minimum of 1 point will be deducted for each error). As noted,
Just as an FYI – a complete paragraph is at least four sentences:
· an introductory sentence that states the topic of the paragraph;
· two (or more) sentences that support your topic statement;
· a closing or transition sentence.
In many cases, it will be longer than four sentences and may include bullets or other stylistic tools.
Product: The executives already know the general nature of your line, but you need to describe some specifics. What products might you include that will support the upscale image of the store? Be sure to consider your target audience, profitability, and what products complement one another.
Price: The senior staff is not interested in the details about any specific prices, so do not waste their time with that minutia. Rather, they want to know how you will use price to support the objectives of the firm. Consider issues such as using price to drive traffic to the store, the gross margins for upscale products, the wisdom (or lack thereof) of discounting, and the image of the store.
People: Since we are a service business (we sell groceries but service is what drives our image and brand loyalty) you have decided to use people as a “P” rather than Place. Consider how you will use your staff to build customer satisfaction, a service-based culture, and repeat business. Be very specific – “we will provide great service” is NOT a plan.
Promotion: Select two of the four types of Integrated Marketing Communications (for example, advertising and personal selling) discussed in our opening article and describe a specific activity for each one. Be very exact in your description – do not make the executives guess about your intent. They also have decided that brochures and flyers are not up to their standards, so these are specifically prohibited as one of your activities. The only exception to this is using a brochure in conjunction with another activity. For example, you can use a brochure at a Home Show or as part of a direct mail campaign, but not as a standalone activity. There will be a significant loss of points for not following this restriction.
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