” College, universities, and other educational institutions can be classified as service organizations. How can you apply the marketing principles developed in this chapter to your school? Do you have any advice as to how it could become a better service marketer?

The 4 P’s of marketing

a) Product
The product that you sell can be a physical item or an intangible service. A product is evaluated by the degree to which it satisfies a need and provides value for a specific group of consumers. The product should satisfy a perceived need and offer the features and accessories that a consumer group demands, within the terms that a group demands.
When creating your product, you need to consider factors such as Name, Packaging, Usage, and warranty terms.

b) Price
The price principle refers to how much consumers pay for the product, and it is evaluated in terms of how the price maximizes profit for the company. As prices drop, demand tends to rise but profit per unit decreases.
Some of the common pricing models; Cost-plus pricing (A fixed percentage is added to your cost of production) and Value based pricing (The price is set according to the customer’s perceived value of the product, this model is mostly used with the more expensive luxury items) Effective pricing maximises total profit for the company by balancing profit per unit with demand.

c) Place
The place principle considers the distribution channels i.e. where you will sell your product and how it goes to the market. Consumers can’t purchase products that wouldn’t reach them, so distribution channels are an essential part of the structure of production, warehouses, shipping, and sale points that make the retail product available. Distribution channels are evaluated on ease of use and reliability, an important factor in making a product desirable and accessible.
Larger businesses, like manufacturers of consumer goods, may sell their products to a wholesaler who then distributes them to retail stores.

d) Promotion
The promotion principle is about communicating with consumers. It involves spreading the word out to potential customers. Advertising is the most well-known form of promotion. It essentially makes use of the media.

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