4 Ps of marketing mix

Product

• Product is usually defined as either a physical object or an intangible service that is mass-produced on a large scale with a specific volume of units.

• Intangible products are service based and include hospitality, tourism and the hotel industry.

• The question on Product every hotel and/or brand must address is if they have created what its’ targeted markets and guests wanted. Providing a unique flavour in your hotel product/service must meet the needs of your customers or they will not return, regardless of airline miles or extra points.

• When developing a product you should consider quality, design, features, packaging, customer service and sub sequent after sales service

Place

• Place represents the locations where a Product or in the case of lodging, accommodations can be purchased.

• This includes the location of your business, shop front, distributors, logistics.

• potential use of the internet to sell product directly to consumers.

price

Price concerns the amount of money that customer must pay in order to purchase your products.

There are a number of consideration in relation to price including price setting, discounting, credit and cash purchases as well as credit collection.

How will your price compare with your competitors.

promotion

Promotion refers to the act of communicating the benefits and value of your product to consumers.

It then involves persuading general consumers to become of your business using methods such as advertising, personal selling and sales promotion.

Promotion is just the communication aspect of the entire marketing function.