OTE2601 - Orientation To Teaching Economic And Management Sciences (OTE2601)
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OTE2601 - Orientation To Teaching Economic And Management Sciences (OTE2601)
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University Of South Africa (Unisa)
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OTE2601 - Orientation To Teaching Economic And Management Sciences (OTE2601)
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, Pamela Govender
Student No: 62754327
Module: OTE2601
QUESTION 1
In a proposed marketing plan, everything is included that must be done to
convey the product or service to the consumer and/or the target market.
Elaborate on the 4 P instruments or steppingstones that are necessary to
make the plan functional
Price: is the sum of money that customers need to pay for them to receive or
own the product/service. The price of a product is influenced by the cost of
making the product, the price of competitors, as well as the demand and
supply of that product. The price also needs to be reasonable enough for the
business to earn a profit. If the product is affordable then consumers will feel
the urge to purchase it where as expensive products causes them to go to
another business that sells the same product but at a lower price. The price
needs to add up to the value that the consumers will receive after purchasing
the product.
Place: The locality of the business plays an important role. It all depends on
the safest and most convenient area with regards to the consumers as they
prefer to shop at stores that are closer to them. The businesses location
assists in creating a brand and image, as there are always parts of a city or
town that carries a reputation, either a good or bad reputation. The
significance of the location is particularly vital for small businesses as it
impacts whether enough profits will be made to continue the business. The
place needs to be clean and neat, with sufficient parking spots. Lighting and
decent ventilation needs to be evident as well as appropriate security.
Promotion: refers to all the methods implemented in order for the demand of
a product to increase or remain at the same point of interest. The focal
objective of promotion is to convince customers to buy the products or take
part in the services that the business has to offer. Promotion is the voice of a
company which makes the brand’s message loud and clear to the consumers.
There are a lot of media platforms that can be used when promoting a
company, for example television, radio, billboards, magazines, social media
and streaming services like spotify.
Product: the product/service involves the blending of utilities that will fulfil
consumer needs and what the company has to offer towards their customers.
Consumer products are either durable or non durable. The durable goods like
furniture or clothing can be used over long periods of time, compared to
nondurable goods such as candy and food that have a shorter lifespan. These
items need to be separated into convenience (groceries- products that people
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