Unit 2 Enterprise


Product The


4 Ps What it means


The product or service must be designed to give the target customers what they want in the most


appealing way possible. Price


The product or service must be priced at a level that customers are willing to pay and that allows the business to make a profit.


How Lucy applied it


Lucy designed her service with a number of distinctive features: balloon twisting, giant bubble making, face painting, funny clothes, make-up and a constant supply of jokes and silly stories. Her business name, Lucy’s Pop-Up Parties, is also designed to be distinctive and to sound like fun.


Based on her market research, Lucy decided to charge €20 per hour per party. However, she didn’t put the price on her advertising leaflets. This was deliberate so that she could negotiate her price depending on the customer and how big the party might be. She was also aware that she was new and not very experienced, so people are taking a risk with her. This encouraged her to start with a low price. If her business is a success and demand grows, she plans to increase her prices.


Place


The product or service must be available for sale in an appropriate place and at a time that suits the customers.


Promotion


The product or service must be promoted through advertising and other promotions so that customers know it exists and how to buy it. When promoting a product or service, it is important for the staff in the business to be likeable and seen as positive and trustworthy by customers. If not, then customers will be put off and it will be very hard for the other Ps to work. People are therefore sometimes referred to as the fifth ‘P’ of marketing.


214


Lucy is only providing her service in her local town. It is only a part-time enterprise and she doesn’t have time to travel far.


She is also the only person offering this service in her local town, which will be an important USP for her.


Lucy needed to let people know that she was available for hire as a children’s party entertainer. She designed and printed eye-catching leaflets. She printed these in full colour on quality paper to attract attention. She clearly stated her business name, contact telephone number and email address. Lucy distributed these leaflets to neighbours and friends of the family. She also put them up in local shops and in the library. After every party performance she distributes leaflets to all the parents attending to let them know how to book her for their own child’s party. Lucy also listened to her father’s advice. He said that in business the best form of advertising is word-of-mouth from satisfied customers. If she does a good job she will be recommended by parents to other parents. Lucy is therefore determined to do her best and make a good impression on all her customers. Lucy always arrives in plenty of time for a booking and is polite to all her customers, even if sometimes they are a bit disorganised or the children are rude or out of control.


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