Business lecture- 4 P's & analysis acronyms

Lecture notes:

Industry wants independence, self thinking and the ability to analyse. 

As a designer, I have to work along side my client and take their initial idea and make it great.

In basic Marketing there are 4 P's I have to consider;

Price=Overall Costs + Profits made from product.

Product=What it must do + Why customer buys it. 

Promotion=Persuading market, through advertising.

Place=Where is it available + place of consumption.

I have to constantly understand what is happening in the world, economy, client, market, etc. And predict what the situation will be like in 5 or 10 years down the line. 

PEST Analysis

Political

Economic

Social

Technological

I must also understand SWOT Analysis

Strengths

Weaknessnes

Opportunities

Threats

When looking at a business and/or product, we can see the Opportunities and Threats externally, however to know the strengths and weaknesses we have to be in the business.

Buyer Behaviour- Maslow's Hierarchy of Needs

To create a product and to advertise it we have to get a feel of who the buyer is, Maslow's triangle can help us to understand where a person is in their life.