Final answer:
The four 'P's to consider when deciding upon a comp set are Product, Price, Promotion, and Place. These elements help understand a company's competitors and strategically plan marketing efforts to effectively compete in the market.
Step-by-step explanation:
When deciding upon a competitive set (comp set), the four 'P's to consider are Product, Price, Promotion, and Place. The comp set is a marketing term used to identify a group of firms, products, brands, or destinations that a company considers its competitors. Here's how each 'P' factors into the decision:
- Product: Look at the similarity of the products or services offered. Consider features, quality, and range.
- Price: Assess the pricing strategy and how your product's price compares with competitors. This includes discount strategies and average price points.
- Promotion: Determine how competitors are marketing their products. This includes advertising, public relations, and sales promotions.
- Place: Understand the distribution channels and locations where competitors are selling their products. This includes both physical locations and online presence.
These factors help businesses understand their market position and strategically plan their marketing efforts. They are essential for making informed decisions when competing in the marketplace.