What are the 4 P's of marketing?

The 4 P's of marketing are product, price, place and promotion. These four P's are also referred to as the marketing mix as these four attributes are vital in making the most productive marketing decisions possible. As marketing strategies have evolved, some marketers have added more P's to the equation. Personnel and packaging are just two examples of other P's. The four P's of marketing are to be combined in amounts specific to a particular business and thus there is not one right way to incorporate them all. In general companies must find, through trial and error, the marketing mix that best suits their tactical goals. Below you will find more information about the 4 P's of marketing.

Product

The product is defined as the product or service that is being produced and provided to the consumer. The product has a specific number of units and can either be tangible or intangible. The product is what you want your customers to come and buy from you. Some of these products are mass produced or disposable and are intended to be replaced, while other products are more like experiences, such as a massage. In marketing, products are made to look attractive so that the consumer is persuaded to make a purchase. Without a product that people are willing to buy, there would be no need to market it.

Price

Price is defines as the amount a customer pays for a product. Price is based on many things. Market share, competition, product identity and the customer's perceived value of the product can drive the price up or down. Price is also an integral part of the law of supply and demand. If a product is heavily demanded but in short supply, the price will go up. If the product is undesirable yet supplied in large numbers, the price will decrease. Pricing your product correctly can make or break a business. If marketers perceive interest in a product, that product may be able to be offered at a higher price. High priced items that sell tend to make a lot of profit in the short term, but eventually competitors catch up and sales level out. Conversely selling at a lower price than competing vendors of your product is generally the best price strategy for the long term.

Place

As it is referred to here, place is the location where the product can be purchased. Another term used to describe the chosen place of business is called the distribution channel. Places for vending products can be very diverse. Products are being sold in traditional retail stores, from, home, over the internet, by phone, etc. The problem a marketing team faces in making decisions regarding the place of sale is not difficulty on finding a place to sell a product; it is in finding the right place to sell the product. Marketing managers need to research where their most likely customers will be and where the product needs to be sold in order to be available to those potential customers. You may need to go through middlemen or channels in order to get your product to the ideal market.

Promotion

The promotion of a product is what most marketers are known for. The key element of promotion is that the marketing team is successful in telling the potential customer about the product being offered. Promotion of a product typically has four distinct categories: advertising, public relations, word of mouth and point of sale. These categories carry costs with them costs (except possibly word of mouth promotion). Promotion may also be found subdivided into categories of mass selling, sales promotion, and personal selling.

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Tags: marketing 4 P's product price place promotion business goals customer mix information sell buy