4P's of Marketing

4P's of Marketing (also known as The Marketing Mix)

• • • Product

    • Price

    • Place

    • Promotion

Understanding Supply and Demand

We will be discussing the foundation of Marketing; the Four P's (Product, Price, Place, Promotion). We will be taking a look at each and how they play an integral part of the marketing mix, marketing plan, business plan, and how we reach our end users. It is the combination of factors that can be controlled by a company to influence consumers to purchase its products or services.

What is marketing? The definition that many marketers learn as they start out in the industry is: putting the right product in the right place, at the right price, at the right time.

It's simple! You just need to create a product that a particular group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy. Then you've got it made!

There's a lot of truth in this idea. However, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that represents value to them, and get it all to come together at the critical time.

But if you get just one element wrong, it can spell disaster. You could be left promoting a car with amazing fuel economy in a country where fuel is very cheap, or publishing a textbook after the start of the new school year, or selling an item at a price that's too high – or too low – to attract the people you're targeting.

The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you to avoid these kinds of mistakes. In this article and in the video, below, we'll discover more about the marketing mix and the 4Ps, and how you can use them to develop a successful marketing strategy.

The marketing mix and the 4Ps of marketing are often used as synonyms for one another. In fact, they are not necessarily the same thing.

Product/Service

PRODUCT can be either a tangible good or an intangible service that fulfills a need or want of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, it’s imperative that you have a clear grasp of exactly what your product is and what makes it unique before you can successfully market it.

PRODUCT - Click on this link to read about the following:

• • Questions to consider

  • Push vs Pull Strategy (Advantages and Disadvantages)

Price

PRICE is the cost people pay for a product. This includes base costs (materials, manufacturing, and shipping) plus expenses (rent, office supplies, healthcare, etc.). While you should always look to the competition, a smart business will tap into what people will actually pay for it. That's the only thing that counts. If you can't rise above your base costs, expenses, and make your target profit, then it is a losing proposition.

PRICE - Click on this link to read about the following:

• • Questions to consider

  • Supply and Demand

  • 8 Strategies of Pricing

Place

PLACE is the “home” where the product resides, and that “home” can live in many different channels, such as a physical store display, a newspaper, radio or TV ad, or a website or blog spotlight. A place is anywhere you can get your product in front of your target customers that compliments your budget, including the price point. If it is not available at the right time in the right place, then even the best product in the world will not be bought in the quantities expected.

PLACE - Click on this link to read about the following:

• • Questions to consider

  • Where to Sell and Promote

  • Push and Pull Strategy in Channel Distribution

  • Placement/Distribution

Promotion

PROMOTION is product exposure and public relations efforts via advertising (through the channels mentioned above) as well as word of mouth, direct mail, email marketing and social media. Promotion is a communication tool that encapsulates the first 3 P’s by putting the right product in the right place, at the right price, at the right time, with the goal of it being irresistible to customers. Packaging is often used to reinforce this image.

PROMOTION - Click on this link to read about the following:

• • Questions to consider

  • 7 Different Promotional types

  • Factors of your Promotional Mix

  • Push vs Pull Marketing

  • Sales are Bad, But Often Necessary

A list of activities you want your students to do for the week's topic. You can choose to make a table that has a column for activity/task, location (i.e. where to submit completed activity), and due date.

A list of assessments (for the activities) and the points for each. You can choose to make a table that has a column for the assessment and another column for the point value. The assessment text in the table can also be hyperlinked to a rubric document.

• • https://www.mindtools.com/pages/article/newSTR_94.htm

  • https://www.angle180.com/insights/4-ps-marketing-mix