Often referred to as the marketing mix, the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.
To be successful, marketers need to understand the life cycle of a product, and business executives need to have a plan for dealing with products at every stage of their life cycle.
Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices.
A discount can sometimes draw in more customers, but it can also give the impression that the product is less exclusive or less of a luxury compared to when it is was priced higher.
When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market.
Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.
The four Ps of marketing are the key factors that are involved in the marketing of a good or service.
They are the product, price, place, and promotion of a good or service.
Often referred to as the marketing mix, the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.
The concept of the four Ps has been around since the 1950s; as the marketing industry has evolved
How the Four Ps Work
1. Product
Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill an existing consumer demand.
Or a product may be so compelling that consumers believe they need to have it and it creates a new demand.
To be successful, marketers need to understand the life cycle of a product, and business executives need to have a plan for dealing with products at every stage of their life cycle.
2. Price
Price is the cost consumers pay for a product.
Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices.
Marketers also need to determine when and if discounting is appropriate.
A discount can sometimes draw in more customers, but it can also give the impression that the product is less exclusive or less of a luxury compared to when it is was priced higher.
3. Place
When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market.
The goal of business executives is always to get their products in front of the consumers that are the most likely to buy them.
4. Promotion
Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.
Marketers tend to tie promotion and placement elements together so they can reach their core audiences.