Marketing Mix (The 4 P's)

by kharringtongonzalez
Last updated 7 years ago

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Marketing Mix (The 4 P's)

The 4 P's of Marketing

PlaceMarketers have to figure out where to sell a product in order to get it to the right customers and make a profit.

ProductMarketing is used to find out if there is a demand for a product.

PriceMarketers must determine, (1) how much customers are willing to pay, (2) the price of competitors products, and (3) if the company can make a profit off the price in order to determine a price.

PromotionPromotion is making the potential customers aware of your product.

The amount of money a company needs to make in order to pay for its costs is called the Break even point

The most familiar is advertising.

The placement within a store is also important

Discounts can be offered such as coupons, rebates, and special sales

How to package a product is also important.Packaging includes design, color, size, and brand name of the product

Once the need for a product is determined, then marketing becomes concerned with how to present a product to the customer to make it appealing

As you check out items at the grocery store, certain items are by the register so people will pick them up while checkin out.This is a placement decision.



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