The 4 Ps of Marketing: Product, Price, Place, and Promotion

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Presentation transcript:

The 4 Ps of Marketing: Product, Price, Place, and Promotion

Product There is much to consider when choosing a product to sell: What do people want? What do people need? What services should be included with the sale of a product? How is the product classified ~ good or service?

Price The price is what the customer must give, in exchange, to receive the product. It often is necessary to try different prices. Price changes are necessary to determine the best financial returns, for the entrepreneur company/organization

Place (also known as distribution) It is important to make sure that there is enough of a product, on hand, to sell. Example: If there is a sale, then enough of a product should be available, so that customer demands can be satisfied. What happens if the supply is nonexistent?

Promotion (Customer Awareness) Promotion involves all that goes into making consumers aware of your product and its desirable features, including: Advertising. Personal selling Sales promotion BOGOs Coupons Sampling