The 4 P’s of Marketing

1) PRODUCT (or service)  Essentially entails what you are selling and the benefits derived from it

2) PRICING  What your product or service costs the customer  Every product or service is perceived as having some value, not necessarily how much it cost you to make it but how much it is worth to the customer  i.e. grocery stores and convenience stores sell many of the same products; the convenience store is more expensive, not necessarily because they pay more for their products (though this is often the case), but because their products are perceived as more valuable because they are more convenient to purchase

3) PLACE  Includes where you are located, how you receive your products and how you get your product or service to the consumer

4) PROMOTION  Includes how you advertise and sell your products  Essentially, it involves how you inform customers of your product or service, how you persuade them to purchase it and how you remind them to continue purchasing from you

ADVERTISING  It’s a means of communicating with customers  It’s a promotional technique  There are many types of advertising from which to choose  An advertiser must decide which one would be the most effective, what would be the best time to advertise, and how much he/she should spend on advertising