The 4 P’s of Marketing

Product A tangible object or a service provided to customers. Market research Gather information Record information Analyze information Present information Why do market research???

Product Market research –Necessary to determine the customers needs/wants –How to design and promote the product or service to attract the customer Results of this market research:  The product to make  How to package it  Brand name to use  Appropriate image to portray

Market Research Example

$ Price $ Determining what to charge for the product or service. –People can charge whatever people are willing to pay. It is assumed a profit is to be made. Price includes:  Cost of production time, labor, ingredients, packaging, advertising, etc  The state of supply and demand  The amount of profit to be made The end result is the price of the product or service.

Promotion The actual “marketing” of the product or service, the image portrayed. It includes:  Advertising the product  Making the customer aware of the product or service Should be something creative and catchy.

Place The distribution of the product (or service) in the best way possible. It involves:  Determining the best place to display and sell the product or offer the service  How to set up the actual display  Where to place it in the space provided  Timing of the distribution of the service

Rice Krispie Business Example

Example of Promotion