The 4 P’s of Marketing
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Transcript of The 4 P’s of Marketing
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