Four P's of marketing financial definition of Four P's of marketing
Four P's of marketing
Four P's of marketing product, price, promotion and place, the key variables of the MARKETING MIX.
- Product: a good or service offered to consumers which satisfies a want or need. Product management involves decisions about PRODUCT LINES, the PRODUCT MIX, BRANDS and PACKAGING;
- Price: the amount of money which consumers are required to pay for a product or service. Decisions have to be made about the basic price, trade discounts, allowances and special deals, credit terms and carriage terms. Various PRICING METHODS may be employed;
- Promotion: the means of stimulating demand for the firm's products. Promotion decisions involve consideration of the MEDIA to be used for ADVERTISING the firm's products, SALES PROMOTION and other aspects of the PROMOTIONAL MIX;
- Place: the physical DISTRIBUTION of the firm's products into the hands of customers. This involves the selection of appropriate DISTRIBUTION CHANNELS which maximize marketing effectiveness.