Four P's of marketing

Four P's of marketing

product, price, promotion and place, the key variables of the MARKETING MIX.
  1. 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;
  2. 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;
  3. 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;
  4. 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.
References in periodicals archive ?
In almost every strategy research project we manage, we start with a review of price, the most difficult of the four P's of marketing (price, promotion, product, and place).
Revenue management has historically been separate from marketing in the apartment industry because of its complexity, despite the fact that price is one of the four P's of marketing. The transformation is underway as more and more revenue management and marketing teams are beginning to merge or work more closely with one another.
Asked for "the four P's of marketing" a student at Plumpton College student said: Product, Price, Place, Distribution.
In this forward-thinking guide to marketing in the Live Web age Shiffman founder and principal of the strategic marketing and innovation company Venture Essentials explains why and how CEOs must throw out the "Four P's of Marketing" and replace them with a new paradigm of marketing in which email viral buzz search mechanisms social aspects widgets avatars authenticity and story play major roles.
'Place' is one of the other four P's of marketing. And research by Neil Rackham reveals that companies with more sales channels trump competing firms with less.
So it is essential to pick the market carefully; each market is unique and before entering any new market, the business must run proper market research that will help examining the four P's of marketing: Price, Promotion, Product, and most importantly, Place.
Readers will also learn about the increasing importance of social responsibility, community support, and concern for the natural environment demographic (as psychological factors motivating customer purchases), the complementary roles of different functional areas in the marketing process, the essential Four P's of marketing and more.
Of the four P's of marketing, price is the only one which directly puts money in your pocket.
In this forward-thinking guide to marketing in the Live Web age, Shiffman, founder and principal of the strategic marketing and innovation company Venture Essentials, explains why and how CEOs must throw out the "Four P's of Marketing" and replace them with a new paradigm of marketing in which email, viral buzz, search mechanisms, social aspects, widgets, avatars, authenticity, and story play major roles.
You can't say that anybody would understand the four P's of marketing: Product, Promotion, Place (distribution) and Price.
In the early 1960s, a professor at Notre Dame University, Jerome McCarthy, conceptualized the idea that modem marketing strategy was built around what he called the "Four P's of Marketing." The four P's are product, pricing, promotion and place (distribution).