The 4Ps of Marketing

The marketing mix is a model that helps a company make marketing decisions.

It can be used to influence consumers to purchase a company's products.

It consists of four factors: Product, Price, Promotion, and Place.

product

Products are goods or services that satisfy consumer needs or desires.

A company should regularly update its products to meet changing customer demands.

Understanding the product life cycle can help companies prepare for and adapt to these changes.

price

Price impacts supply, demand, marketing strategies and profit margins.

Consumer demand is one factor to consider before companies decide the price of a product.

For example, customers shop more around certain holidays, like Christmas.

So by reducing their prices during the Christmas season, companies can boost short-term sales.

promotion

Promotion allows a company to build brand awareness and interest in its products.

A business can promote itself through advertising, marketing, and public relations.

When promoting a product, a company should give consumers a clear reason for why they should buy it.

place

Place relates to the channels that a company uses to sell its products.

These channels may include stores, websites, and mobile apps.

In a placement strategy, a company identifies the best channels to distribute its products.

Questions

Why should companies continually adapt their products to the market?

>to satisfy consumer needs

How could stores encourage short-term sales during a busy period?

> reduce the price of its goods

Companies should adapt their products to keep up with the constant changes in the market.

In some cases, business executives may manipulate a price to make a product seem more like a luxury.

Company need to continually improve their products to satisfy consumer preferences.

A business can promote itself through....

>advertising, marketing, and public relations

What are examples of placement channels?

>stores, websites, and mobile apps

If companies can successfully promote their products, they will have a better chance of standing out in the market. 

The increased use of mobile apps in recent years has led to them becoming popular channels for business.

When promoting a product, a company should give customers a clear reason for why they should buy it.

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What should a company consider before it decides the price of the product?

>customer demand?

In order to satisfy the needs of consumers, company strive to continually improve their products.

What does promotion allow company to do?

>increase demand for their product.

What does a placement strategy help a company decide?

>Where to distribute its products

A successful placement strategy involves giving your target market the easiest access to your products as possible.