The 4 P's of Marketing.

1. Point of View
Foundations of Marketing
Jayson Wood

2. Why I Joined this Class
Ever since I took a marketing course in highschool I have always been
intrigued about the mass amount of money spent on marketing and why
companies would dish out millions to billions of dollars on just one aspect of
business?
After the numerous marketing courses I have taken I have slowly noticed
more and more the importance of it, how big it really is, and why people are
so apt and excited to be apart of the marketing world. I will discuss more
about what I find more intriguing in the next few slides.

3. The 4 P’s of the Marketing Mix
For my presentation I will be focusing on the marketing mix and the main
aspects of it. When compared to marketing as a whole, this is a good way to
summarize and explain some of the main aspects used by people worldwide.
The 4 P’s are product, price, place, and promotion. If you can capitalize on and
perfect each aspect of the marketing mix than you can have a very successful
business that will continue to grow for decades to come and while society
changes, your marketing mix will have to follow and adapt to the changes.

4. The 4 P’s - Product
Product:
This can be explained as either a good, service, or idea that a company utilizes
to give consumers what they want and hopefully better the world around
them, or make a profit.
Quite possibly one of the most important aspects as without a product a
company would have nothing, and choosing the right product and its parts
can either make or break a company in our ever changing world.

5. The 4 P’s - Product Continued
When determining a product a company needs to ask some very important
question’s and their answers may determine whether this product will be a
success, or a complete failure. Some important question’s could be
● Does this product fulfill a customers wants/needs and if so how many
customers would actually need this in their life?
● Are their other products out there that are better or more sufficient? How
does your’s compete to the current market?
● How should it be named or how should it look? Will this make it stand out
next to the competition?

6. The 4 P’s - Price
Price:
Price is something of value that is exchanged for the product a company or
person is producing or selling. Price can vary greatly, but most often the item
of value exchanged is physical currency.
Consumer’s will only pay a price they find acceptable for the product being
sold, so companies must be wary not to over charge so greatly on products or
else all of the consumers will look elsewhere to fulfill their needs. Having a
perfect balance on the price of the item seems impossible, but listening to
consumer feedback and the current market can help companies reach that
balance to where they can succeed over others.

7. The 4 P’s - Price Continued
Price may be one of the toughest aspect of marketing, but with some
evaluation of the product, how much it cost and how much the market is
willing to pay, you can easily make a sustainable profit.
When dealing with a product that can apply to the majority of people all
around the nation, you will have to delve into each market individually and
adjust for price to where you can make the most profit. Or at least
comparable to what you are making in other areas. Ask yourself if people are
willing to pay this amount for a product or service, if you lower the price, will
the quantity sold outweigh the loss of profit form the single product sold?

8. The 4 P’s - Place
Place:
Place is the way the product will reach the customer. Choosing a place to
distribute your product may be one of the final steps in the marketing mix,
you should think about it early on to make sure that even with a perfect
product and price, people be able to notice, want, and purchase your product
or service.
With the availability of the internet in todays society using an online vendor is
one of the most effective, but there are still many different options such as
small shops, supermarkets, catalogs, door-to-door sales, etc.

9. The 4 P’s - Place Continued
Amazon has slowly but surely been dominating most retail stores nationwide
and even though they have taken over a large part of the online retail market,
small stores and family owned businesses have been able to survive off of it
also even with Covid-19 spreading throughout the country.
Sometimes online sales may be the best option, but allowing your product to
be on shelves at stores in front of people can be a very successful way to
introduce yourself into the market. People like to see firsthand what they are
purchasing before they spend their hard earned money on a product or
service they have never even heard of.

10. The 4 P’s - Promotion
Promotion:
With your item now on the open market, the price is in the best interest of you
and the consumer, and you know where to distribute it from, you will need
the product to grow and be well-known to keep your business afloat. To do
this you will need to promote your marketing messages for the item and
make it a household name(hopefully).
Promoting products has become easier over time with how interconnected
society is, the continuous growth of the internet, television, magazines, etc.
has made thousands of ways to go about promotions, I will list some
examples and ways to do so on the next slide.

11. The 4 P’s - Promotion Continued
Some examples of how you should go about promotion could be:
● Advertising online, through ad’s on large platforms such as Facebook,
Instagram, Twitter, or even Tiktok.
● Utilizing methods that have been around for a long time, such as as
Newspaper’s, magazines, TV commercials, or radio advertisements.
● Promotional events, such as hosting a stand or event with giveaway items,
etc.
● Pushing these promotion’s at the appropriate time, is your product or
service more useful in the summertime or the winter? Timing can mean
everything for if your promotion is successful.

12. The 4 P’s of the Marketing Mix Summary
The marketing mix can be very useful and help you brainstorm idea’s for your
business, but you do not hae to do it in any order. While promoting a product
that is not yet finished may sound idiotic, you can still prepare for what is to
come when the product is completed and the good part about the marketing
mix is it’s flexibility. When changing one part you may need to re-evaluate
other parts to best fit them together, but if you have the will and effort to do
so, you can be very successful in your marketing strategies.