The four P’s of Marketing

1. The 4 P’s

2. Product
A product is best described as a good or service that a
company offers to customers. Usually a product fulfills an
existing consumer demand but it may also be so
compelling that consumers believe they need to have it,
creating a new demand.

3. An example of a product
would be an HVAC
specialist services. The
specialist is fulfilling the
customer demand for
heating and air
conditioning services.

4. Price
Price is simply the cost consumers pay for a product. Marketers
must link the price to the product's real and perceived value,
but they also must consider supply costs, seasonal discounts,
and competitors' prices. In some cases, business executives
may raise the price to give the product the appearance of being
a luxury. Alternatively, they may lower the price so more
consumers can try the product.

5. An example of how price is
used in the marketing mix is
when consumers pay more
for a brand name like urban
decay when they could get
the same kind of makeup
product for a lower price.
The consumer is paying the
for perceived value of a
luxury brand.

6. Place
When a company makes decisions regarding place, they are
trying to determine where they should sell a product and how
to deliver the product to the market. The goal of business
executives is always to get their products in front of the
consumers that are the most likely to buy them.

7. Place in the marketing mix means
lots of thing. It can be where the
product is sold, how it is
displayed, how it is placed in
commercials and even products
placed in tv shows and movies
make a big impact on marketing
an example is when Coca-Cola
shows up in movies and shows.

8. Promotion
Promotion is anything that shows customers why they need
a product and why that product is worth it. It includes
advertising, public relations, and promotional strategy.

9. An example of Promotion is
when a luxury perfume
company has an extravagant
commercial typically featuring
a model or Famous person to
show off their product and
show how high end it is.

10. Target Market
A target market is a specific group of people with shared
characteristics that a business markets its products or
services to. Companies use target markets to thoroughly
understand their potential customers and craft marketing
strategies that help them meet their business and
marketing objectives.

11. An example of a target market
would be teens and young
adults shopping exclusively at
places like Hollister for their
clothes. Hollister is a fashion
brand made popular among a
certain group (preppy) of
younger people.

12. Works Cited
https://www.investopedia.com/terms/f/four-ps.asp