Definition of the four P’s of Marketing and what they mean. An example of a company using all four P’s is included. References included.
Taken from the ABC’s of Marketing:
“Products” are the things that you sell to people. You might also have a service that they’ll pay for as your product. Products can range all of the way from goods people need every day to live, like milk, tuna or vegetables or they can be very high end dream products, like a private jet. Having the right product for your target market (that’s the people or businesses you want to sell to) requires knowing what they need and want.
“Place” refers to how you get your product to your customer. Your product might be something that you produce or it could be something you never see or touch. That’s quite possible if you have customers order through you and you arrange to have it directly drop shipped to them from the maker or a fulfillment center. There are a lot of ways to get your product to your customer, so it’s important to know if it’s something they want to see and touch before they buy it. If so, you’ll probably want to order and stock it and sell it directly from your business. If it’s something they don’t need to see before buying it, you need to make sure that it’s delivered promptly to them and is what they expected when they bought it.
“Price” is pretty self-explanatory but it’s very important to your success. Price something too high and you may never sell a single item of it. Price it too low and you can lose money on every sale …
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