Marketing
Exploring the Marketing Mix
The 4Ps: Product, Price, Place, and Promotion
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The 4Ps: Product, Price, Place, and Promotion
The Marketing Mix: The 4Ps
Introduction
- Understand that the Marketing Mix is a critical business tool.
- Recognise the 4Ps: Product, Price, Place, and Promotion, as the key components of the Marketing Mix.
- Appreciate that the Marketing Mix is used to satisfy target customers and achieve business goals.
1. Product
- Define product as anything a business offers to satisfy consumer needs or wants.
- Recognise the product life cycle: introduction, growth, maturity, and decline.
- Understand that a product’s features, benefits, and branding can help distinguish it from competitors.
- Know the importance of the product's quality and design in customer satisfaction and loyalty.
- Differentiate between tangible goods and intangible services.
2. Price
- Define price as the amount of money a customer pays for a product or service.
- Understand the role of pricing strategies such as cost-based pricing, competitive pricing, and value-based pricing.
- Appreciate the balance between pricing for profit and pricing to achieve sales and market share.
- Acknowledge that price can reflect a product's perceived value and positioning in the market.
- Recognise that pricing decisions can be influenced by factors like cost, competition, and customer demand.
3. Place
- Define place as the location where a product or service is offered.
- Understand distribution channels such as direct selling, retailing, and wholesaling.
- Learn about choosing the right distribution methods to reach target customers effectively.
- Realise the influence of e-commerce and digitisation on distribution.
- Appreciate the importance of distribution in product availability and convenience for customers.
4. Promotion
- Define promotion as activities aimed at communicating with customers to encourage purchases.
- Understand the components of the promotional mix, which include advertising, public relations, sales promotion, and personal selling.
- Recognise that effective promotional strategies can increase product awareness, interest, and sales.
- Appreciate the impact of digital marketing and social media on promotional activities.
- Acknowledge the role of a well-developed promotional strategy in building a strong brand image.
