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The 4Ps and the marketing mix
The 4Ps are the ideas to consider when marketing a product. They form the basis of the marketing mix. Getting this mix right is critical in order to successfully market a product. The 4Ps are:
1. Product
2. Price
3. Promotion
4. Place
If market research is carried out effectively, a company can plan a promotion for the right product, at the right price, and to get it to their chosen market, in the right place.
Now look at the 4Ps in more detail.
Product
A product can be either a good or a service that is sold either to a commercial customer or an end consumer. A customer buys a product, and a consumer uses it. Sometimes these are one and the same, as an industrial firm can also be a customer and a consumer. For example, British Airways might buy aeroplanes from British Aerospace, so it is a customer. It won't sell on the planes to another buyer, as BA needs the planes to provide its service, so it is also a consumer. Sometimes a wide product range covers both (Mercedes produce lorries for haulage companies, and cars for domestic use).
More commonly, there will be a number of sellers forming a chain of distribution. For example, a gold mine may sell gold to a jewelery manufacturer, who in turn will sell on rings to wholesalers and retailers, before we get to buy them in the high street. Each is a customer, but only the final user is the end consumer. A marketing manager will identify who his/her target market is, what they want, and sell it to them at each stage in the chain.
Price
No matter how good the product is, it is unlikely t ...