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The Four Ps of marketing—Product, Price, Place, and Promotion—are essential components for effectively marketing a product or service. Product refers to what the business offers, Price involves setting a competitive price, Place pertains to distribution channels, and Promotion encompasses various marketing communications strategies. This concept was popularized by Neil Borden in the 1950s and remains fundamental in marketing practices today.

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17 views3 pages

Mar 2

The Four Ps of marketing—Product, Price, Place, and Promotion—are essential components for effectively marketing a product or service. Product refers to what the business offers, Price involves setting a competitive price, Place pertains to distribution channels, and Promotion encompasses various marketing communications strategies. This concept was popularized by Neil Borden in the 1950s and remains fundamental in marketing practices today.

Uploaded by

subhanahmad112024
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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A What Are the 4 P's of Marketing?

Product, price, place, and promotion are the Four Ps of marketing. The Four
Ps collectively make up the essential mix a company needs to market a
product or service. Neil Borden popularized the idea of the marketing mix and
the concept of the Four Ps in the 1950s.
Image by Sabrina Jiang © Investopedia 2020

Product

Product refers to an item or items the business plans to offer to customers.


The product should seek to fulfill an absence in the market or fulfill consumer
demand for a greater amount of a product already available. Before they can
prepare an appropriate campaign, marketers need to understand what
product is being sold, how it stands out from its competitors, whether the
product can also be paired with a secondary product or product line, and
whether there are substitute products in the market.

Price

Price refers to how much the company will sell the product for. When
establishing a price, companies must consider the unit cost price, marketing
costs, and distribution expenses. Companies must also consider the price of
competing products in the marketplace and whether their proposed price
point is sufficient to represent a reasonable alternative for consumers.

Place

Place refers to the distribution of the product. Key considerations include


whether the company will sell the product through a physical storefront,
online, or through both distribution channels. When it's sold in a storefront,
what kind of physical product placement does it get? When it's sold online,
what kind of digital product placement does it get?

Promotion

Promotion, the fourth P, is the integrated marketing communications


campaign. Promotion includes a variety of activities such as advertising ,
selling, sales promotions, public relations, direct marketing, sponsorship,
and guerrilla marketing.

Promotions vary depending on what stage of the product life cycle the
product is in. Marketers understand that consumers associate a product’s
price and distribution with its quality, and they take this into account when
devising the overall marketing strategy.

quick history of marketing

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