What Does The 4P’s Mean In Marketing?

Please explain what 4P’s in marketing are.

Share

1 Answer

  1. 4P’s in marketing stand for Product, Price, Place and Promotion. A marketing mix is executed with the help of 4P’s explained below:
    1. Product: A product can be a tangible good or an intangible service. It is what you offer to the consumer. It is made to meet demands of a particular customer segment. For example: A book is a product or a haircut service.
    2. Price: It is the amount that we expect consumer to pay for the product purchased or the service availed. Price plays a vital part in the accessibility of your product. If the product is priced higher than the customers perceived value, the product will not make the expected sale. Similarly if the product is priced lower than consumer’s perceived value, the consumer may consider the product to be inferior in quality.
    3. Promotion: All the communication related to your product or service come under promotion. Promotion can be in the form of advertisements, sales promotions, public relations, etc. Promotion is very important for brand awareness. It increases product visibility to the end users.
    4. Place: Place relates to the accessibility of product. Where and how you want to make your product available. Like online only or through local stores and stores in malls or only in malls etc.

    • 0