Marketing and the 4p's

What is marketing?

The process of acquiring, satisfying and retaining customers by identifying their needs and wants and encouraging them to buy a business’s goods or services.

What are three benefits of good marketing?

Increased sales, stronger brand recognition and improved competitiveness.

What are the 4 Ps of marketing?

Product, Price, Place and Promotion.

What does Product mean in the 4 Ps?

The good or service offered to customers and its features, such as quality, design and packaging.

What makes a good product?

It solves a problem, meets customer needs, is reliable and is attractive.

What does Price mean in the 4 Ps?

The amount customers pay for a product.

What decisions do businesses make about price?

Whether the product should be cheap, average or premium and whether discounts or sales should be offered.

Why can setting a very low price be a problem?

Customers may associate a low price with lower quality.

What does Place mean in the 4 Ps?

How and where customers can buy the product.

What decisions are involved in Place?

Whether products are sold in shops, online, through delivery apps, locally or internationally.

What does Promotion mean in the 4 Ps?

How a business communicates with customers and encourages them to buy its products.

What are examples of promotion?

Advertising, social media, influencers, sponsorships, public relations and promotional sales.