Course: SLF 130 Marketing Practices for the Small Business

Unit 2 Reading

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- Unit 2
- Table of Contents (Selected)
- Unit 2 Glossary (Selected)

The 4Ps of Marketing Page_1

Reading adapted from Marketing: Boundless Marketing Open Textbook, Creative Commons Attribution-ShareAlike 3.0 Unported License
www.boundless.com/marketing, CC BY-SA 2.0

1. Product
2. Place (Placement)
3. Promotion
4. Price
The 4Ps of Marketing: The Marketing Mix
Product, Place (Placement), Promotion & Price are the four elements of the marketing mix crucial to determining a brand's unique VALUE PROPOSITION.

The term "product" is defined as anything, either tangible or intangible (such as a service), offered by the firm. A product offers a solution to the needs and wants of the consumer. Those needs and wants can be very different.  For example, organic foods offer healthier (than mainstream) choices; an expensive T-shirt emblazoned with a well-known logo fulfills a status/identify need that goes beyond simply providing a garment to wear out in public.

Place/Placement, or product distribution, is the process of making a product or service accessible for use or consumption by a consumer or business user, using direct means, or using indirect means with intermediaries.

Promotion encompasses all of the ways that marketers inform their customers and potential customers about their products. The three basic objectives of promotion are to
1.present information to consumers and others,
2.to increase demand, and
3.to differentiate a branded product or service - through advertising, public relations, personal selling, direct marketing, and sales promotion.

Price is the amount a customer pays for the product. A well-chosen price should (a) ensure survival (b) increase profit (c) generate sales (d) gain market share, and (e) establish an app
From the marketer's point of view, an efficient price is a price that is very close to the maximum that customers are prepared to pay.
…one way to sell a consumer something in the future is simply to get his or her permission in advance.

~Seth Godin
Best-Selling Author