The 4 P’s of Marketing

1. The 4 P’s of Marketing

2. Product • A tangible object or a service provided to customers. • Market research • Gather information • Record information • Analyze information • Present information Why do market research???

3. Product • Market research • Necessary to determine the customers needs/wants • How to design and promote the product or service to attract the customer • Results of this market research: • The product to make • How to package it • Brand name to use • Appropriate image to portray

4. Market Research Example

5. $ Price $ • Determining what to charge for the product or service. • People can charge whatever people are willing to pay. • It is assumed a profit is to be made. • Price includes: • Cost of production • time, labor, ingredients, packaging, advertising, etc • The state of supply and demand • The amount of profit to be made • The end result is the price of the product or service.

6. Promotion • The actual “marketing” of the product or service, the image portrayed. • It includes: • Advertising the product • Making the customer aware of the product or service • Should be something creative and catchy.

7. Place • The distribution of the product (or service) in the best way possible. • It involves: • Determining the best place to display and sell the product or offer the service • How to set up the actual display • Where to place it in the space provided • Timing of the distribution of the service

8. Rice Krispie Business Example

9. Example of Promotion