The 4 P’s Flashcards
What are the 4 P’s also known as?
Sometimes known as the marketing mix.
What are the 4 P’s used for?
They can be used as an innovative strategy to ensure that a new product succeeds.
Name the 4 P’s
Product
Price
Place
Promotion
Why have Product as one of the 4P’s?
It identifies the needs to meet the wants and needs of the target audience/market.
The product must also be favourably with competitor products.
Why have Price as one of the 4 P’s?
Price allows us to estimate how much the product will retail for, but it most also include a profit margin and the production costs.
You are able to find out if the product will generate revenue and increase profit.
Also these are compared with competitors so see where they are in the market.
Why have Place as one of the 4P’s?
Because people need to consider the users access to the product.
The distribution of the product.
Can determine the sales of the product.
Why have promotion as one of the 4 P’s?
Communication strategies come under promotion, meaning that the product must have be best method of advertising that reaches the intended audience.
