the marketing mix Flashcards
What are the 4 Ps of marketing?
The 4 Ps are Product, Price, Place, and Promotion—key elements that businesses use to meet customer needs and achieve marketing objectives.
What is meant by Product in the 4 Ps?
Product refers to the goods or services a business offers, including features, design, quality, and how it meets customer needs.
List key considerations for product
- Quality
- features
- branding
- packaging
- product lifecycle
- USP
what is the product life cycle
The stages a product goes through: Introduction, Growth, Maturity, and Decline.
What are the different types of products in the product mix?
- Consumer goods:
- Industrial goods:
- Services
What is Price in the 4 Ps?
The amount customers pay for a product, reflecting its perceived value
What is Place in the 4 Ps?
The distribution channels used to deliver the product to customers
What are common pricing strategies?
- Penetration pricing: low price to enter market
- Price skimming: charging high price and then lowering it over time
- Competitive pricing: prices based on competitors
What are the common distribution channels for a product?
- Direct (online or physical stores)
- indirect (wholesalers, retailers).
What is Promotion in the 4 Ps?
The methods used to communicate with customers and increase awareness and sales of a product.
What are the main methods of promotion?
- Advertising
- sales promotions
- public relations
- direct marketing.
Why is ‘Promotion’ important in the 4Ps
- attracts customers
- differentiates the product
- builds brand loyalty.
