June 19th, 2008
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One of the most important marketing concepts is the marketing mix which comprises product, price, promotion and place and is popularly known as the 4Ps.
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4 P’s
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Marketing Mix
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Product
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The product management and product marketing aspects of marketing deal with the specifications of the actual goods or services and how it relates to the end-user’s needs and wants.
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Pricing
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The process of setting a price for a product including discount
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Promotion
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Refers to the various methods of promoting the product/service, brand or company which includes advertising, sales promotion, publicity and personal selling.
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Placement
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The locations for distribution, which explains how the products get to the customer
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