The Four Ps of the Marketing Mix

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THE FOUR Ps OF THE MARKETING MIX The Four Ps of Marketing and How They Affect Products I Buy By Dona Modisette Student, Everest Online Sept 15, 2012 THE FOUR Ps OF THE MARKETING MIX The Four Ps of the Marketing Mix and How They Affect Products I Buy The Four Ps of the Marketing Mix are 1) Product; 2) Price; 3) Place; and 4) Promotion. We will define the process of marketing using the Four Ps. We will examine how this affects the things I buy. And we will examine how environmental factors influence the marketing of a product. (William G. Nickels, 2013) 1). Product. The product is the service or item that will be marketed 2. Price. The price is the cost of the product. 3. Place. The place is where you will sell the item or service. 4. Promotion. Promotion is what you can do to make people want to buy your product over someone else’s similar product. These elements are important to marketers because they determine your opportunity for success. For example, the product has to be something that someone else wants or needs. If there are too many kinds of the same product on the market, you may not be able to make a large enough profit to justify the cost of production. You may try to sell a product at too high a price to find buyers or too low a price to make a profit. You may not have the right location to sell what you want sold. A school zone is not the place to put an adult book store. The ability to promote the item has to be carefully thought out. Some people are willing to offer something at or below cost or just over cost to introduce the public to the item. Sales are often used for special occasions such as holidays or anniversaries or just monthly specials. THE FOUR Ps OF THE MARKETING MIX I think all elements of the Four Ps are important. In this economy, pricing is probably leading the way with a slight edge on the

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