The 4Ps of Marketing mix

The 4ps:

-         Product

-         Price

-         Place

-         Promotion

Product

-         Product includes the good and service as well as the name, packaging, labelling and any guarantees that come with it.

o       A business have to develop products that consumers want and will pay for it.

-         Product includes:

o       Brand name: name that identifies the goods and services of a business

§       Logo: visual element of a brand

§       Trademarks: brand that are registered, so none else can use them.

o       Packaging: the container or wrapper for a product. It includes the design and information printer on the container.

§       Containers must also attracts attention of costumers.

§       Package often contains a slogan, list of special features or provides info about the product.

o       Labelling: part of packaging that provides the consumer with info such as ingredients.

§       Labels vary from country to country and appear in many languages.

Price

-         The price of a product will be determinate by the demand for it.

-         Price will play a role in how important the product is.

-         Strategies:

o       Must take into account the price that competitors are asking for and how much consumers are willing to pay.

o       Some business price their products low to sell more.

o       Others price high for a larger profit margin.

Place

-         A business is responsible for consumers can get the product easily.

-         Manufacturers must select the appropriate channel of distribution.

-         Channel of distribution: path a product takes from manufacturer to final consumer.

o       Manufacturer: makes a profit

o       Wholesaler: buys goods and sells them to other business for resale

o       Retailer: sells goods and services directly to consumers

Manufacturer – Consumers	It is used by craftspeople and small farmers. Many manufacturers are also selling on the internet
Manufacturer – Independent salesperson distribution – Consumers	It is used for door-to-door distribution.
Manufacturer – Retailer – Consumers	It is used for cars, furniture and clothing.
Manufacturer – Wholesaler – Retailer – Consumers	It is the most common channel for consumers goods such as groceries, drugs and cosmetics

Promotion

-         Promotion informs consumers about a product or service and encouraged them to buy.

-         It involves different types of promotion:

o       Personal selling, sales promotion, publicity, public relations and advertising.