The Traditional Four P�s of Marketing
The marketing industry utilizes the four P�s or what they refer to as �marketing mix� to make marketing plans successful. Marketing is first and foremost customer-centered, and the four P�s should focus on the wants and desires of the consumers in its target market to ensure competitive advantage.
The four P�s are:
1. Product. This refers to actual specifications of the product or service being marketed. Supporting elements such as warranties, guarantees and support are also included in the scope of the product.
2. Pricing. This aspect is all about setting the price of the product, from wholesale and retail pricing to discounts.
3. Promotion. This talks about the various methods of promoting the product or brand (advertising, sales promotion, publicity, and personal selling).
4. Placement. This explains the manner by which the product goes to the customers such as retailing, direct selling or online.