Marketing

Marketing is the act of promoting a product or service. This includes all the actions a company undertakes to draw in consumers and maintain a relationship with them. Networking with past or potential clients can be as simple as a thank-you letter, a videoconference, a product seminar, or a luncheon.

Product, price, place, and promotion are the four Ps of marketing. These four elements make up the essential mix that is needed for successful promotion of a product or service.

Product

Product refers to the item(s) that a company wishes to market. The product should seek to fulfill a demand for itself in the marketplace. By contrast, the product may create a new demand if it is compelling enough.

Price

Price refers to the cost of the product. The price is part real and part perceived. The perception of the product leads to a perceived price that consumers willingly pay. We base the actual price upon manufacturing costs, shipping costs, research costs, and other tangible things.

Place

When considering placement, the distribution of the product comes to mind. This means where and when a product is to be sold. You can sell through a physical storefront, online, or through both. The placement of a product is determined by several factors, including what you are selling, who you are marketing to, and accessibility to the product.

Promotion

Promotion of a product includes advertising, selling, sales promotions, public relations, and sponsorship. The entire goal of promotion is to reveal why a consumer needs the product and why they should pay what we value it at. We directly tie promotion to placement to reach our target market. Think impulse buy items being located near the checkout line (candy, lighters, magazines, etc).