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| *Ostroff, Fair and Company>>>Other - Advertising & Marketing |
What are the key elements of the four P's as part of the maketing mix? |
What are the key elements of the four P's as part of the maketing mix? Product: one job of Marketing is to try to figure out what people want to buy and what they are willing to pay for it. If the company puts out products that are not attractive to a significant number of intended buyers, no amount of promotion, low prices or well thought out location will fix the problem. One job of marketing management is to prevent the manufacture and introduction of non-market worthy products. Price: Determine if there is elasticity. What are the price ranges for competitors? for the market leader in a given category? Remember the lowest price is not always the one that sells the most merchandise. Peg your pricing to the expectations of your target demographic. Place: Where are you going to sell your product? Is the placement in a spot or venue where your target demographic (psychographic) is likely to notice it? Where are you on the retailer's shelf? Where are you with respect to media? Promotion: If the job of "product" is to determine what people want to buy and what they are willing to pay for it, Promotion is about letting these people know you have what they want. This has to do with advertising, public relations, introductory offers, and creating a buzz. Best ways now days, if you have a limited budget, is the Internet and yes, you can target specific demographics if you know what you are doing. I'm not sure what exactly you are asking but the four P's of marketing are: Price Promotion Place Product normal case: product, price, place & promotion |
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