What are the 4 Ps of Marketing?
The 4 Ps of marketing also known as the marketing mix concept was first developed in the 60s by Professor Neil Borden who identified certain characteristics involved in marketing. By conducting market research you can find information for the following categories.
Product– What products or services do customers need or what? How does your product fit into their needs or wants? Why would consumers choose your product over the competition?
Price– What are consumers willing to pay for this product or service? How is your price compared to your competitors? Is the price too low, is it too expensive? Will you be offering discounts?
Place– How does your products or services reach your customers? Will you be selling your product or service at a retail store, through the Internet or other. You may discover some consumers prefer to purchase a certain product at a certain place. For example some consumers prefer to purchase party supplies through a catalog rather than through the Internet.
Promotion– How will you promote your product or service? Will it be positioned as a high end product? What different forms of advertising will you use?