Product, price, place, and promotion, and how they combine into a marketing mix, from an intro marketing course.
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- What are the Four Ps of the marketing mix?
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Product, Price, Place, Promotion- Define the marketing mix
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The combination of product, price, place, and promotion decisions that a company uses to attract customers- Which P refers to what you are selling?
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Product- Which P refers to how much customers pay?
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Price- Which P refers to where customers buy?
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Place- Which P refers to how you communicate with customers?
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Promotion- Define product in the marketing mix
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Any physical good, service, or idea that a business offers to customers- What is product quality?
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How well a product meets customer expectations and performs its intended function- What is product design?
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The process of creating how a product looks, feels, and functions- What is product packaging?
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The materials and design used to contain and present a product- Define branding
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Creating a name, symbol, or design that identifies a company's product and sets it apart- What is a product line?
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A group of related products offered by the same company- What is pricing strategy?
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The approach a company uses to set prices for its products- Define cost-plus pricing
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Setting a price by adding a desired profit margin to the product's cost- Define competitive pricing
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Setting prices based on what competitors charge for similar products
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