Research about the 4 P's of Marketing. Identify and explain or describe each.

 You can give

specific examples for each.

The marketing mix is another name for the four Ps. The four Ps represent the crucial
factors that must be carefully thought out and put into practice in order to properly advertise a
good or service. Product, Price, Place, and Promotion make up this list.

The marketing mix addresses factors such as:

 Understanding the needs or desires of consumers

 Identifying the cause of the failure of the current product offering
 Finding ways to solve said problems and change public perception of the product/service
 Creating distinguishing characteristics to increase competitive advantage
 Understanding how the product interacts with consumers and vice versa

Product - is any good or service that fulfills the needs or preferences of customers. It may
also be referred to as a group of services that share similar physical traits, such as design,
volume, and brand name. Consumers' perceptions of the worth of a good are influenced by its
kind, which enables firms to set a fair price. It also has an impact on advertising and product
placement.
Businesses might change the packaging, after-sales assistance, warranties, price range, or enter
new markets to meet their objectives. The introduction, growth, maturity, and decline stages of a
product's life cycle are all things that marketers need to be aware of and plan strategies for.

Price – is the cost of a product which directly affects sales volume, and consequently,
business profits. Demand, cost, pricing patterns among competitors, and governmental laws all
play a significant role in pricing. A product's price typically reflects its perceived value rather
than its real value. This implies that costs may increase to promote exclusivity or decrease to
promote access.
Making decisions about the base price, discounts, price adjustments, terms of payment, freight
costs, etc. are thus a part of pricing. Analysis of the necessity or suitability of techniques like
discounting is also essential.

Promotion – is the decisions about advertising, salesforce, direct marketing, public

relations, advertising budgets, etc. The main goal of promotion is to raise awareness of the goods
and services that a business provides. It aids in convincing customers to select a specific product
over competing options on the market. Promotional efforts includes advertising, public relation,
and marketing strategy.

Place - is the term used to describe the location that will be chosen for the provision of
goods for sale. The major objective of managing trade channels is to make sure that the customer
can readily obtain the goods at the proper time and place. The location and cost of wholesale and
retail operations must also be decided.
Distribution choices like outsourcing or commercial transportation fleets are made after doing a
cost-benefit analysis. Minor details like the amount of department store shelf space devoted to
the product are also provided.