The Product

The Price
The Place
The Promotion
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 The engineering organization will be able to meet
the requirements of its clients (or customers)
depending on how it uses the four P’s of
marketing
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The Product
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 Definition

The Product

In the marketing sense, the term “product” includes the tangible (or intangible)
term and its capacity to satisfy a specific need.
The product is the most obvious aspect of marketing for engineers. Designing and
creating new products and services is the core job of an engineer. Although
technology is important, marketing helps engineers to create better products.
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 Example
When a customer buys a car, he is buying the comfortable ride he anticipates to
derive from the car.
This is not to mention the psychological benefits attached to the ownership of a
car.
Marketing helps engineers to create products
The first law of consumer behaviour is that
that meet the needs of customers. Engineering
customers buy stuff for what it means to them,
focuses on the technical aspects of a product
not what it does. Consequently, this law implies
such as a car or a computer. Marketing tries to
that creating new products not only requires
understand how customers extract value from
knowledge of engineering; it also requires
these objects.
engineers to understand psychology.
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 The services provided by the engineer manager will be evaluated by the client on the basis of
whether or not his or her exact needs are met.
When a competitor comes into the picture and sells the same type of service, the pressure to
improve the quality of services sold will be felt. When improvement is not possible, “extras” or
“bonuses” are given to clients.
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The Price
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 Definition
The Price

Price refers to “the money or other considerations exchanged for the purchase or
use of the product, idea or service.”
Some companies use price as a competitive tool or as a means to convince the
customer to buy.
Determining the price of a project is a common task for engineers. Many
engineers spend a lot of time estimating the cost of a future project or controlling
the costs of works in progress. Engineering price estimates use technical
considerations, such as the cost of materials and labour and external services.
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