Exercise #18

 What are the 4Ps of marketing?

A product is a good or service that a business provides to its clients. A product should, in theory, satisfy an existing consumer demand. Alternatively, a product may be so attractive that buyers believe they need it, resulting in a new demand.

The four Ps are meant to help marketers consider everything about a product or service when they're deciding how to market it for their business. Framing your marketing around the four Ps will help you learn what the competition is doing and what customers want from you.

You can use the four Ps to answer questions about the product, price, place, and promotion of your product or service.

For example, you can ask yourself:

• Product: How does your product meet your customer's needs?
• Price: What is the value of your product?
• Place: Where are customers looking for your product?
• Promotion: How can you differentiate your product from competitors?

Thinking about your marketing in terms of the four Ps will help you strategize how to reach your customers. The four Ps of marketing are also known as the marketing mix.