The Four P's of Marketing by Raina S Yang

This slideshow will be all about The Four Ps of Marketing, with examples, pictures, and more to go along with it.

1. The 4 P’s of
Marketing
By Raina Yang

2. What are the 4 P’s?
The 4 P’s are an example of a Marketing Mix. The marketing mix is the set of
controllable elements or variables that a firm uses to influence and meet the needs
of its target customers in the most effective and efficient way possible. These
variables are often grouped into four key components, often referred to as the
"Four Ps of Marketing”. The 4 P’s stand for: product, price, place, and
promotion.

3. Why are the 4 P’s important?
The 4 P’s helps firms define your marketing options in terms of price, product,
promotion, and place so that your offering meets a specific customer need or
demand. Additionally the 4 P’s allows you to effectively target your audience,
optimize resource allocation, and enhance overall market competitiveness.

4. Product: Creating Value

The first of the 4P’s is Product. The purpose of the product is to provide value.
This can be providing a variety of offerings include goods, services, and, ideas.
What does the consumer need that isn’t being met by existing offerings?

5. Product offerings
Goods: Goods are items that you can physically touch. Examples are a Hydro
Flask, Rolex Watch, Pepsi-Cola, iPad, etc. Goods are used to fulfill a need. Their
ultimate value comes from what they provide and how it’s being marketed.
Services: Services are intangible consumer benefits that are produced by people or
machines and can’t be separated from the producer. One example is the experience
you get from buying sports ticket! Many offerings include Goods and services!
Ideas: Ideas include thoughts, opinions, and philosophies. When people listen to a
sponsor's presentation and adopt or become supporters of the idea being marketed,
an exchange of value occurs. There can also be products (such as a helmet)
associated with ideas (safety).

6. Price: Capturing Value
The second of the 4 P’s is price. Everything has a price. Price can include money,
time, and/or energy, in exchange for a product. Marketers must determine the
price of the product based on the potential buyers beliefs of the value.

7. Price factors

The price you ultimately pay for a service encompasses various factors. These
can include preferences such as choosing a seat on an airplane, such as opting for
a middle seat or paying more for additional legroom. The pricing can also be
influenced by decisions that the firm makes.

8. Place: Delivering the Value Proposition
The third P is place. Place represents all the activities necessary to get the product
to the right customer when the customer wants it. This could be like Starbucks
expanding storefronts and having creative locations (like kiosks at baggage
claims, small booths in grocery stores, etc).

9. Place: Supply change management


Place also deals with retailing and marketing channel management (also known
as supply chain management.
Supply change management- Refers to the set of approaches and techniques that
firms employ to efficiently and effectively integrate their suppliers,
manufacturers, warehouses, stores, and other firms involved in their transactions
into a seamless value chain in which merchandise is produced and distributed in
the right quantities, to the right locations, and the right tie, while minimizing
system wide costs and satisfying the service level required by the customers.
Without a strong and efficient marketing channel system, merchandise isn’t
available when customers need it.

10. Promotion: Communicating the Value Proposition
The fourth P is promotion. Promotion is communicated by a marketer that
informs, persuades, and reminds potential buyers about a product or service to
influence their opinions and create a response.

11. Promotion Examples

Promotion generally enhances a products or services value. An example is Oatly,
a Swedish company, sought to enter the U.S. market. They made people aware
that oat milk existed and make them choose it over other alternatives. Oatly first
promoted their product by providing it to baristas at coffee shops. Then it
designed a eye catching package that explains why people should drink oat milk