marketing
2.
The 4Ps of Marketing – Product, Price, Promotion, and Place
Needs are obviously met by the product itself. Needs, however, can also be met by the other components of what is called the marketing mix. These other components are Price, Promotion, and Place. The Price component of the marketing mix is defined as the original price that a producer sets for its product. This original price may be different from the final price paid by buyers because of promotional offers or because of individual retailers’ pricing strategies. The Promotion component, as discussed above, includes all activities that inform and attract buyers to purchase the product. The last component of the marketing mix is Place. This element encompasses the distribution of the product and determines how the product and the customers are brought together. These four elements of the marketing mix, Product, Promotion, Price, and Place, form the ubiquitous “4Ps” of marketing. With an eye on how the 4Ps may collectively and individually satisfy customer needs, the characteristics of each of the Ps are briefly summarized next. A more detailed discussion is presented in Chapter 4.The Product P can be best described using three concentric circles. At the heart of the three circles is the core product. The Core Product satisfies the fundamental need for which the product is made. The Augmented Product consists of the core product and other features that make the product more functional. The Über Product comprises all the other additional intangible aspects of the product such as the brand promise. To illustrate the concentric notion of Product, consider the example of a general purpose household cleanser. The cleanser is the core product, the addition of a tilted nozzle that allows spraying in hard to reach areas comprises the augmented product. The augmented product and a trusted brand-name that promises killing 99.9% of the bacteria make up the Über product. Another illustration of the concentric
The 4Ps of Marketing – Product, Price, Promotion, and Place
Needs are obviously met by the product itself. Needs, however, can also be met by the other components of what is called the marketing mix. These other components are Price, Promotion, and Place. The Price component of the marketing mix is defined as the original price that a producer sets for its product. This original price may be different from the final price paid by buyers because of promotional offers or because of individual retailers’ pricing strategies. The Promotion component, as discussed above, includes all activities that inform and attract buyers to purchase the product. The last component of the marketing mix is Place. This element encompasses the distribution of the product and determines how the product and the customers are brought together. These four elements of the marketing mix, Product, Promotion, Price, and Place, form the ubiquitous “4Ps” of marketing. With an eye on how the 4Ps may collectively and individually satisfy customer needs, the characteristics of each of the Ps are briefly summarized next. A more detailed discussion is presented in Chapter 4.The Product P can be best described using three concentric circles. At the heart of the three circles is the core product. The Core Product satisfies the fundamental need for which the product is made. The Augmented Product consists of the core product and other features that make the product more functional. The Über Product comprises all the other additional intangible aspects of the product such as the brand promise. To illustrate the concentric notion of Product, consider the example of a general purpose household cleanser. The cleanser is the core product, the addition of a tilted nozzle that allows spraying in hard to reach areas comprises the augmented product. The augmented product and a trusted brand-name that promises killing 99.9% of the bacteria make up the Über product. Another illustration of the concentric