Question

Please post your example to the class (roughly 250+ words) and if using a reference, please cite them.

Explain and define Marketing and describe the four P’s of marketing.

Answer 1

Marketing mix is most commonly executed through the 4 P's of marketing. They are Price, Product, Promotion and Place

PRODUCT : A product can be a good or service that fulfills the needs of customers. The purpose served by the product must be understood by the customer

PRICE : Price determination of the product will impact profit margins, supply and demand as well as marketing strategy. Price should not be too low nor too high. Price of a product depends on its demand

Flexibility in price considerations may have impact on promotion and place.

PROMOTION : After the price is fixed, a product needs promotion to make it familiar among customers. Marketing agencies are used for this. Some examples of Promotions are advertising, social media marketing, search engine marketing and many more.

PLACE : A definition of marketing is ' Putting the right product, at the right price, at the right place and at the right time '.

The market where the product is sold is called place. Today the most potential place for marketing is online.