The 4 Ps of marketing are Product, Price, Place, and Promotion.
Think of each of these as variables over which you have complete
control. The idea is to set these variables in such a way that sales
will take place.
You cannot "make" a customer pull out
her credit card, but you can certainly help her in coming to a decision
by setting the "right" price, the retail location, the level and style
of advertising and even product attributes such as color or perceived
quality. You control everything but the customer herself.
These variables are all
interdependent. Taken together, they constitute a certain mix. This is
often referred to as the marketing mix. In defining this mix it is also
necessary to take into account your competitor's mix as well as your
overall corporate goals and objectives.
The idea is to arrive at a mix that
will clearly differentiate your products from those of your competitors
while considering your corporate goals. For example, your company may
wish to offer a high-end luxury product when your competitors are
addressing the mass market and this is consistent with your company's
goal of owning the market for top-of-the-range premium quality products
in the category.
