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What are the 4 P's of marketing?
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The four P’s in marketing, also known as the marketing mix, are:
1. Product: Refers to the goods or services offered by a company to meet the needs and desires of its customers. This includes aspects such as design, features, quality, branding, packaging, and more.
2. Price: Represents the amount of money customers are willing to pay for a product or service. Pricing strategies involve determining the right pricing structure that aligns with market demand, competition, and perceived value.
3. Place: Refers to the distribution channels and methods used to make the product or service available to customers. It involves decisions related to logistics, warehousing, transportation, and the selection of retail outlets or online platforms.
4. Promotion: Encompasses the activities that communicate the merits of the product or service and persuade target customers to buy it. Promotion strategies include advertising, sales promotions, public relations, direct marketing, and personal selling.