Everything in marketing revolves around four areas of principal concern, namely, product, price, place and promotion. These "four Ps" are known as the marketing mix. The marketing mix is a framework that marketers use to conceive, organise and execute a marketing strategy. Every P must be aligned to satisfy the needs of the target market. If not, products - even companies - can fail.
- Product: What should a firm produce or provide to satisfy consumer needs?
- Place: Where should the offering be available to consumers?
- Price: How much will customers be willing to pay to satisfy those needs?
- Promotion: How should a firm communicate with consumers?
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