Transcript 4 Ps of Marketing

Marketing
What is marketing?
 Marketing is what you do to take your product or
service to the public.
 A market is the group of actual or potential customers
for your product or service.

More accurately, a market is that group of people who
have enough similarities among them that they tend to
purchase the same items or services.
 The Most Important Principle in Marketing:
Satisfying the customer's needs is the only reason for
being in business.
The Basics of Marketing
 Marketing is more than just advertising and selling.
 It includes every stage of getting your product or
service to your customers.

selling, quality control, location, pricing, promotion,
advertising, and distribution.
 Good marketing is built around the target customers,
taking into account their age, gender, economic
condition, location, etc.
4 Ps of Marketing
 Marketing is basically made up of four elements, or
the four P's of marketing:
Product / service = a good or service to
satisfy a customers need
 Price = what is exchanged for the product
 Place = a means of getting the product
into the customer’s hand
 Promotion = a means of communication
between the seller and buyer

 Advertising and promotion are the communication
links to the customer.

The price of advertising and promotion needs to be
included in your costs.
 Before you can begin to advertise, you need to know
your customer.
 You find this out by doing some research to discover
the target customer.
 Narrow down your target customer by identifying
him/her according to his/her sex, age, lifestyle,
hobbies, and income.
 It is important for you to know your competition and
to let the public know that you are different from them
 You have to find out about the competition so you can
differentiate yourself from them and establish your
own share of the market.
 The key to success for the entrepreneur is to find a
market niche.

This is a group of customers who use a unique product
or service.