The Four Ps of Marketing

Perhaps the most basic and most important concepts in marketing is known as the four Ps:

• Product
• Price
• Place
• Promotion

If you can develop a good product at the right price, position it in a place where buyers are, and promote it well to create desire in the customers' mind, you'll make a lot of sales.

Product includes the actual physical product (or service) and the decisions such as function, appearance, packaging, labeling, and warranty.

Price is an important factor. If your price is high, not enough people will be able to afford it. If your price is too low, you will not make any profit.

Place is essential to building sales. We've all heard the expression: "In the right place, at the right time." You MUST position your marketing message and position your product to sell. Without proper positioning, no one will know you exist.

Promotion decisions include those related to communicating your message, advertising, and public relations.