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The 4 Ps of Marketing, also known as Marketing Mix or Marketing Compound, are the 4 basic elements that make up any marketing strategy to reach an audience: Price, Place, Product and Promotion.
<u>Price</u>
It refers to how much and how the customer will be charged. In this regard, the product can be cheap or luxury. It can be charged only once or monthly. Among many other strategies such as psychological price, pay as you want, auctions, etc.
Usually the price is attributed to a company's financial strategy, but this is not the case. Of course, the sale of the product must be profitable, but it is the cost side of the company that needs to follow the price set by marketing, not the other way around.
<u>Place</u>
The square refers to the points of contact of the target audience with the product or service. The main one is the place where the sale will be made. In this case, it can be online or in physical stores. In many cases, it is interesting to think about using complementary services / products. For example, selling sports equipment in clubs or gyms.
The square also refers to media channels where the product will be displayed. The planning of this component of the marketing mix will be completely linked to the target audience.
<u>Product</u>
Within the concept of the marketing mix, the definition of product refers to intangible aspects much more than to technicians. There are some brand attributes that can be passed on when using a product or service.
An important practice in product definition is to try to understand which attributes valued by the public are ignored by the competition. Without leaving aside the positioning chosen by the company.
<u>Promotion</u>
The promotion refers to the entire scope of the dissemination strategies used by the company. Not only the channels, but the communication that will be passed on to the target audience. The personality of the brand and the language to be used are also very important points in the marketing plan.
