The 4 Ps
This consulting framework examines the key elements present when a company markets its products or services. Factors included in the 4 Ps are:
- Product: Product is the goods or services a company offers to the public to reach an existing or new demand.
- Price: Price is how much customers pay for a company’s products based on perceived value and other factors, such as competitor prices and seasonal discounts.
- Promotion: Promotions are the strategies used to show consumers why they need a company’s products and why they pay a particular price for them.
- Placement: Placement is the location a company sells its products and the methods for delivering them to the market, such as a store display or television advertisement.