ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The four Ps are a “marketing mix” comprised of four key elements-product, price, place, and promotion-used when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience.

Detailed explanation-2: -The marketing mix, also known as the four P’s of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.

Detailed explanation-3: -The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.

Detailed explanation-4: -The 4Ps of product, price, place, and promotion refer to the products your company is offering and how to get them into the hands of the consumer. The 4Cs refer to stakeholders, costs, communication, and distribution channels which are all different aspects of how your company functions.

Detailed explanation-5: -The four Ps of the marketing mix all work together in the development of a marketing strategy; however, in this lesson, we’ll focus specifically on place, also called distribution.