What are the four P's of marketing?

The four P's of marketing represent the core principles that businesses use to effectively manage their marketing strategies. These are Product, Price, Place, and Promotion.

Product refers to what a company offers to meet consumer needs, including the quality, features, branding, and other attributes. Price involves the strategies and considerations that determine how much consumers will pay for the product, taking into account factors like cost, competition, and targeting. Place deals with how the product is distributed and where customers can buy it, meaning that it encompasses distribution channels, market coverage, and logistics. Finally, Promotion entails the methods used to communicate with potential customers about the product, involving advertising, sales promotions, public relations, and personal selling.

This framework serves as a guide for marketers to ensure that each element effectively aligns to attract and retain customers, making it foundational knowledge in the field of marketing.