Price, Product, Promotion, and Place

1181 Words5 Pages
The Four P’s of Marketing The four P’s of marketing are product, price, place and promotion. Product is a good or a service that is intended for the consumers based upon their wants or needs. Price is the set price on the product. The price will depend on the targeted consumer, the economy, and the location. Place is merely the location in which the company decides to distribute the product. Promotion is the way the company decides to advertise their product to the public. (Griffin, & Ebert, 2003). Playstation 3 I just recently bought Sony’s Playstation 3. I must say, it is the best $300 ever spent. Not only can I play my video games, but I can also watch both DVDs and BlueRay movies. I also have the ability to play my…show more content…
Unlike the Xbox 360, Playstation included the new features, like Wi-Fi, and the BluRay player into the system price (Peckham, 2009). The gradual drop in price is also known as a pricing strategy called skimming pricing. Another variable in the strategy of pricing is the targeted consumer for the product. The PS3 was originally priced at $500, however their targeted consumers; previous users of the PS1 & 2, could not afford the $500 (Sampei, Chang, Watanabe, Kim, Yoshigoe, & Joon). Sony then had to rethink their pricing strategy to include all consumers. Promotion Promotion or advertising is one of the most important parts of marketing a product. Sony has used man methods of advertising the Playstation 3. Some of these methods they have used are television commercials, newspaper articles, magazine articles, billboards, radio, mailers and advertisements through collector’s cups and other knickknacks. Sony’s slogan for the PS3 is “It Only Does Everything,” (Dille, 2010). The slogans along with the advertisements have grabbed the consumers’ attentions. Place Place is where the corporation or business decides to distribute their product. Sony has decided to distribute the PS3 through major retail stores, such as Wal-Mart, K-Mart, Radio Shack, Circuit City, Best Buy, Sears and many more. Sony has chosen these specific places for two reasons; one, because it’s where the
Open Document