Answered: Explain the four Ps of marketing?

Business

Marketing

Explain the four Ps of marketing?

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter1: Marketing: The Art And Science Of Satisfying Customers

Section1.2: Elements Of Marketing Strategy

Problem 1LO

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Question

Explain the four Ps of marketing?

Expert Solution

Step 1 of 2

The four elements that a marketing mix is made up of are Product, Price, Place and Promotion. These are the key components that are involved in the marketing of the products and services. These are the four factors that a marketer has to consider while they are deciding how to go about marketing their products among the customers.

Formulation of the marketing strategies using these four P's helps the company to know about the activities of their competitors and the expectations of the customer so that they can manufacture those products which satisfy the needs of the customer along with giving a competitive advantage to the company.

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