4p's
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Product refers to tangible objects or intangible services that are mass produced on a large scale, such as cars, razors, operating systems, tourism, and hotel services. Price is determined by factors like market share, competition, costs, identity, and perceived customer value. Place represents the locations where products can be purchased, including physical and online stores. Promotion includes advertising, public relations, word of mouth, and point of sale communications used by marketers to promote products and includes paid communications like ads as well as unpaid methods like press releases and events.
4p's
- 1. Product - A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are often service based like the tourism industry & the hotel industry or codes-based products like cellphone load and credits. Typical examples of a mass produced tangible object are the motor car and the disposable razor . A less obvious but ubiquitous mass produced service is a computer operating system .
- 2. Price – The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the product. The business may increase or decrease the price of product if other stores have the same product.
- 3. Place – Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.
- 4. Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements - advertising , public relations , word of mouth and point of sale . A certain amount of crossover occurs when promotion uses the four principal elements together, which is common in film promotion. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet adverts through print media and billboards. Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and Public Relations (see Product above).