Summary of the 4 P's in Marketing
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The 4 PÆs in marketingùalso referred to as the marketing mixùare product, price, place, and promotion (ôMKT 421 Week Oneö 2). The first P, product, is the product that is to be sold. In order to market a product, the marketer has to consider all of the productÆs characteristics and how these conform to what the target customer wants. There may not just be one type of target customer for a product, however; in many cases, the customers that would be interested in a product exist in multiple market segments. ôA market segment is a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar wayö (Perrault & McCarthy 26). Likewise, segmenting a market is defined as ôThe process of splitting customers, or potential customers, in a market into different groups, or segments, within which customers share a similar level of interest in the same or comparable set of needs satisfied by a distinct marketing propositionö (ôMarket Segmentationö). öIn many cases, a product can appeal to more than one market segment, or section of the market; in these cases, the product is positioned to appeal to each market segment separately, depending on what that market segment wants in a product. For example, a small portable radio might appeal to a teenage girl who wants to listen to her favorite rock star while sitting in the park, a teenage boy who wants to listen to heavy metal while he jogs, and a corporate business executive w
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Perrault McCarthy, Discount City, Marketing Mixö, Week Oneö, PÆs Marketing, Retrieved November, 421 week, mkt 421 week, mkt 421, 421 week 3, week 3, marketing mix, market segment, , Cited MKT, EJ Jr, Global-Managerial Approach, 421 week 4, 4 2, department store, product product, week 4, week 4 2, target customer, element marketing mix,
Approximate Word count = 1039
Approximate Pages = 4 (250 words per page)
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