Summary of the 4 P's in Marketing

The 4 P's in marketing also referred to as the marketing mix are product, price, place, and promotion ("MKT 421 Week One" 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 product's 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. "A market segment is a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar way" (Perrault & McCarthy 26). Likewise, segmenting a market is defined as "The 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 proposition" ("Market Segmentation").

"In 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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