The 4PÆs of marketing are product, price, place, and promotion. These are the variables that produce the particular marketing mix that will be used to reach consumers within the target market. The product consists of the products and services being offered for sale, along with all of their distinguishing features and benefits. Features include such characteristics as size, color, functionality, design, and materials. Benefits are the advantages the product offers to the customer. The marketing mix must be geared to elicit a response from the target market, and it does that most effectively if the 4PÆs operate in unison to convey a consistent message. Price is the amount of money the customer will pay to purchase the product. The amount of money the price is set above and beyond the cost to make the product is the profit. Promotion is creating an awareness of the product in the marketplace through marketing efforts such as advertising, public speeches, conferences, publications, and public relations campaigns. Place is where the products and the customers can ômeet;ö in other words, it is where the customers can find the products to buy them (Marketing Objectives).
Promotions can include five basic types of marketing activities: advertising, consumer promotions, PR, direct marketing, and personal selling. Advertising is ôattempting to influence the buying behavior of your customers or clients by providing a persuasive selling message about your products and/or servicesö (Ward). Advertising can take many forms, from signs to yellow page listings or Internet ads.
Consumer promotions are strategies designed to provide an incentive for the customer to buy a product quickly. A promotion offers some type of discount, sale, coupon, sample, rebate, event, special packaging, or premium gift to make the product more desirable. Generally, a promotion is a limited-time offer that prompts a customer t