Marketing 4Ps and Definitions
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Uploaded by FierySynergy638
RIT Kosovo
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Summary
This document describes the 4Ps of marketing – product, price, place, and promotion – and defines these concepts. It also explains marketing communications and the different channels used in marketing. The document mentions integrated marketing communications (IMC).
Full Transcript
**4P's: Product** (product designs, categories, product features), **Price** (competitive pricing, discount offers; profit margins), **Place** (distribution channel selection and management, supplier management), **Promotion** (marketing communications activities (advertising, PR, retail marketing,...
**4P's: Product** (product designs, categories, product features), **Price** (competitive pricing, discount offers; profit margins), **Place** (distribution channel selection and management, supplier management), **Promotion** (marketing communications activities (advertising, PR, retail marketing, events)). **Definitions: Marketing** is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. **Marketing** is the process of planning and executing the conception, pricing, distribution, and promotion of ideas, goods, and services to create exchanges that satisfy the perceived needs, wants, and objectives of individuals and organizations. **Advertising** is the structured and composed nonpersonal communication of information, usually paid for and usually persuasive in nature, about products (goods, services, and ideas) by identified sponsors through various media. **Marketing communications** is essentially a component of promotion; Its purpose is to inform, persuade, and remind customers about the products, services, or brand. **Marketing communications channels: ** [advertisements](TV commercials, outdoor/online/print ads, etc.), [events](Coca-Cola campus events), [public relations (PR)](media publicity, press conferences), [retail marketing](retail display, promotion, product display), [customer services], [digital marketing](marketing websites, brand social media), [marketing campaign], [sales promotions], [personal selling] (help in promoting products, building brand awareness and customer relationships). **Integrated marketing communications (IMC):** carefully integrating and coordinating the company\'s communications channels to deliver a clear, consistent, and compelling brand and company message.
