The 4 P's and 2 C's are very important ideas in marketing. They help businesses make good plans and understand their market better.
The 4 P's
-
Product: This means what a company sells to customers. It can be something you can touch, like a phone, or something you cannot touch, like a service. It includes things like quality, features, the brand name, and support after buying.
-
Price: This is how much money people must pay to buy a product. The price can change how many people want to buy it and how much money the company makes. Companies think about discounts, payment plans, and how much value the product has when setting a price.
-
Place: This is about how and where the product is sold to customers. It could be in a physical store or on the internet. It also includes how the product gets to the customers, like through delivery and transportation.
-
Promotion: These are the activities that tell people about the product and encourage them to buy it. This includes advertising, special sales, public relations, and personal selling.
These concepts help companies make smart marketing decisions!