The 4 P's of Marketing

Question 1

1. Product/Service

Answer 1

The item or service being sold must satisfy a consumer’s need or desire.

Question 2

2. Price.

Answer 2

An item that should be sold at the right price for consumer expectations, neither too low nor too high.

Question 3

3. Promotion

Answer 3

The public needs to be informed about the product and its features to understand how it fills their needs or desires.

Question 4

4. Place

Answer 4

The location where the product can be purchased is important for optimizing sales.

Question 5

Who figured out the 4 P’s?

Answer 5

The four Ps were popularized by Neil Borden, an advertising professor at Harvard University, in the 1950s, as part of the overall marketing mix.

Question 6

Why are the 4 P’s so important?

Answer 6

It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.