The 4 Ps of Marketing

What is the primary goal of marketing?

• To create products
• To maximize production
• To satisfy customer needs profitably
• To increase employee satisfaction

The 4 Ps of marketing include Product, Price, Place, and:

• People
• Promotion
• Planning
• Performance

What is a target market?

• A list of all potential customers
• A group of consumers a business aims its products at
• All people in a geographic region
• The competitors of a business

What is the main benefit of identifying a target market?

• It guarantees increased sales
• It helps reduce competition
• It enables efficient marketing and resource use
• It eliminates the need for advertising

What is the main purpose of advertising?

• To change product design
• To increase supply
• To inform, persuade, and remind customers
• To determine pricing strategy

A good or service that satisfies what a consumer demands.

• Product
• Price
• promotion
• Place

Where the product is provided to the consumer.

• Product
• Price
• promotion
• Place

The amount the consumer is going to pay for the product.

• Product
• Price
• promotion
• Place

The methods used to communicate to the consumer about the product.

• Product
• Price
• promotion
• Place

Cost associated with the product that change depending on volume of sales.

• fixed cost
• variable cost
• mark-up
• discount