Product
What does "product" mean in the 4 Ps?
the item or service a business sells
What does "place" mean in the 4 Ps?
where and how customers can buy the product?
What does "price" mean in marketing?
how much customers pay for a product
Name one way businesses promote their products
social media ads, discounts, or partnerships
What is the goal of marketing?
to attract customers and increase sales
What key factor influences whether a product will succeed in the market?
customer needs
What is an example of a physical store where products are sold?
What is a supermarket or clothing store?
What pricing strategy involves setting a high price to reflect quality or exclusivity?
premium pricing
What is a common way to advertise a product on social media?
through ads or posts on Instagram or TikTok
What are the 4 Ps of marketing?
product, price, place, and promotion
Why is it important for a product to meet customer needs?
to ensure customers find value in buying it
Name one example of a "place" businesses use to sell products
online stores, physical shops, or vending machines
Why do businesses sometimes lower their prices temporarily?
to attract more customers or clear inventory
What is the term for using celebrities or influencers to promote products?
influencer marketing
Why is it important to understand customer needs in marketing?
to create products that meet their expectations
Name one key decision businesses make about their product.
features, design, or packaging
Why is it important to sell products where customers are?
to make it easy and convenient for customers to buy
Why is it important for a business to know how much it costs to produce a product?
to determine a fair price and make a profit
What is an example of a traditional way to promote a product?
What is TV commercials or print ads?
How do the 4 Ps help a business succeed?
by working together to attract customers and generate sales
What is the process of making a product different from its competitors?
differentiation
Why is it important for a product to be easy to find and buy?
What is to make the shopping experience convenient for customers
What is it called when businesses lower the price to attract more customers?
a discount
What type of promotion rewards customers for buying repeatedly?
a loyalty program
What is market research used for in marketing?
to understand customer preferences and competition