3 ProductFirst, marketing is used to find out if there is a demand for a product.Then marketing predicts how to make the product appeal to the consumers.Packaging is a major part of marketing. It includes the design, color, size, and brand name of a product
4 PlaceMarketers have to decide how and where customers will buy their goods and services.For example: A company is more likely to sell snowshoes in Maine than in Texas because of the snowy weather in Maine.
5 Place There are three types of distribution Channel distribution- is a pathway to direct products to consumersDirect distribution- occurs when goods or services are sold from the producer directly to the consumerIndirect distribution- involves one or more intermediaries.
6 PriceTo determine the price of a product, marketers consider these three things:How much are customers willing to pay?Is the price competitive with other products?Can the company make a profit?In order for the company to make a profit, they must first reach the ‘break-even point.’ This is the point at which the total revenue, or sales, equal the total costs and expenses.
7 PromotionPromotion involves making the customers aware of the product.The most familiar form of promotion is advertising.
8 People The people is your target market Target market- is the people, or group of people, that you are trying to reach with the other 4 P’sThe people are who you, as a marketer, try to sell your product to.