The 4P's:
Product: The Product is about launching the right kind of product with appropriate number of variants is one of the critical decisions for marketing managers.
Price: The price of a product determines the offering which the customers are willing to give to buy that product. The price can neither be too low that the seller incurs losses, nor be too high that the consumers cannot afford the product. The price of a product or a service depends on its demand, which is determined by demand elasticity. A product is said to be elastic if raising its price reduces the demand considerably and the product/service is inelastic if its demand is not affected even after raising the price.
Place: The market where the product is sold is known as place. The markets should be convenient for the consumers to access. Distribution network for a product determines its availability in shops/outlets.
Promotion: The method of communication by which the marketer provides information about the product is known as promotion. It included advertisements, personal selling, word of mouth publicity etc.
The picture below shows Lilley, Elizabeth and I discussing and creating the 4P's example.
This picture below is an example of what a up coming cupcake business would have to considering when covering the 4P's for their business to succeed.
From all the research I have collected about the 4P's I think this youtube video was the best most explained version to help you really understand how important the 4p's are and what they do.
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