What are the four Ps of marketing?

The four Ps of marketing are essential concepts that help businesses develop effective marketing strategies. Product refers to the goods or services a company offers, highlighting its features, advantages, and benefits to meet customer needs. Price addresses the amount consumers are willing to pay for the product, which can influence the perceived value and demand. Place signifies the distribution channels and locations where the product is made available, ensuring that it reaches the targeted market efficiently. Promotion encompasses the various methods used to communicate and market the product, including advertising, public relations, and sales promotions.

This framework is foundational in marketing theory, guiding businesses in comprehensive planning and execution of their marketing strategies to effectively reach and serve their target audiences.