Vocabulary【The 4Ps of Marketing】
The marketing mix is a model that helps a company make marketing decisions.
It can be used to influence consumers to purchase a company's products.
It consists of four factors: Product, Price, Promotion, and Place.
product
Products are goods or services that satisfy consumer needs or desires.
A company should regularly update its products to meet changing customer demands.
Understanding the product life cycle can help companies prepare for and adapt to these changes.
price
Price impacts supply, demand, marketing strategies and profit margins.
Consumer demand is one factor to consider before companies decide the price of a product.
For example, customers shop more around certain holidays, like Christmas.
So by reducing their prices during the Christmas season, companies can boost short-term sales.
profit margin: 利润率
promotion
Promotion allows a company to build brand awareness and interest in its products.
A business can promote itself through advertising, marketing, and public relations.
When promoting a product, a company should give consumers a clear reason for why they should buy it.
place
Place relates to the channels that a company uses to sell its products.
These channels may include stores, websites, and mobile apps.
In a placement strategy, a company identifies the best channels to distribute its products.
placement: 放置，安置
Question
- How could stores increase short-term sales during a busy period?
> reduce the price of its goods - Companies should adapt their products to keep up with the constant changes in the market.
- In some cases, business executives may manipulate a price to make a product seem more like a luxury.
- When promoting a product, a company should give customers a clear reason for why they should buy it.
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