Marketing · StudentHub Lesson
The marketing mix (4 Ps)
Product, price, place and promotion — the levers of marketing.
16 minBeginner
01
What you will learn
- Name the 4 Ps
- Explain each element
- Choose a pricing strategy
- Select promotion methods
- Apply the mix to a real product
02
Watch the lesson
We haven’t confirmed a lesson video that matches this topic closely enough yet, so the notes below are the lesson for now. A recommended video will be added once we’ve checked one properly.
03
Topic notes
Main Idea
The marketing mix is the set of decisions a business makes to sell a product: Product, Price, Place and Promotion.
Key Concepts
- Product: what is sold, its features and branding
- Price: what customers pay, e.g. penetration or premium pricing
- Place: how and where the product reaches customers
- Promotion: how customers learn about it, e.g. ads and social media
- All four Ps must fit the target market
Definitions
- Target market: The specific group of customers a business aims to sell to.
- Penetration pricing: Setting a low price at launch to win market share.
- Premium pricing: Setting a high price to signal quality.
- Brand: The name, design and image that identify a product.
Common Mistakes
- Treating promotion as the whole of marketing
- Choosing a price that doesn't match the brand image
- Ignoring the target market
04
Key concepts
Product: what is sold, its features and brandingPrice: what customers pay, e.g. penetration or premium pricingPlace: how and where the product reaches customersPromotion: how customers learn about it, e.g. ads and social mediaAll four Ps must fit the target market
05
Important terms
- Target market
- The specific group of customers a business aims to sell to.
- Penetration pricing
- Setting a low price at launch to win market share.
- Premium pricing
- Setting a high price to signal quality.
- Brand
- The name, design and image that identify a product.
06
Quick revision
- Product, Price, Place, Promotion
- Mix must suit the target market
- Penetration vs premium pricing
- Place = distribution channels
- Promotion = communication
07
Check your understanding
Question 1 · Multiple choice
Which P covers distribution channels?
Question 2 · Short answer
Name a pricing strategy used to win market share at launch.
Question 3 · True or false
The marketing mix should be designed around the target market.
Done with The marketing mix (4 Ps)?
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