Marketing seeks to satisfy the needs of people (customers or the market) (creating a sense of usefulness or utility) through the exchange process.
The Marketing Mix or the "4 P's" are:
- Product
- Price
- Promotion
- Place (or distribution)
These are employed to satisfy a target market' or target demographic (the pool of potential customers).
Example:
- Product: Procter and Gamble introduces a new toothpaste designed to taste good and fight cavities. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing.
- Price: $2.00, and discounted by means of coupons
- Promotion: television and radio commercials, magazine and newspaper ads, and a website; these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude
- Place (or distribution): Supermarkets, drugstores, discount stores such as Wal-Mart
Target demographic:
