The 4 P’s of Marketing

The Four P’s of Marketing (also known as “The Marketing Mix”) for all industries, including Broadway,  are as follows:

1. Product
2. Pricing
3. Placement (aka Distribution)
4. Promotion

The definitions of each, according to this site, are:

1. Product – The product aspects of marketing deal with the specifications of the actual goods or services, plus how it relates to the end users needs and wants. The range of a product normally includes supporting elements such as warranties, guarantees, and support.

2. Pricing -This refers to the process of setting a price for a product, together with discounts. The price need not be monetary; it can plainly be what is exchanged for the product or services, e.g. time, energy, or attention. Methods of setting prices optimally are in the domain of pricing art

3. Placement – (or distribution ): refers to how the product gets to the buyer; for instance, point-of-sale assignment or retailing. This third P has furthermore at times been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which division (young adults, families, business citizens), etc. also referring to how the surroundings in which the product is sold in can influence sales.

4. Promotion – This includes advertising, sales promotion, including promotional education, publicity, and individual selling. Branding refers to the assorted strategies of promoting the product, brand, or company.

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