Explain the core elements of the marketing concepts as applied to this business organization. Why are these concepts so important for a marketer?


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Sara Lewis answered

Marketing and advertising are crucial aspects in the promotion of any business, particularly now, in the digital age we live in where promotion is done through so many different channels. Gone are the days where business were marketed through flyers posted through the letterbox and an ad in the yellow pages.

The core elements of marketing are often referred to as the 4Ps . These are as follows:

  • Product (or service) - What does the customer want/need from the product?
  • Place - Where can buyers purchase the product? (online, retail, catalogue etc.)
  • Price - What value is the product, and how does it compare with rival products and companies?
  • Promotion - How will the product be promoted?

When bringing a new product to market, this model is a great way to make important marketing choices.

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