Advertising Research And Planning for Your Business: MARKETING RESEARCH: THE STARTING POINT

Major facts you need to know:

1. The Product or Service -- What is it? 

2. The Price -- How much are consumers paying for your product or service?

3. The People -- Who is your target market or target consumer?

4. The Place -- Where or how can consumers get or access your product or service?

5. The Promotions -- How do people know about or why will consumers want your product or service?

The above are otherwise known as the "marketing mix" or the "P's of Marketing."

The term marketing mix refers to the four major areas of decision making in the marketing process that are blended to obtain the results desired by the organization: product, price, promotion, and place. The four elements of the marketing mix are sometimes referred to as the four Ps of marketing.

The marketing mix shapes the role of marketing within all types of organizations, both profit and nonprofit. Each element of the four Ps consists of numerous subelements. Marketing managers make numerous decisions based on the various subelements of the marketing mix, all in an attempt to satisfy the needs and wants of consumers.

Truell, Allen D. "Marketing Mix." Encyclopedia of Business and Finance, 3rd ed., vol. 2, Macmillan Reference USA, 2014, pp. 518-522. Gale eBooks, https://link-gale-com.i.ezproxy.nypl.org/apps/doc/CX3727500217/GVRL?u=nypl&sid=GVRL&xid=466d416b. Accessed 17 June 2020.