new business module

MARKETING PRODUCTS 53
Session 2: The four Ps of marketing
Once entrepreneurs have researched the market, they have to
develop a marketing strategy for their products. They have to
decide how they want to attract customers. There are four
basic features an entrepreneur can manipulate to influence
the attractiveness of a product: 11
• the product itself,
• the price of the product;
• the promotion of the product; and
• the place the product is sold.
Product, price, promotion and place are known as the four Ps
of marketing. This session discusses each of these four Ps. 12
2.1 Product
A product is a good or service intended to satisfy a customer
want or need. Customers buy a product inter alia because of
its specific characteristics:
• nature (e.g. customers who want footwear may want
sandals because they are airy);
• design (e.g. customers may have a preference for
“pointy” hats);
• packaging (customers may only buy food if it is
packaged in plastic);
• quality (customers may only buy low-quality clothing
because they have little income);
• size (customers may prefer small melons to large ones);
• taste (customers may only like white maize and not buy
the yellow variety);
• colour (some customers may like bright colours, others
may prefer white);
• brand name (customers may have a preference for a
particular brand (e.g. Maggi)).
There is no objective way to define these characteristics. Entrepreneurs
do not have to produce the best product on the
market; what is important is that the quality of the product
11 See also ICRC (2009, p. 139).
12 See also BDS (2008b).