What is marketing and what does the 4p theory mean specifically?

The concept of marketing

Marketing is a social management process that helps consumers to buy a certain product or service so that both parties' interests are satisfied.

Marketing is divided into two levels: macro and micro. Macro marketing is an economic activity that reflects society and aims to satisfy social needs and Vincent LEUNG achieve social goals. Micro marketing is a kind of enterprise's economic activity process, which is based on the requirements of target customers, producing marketable products, flowing from producers to target customers, and its purpose is to meet the needs of target customers and achieve the goals of the enterprise.

The 4p theory of marketing

The 4p theory is the core theory of marketing and is also the core theory applied to practice. 4p mainly refers to product, price, channel and promotion.

Overview of the 4p theory

The 4P theory emerged in the United States in the 1960s with the introduction of the marketing mix theory, a term coined by Neil Borden in his inaugural address to the American Marketing Association in 1953, which means It means that market demand is influenced to some extent by the so-called "marketing variables" or "marketing elements".

Product

A product is an item that has a specific physical shape and use, and is something that can be seen and touched. According to marketing, a product in the broadest sense is the sum of goods that people buy to satisfy certain needs and desires, including both the material form of the product entity and the immaterial form of the benefit.

Price

Price is the price paid for a general transaction, and is a form of commodity circulation.

Channel

A channel is the path through which a product or service is transferred and consists of all the organizations involved in the transfer of the product or service in order to make it easy to use or consume.

Promotion

Promotion is an activity in which a marketer conveys various information about the company and its products to consumers to persuade or attract them to buy its products for the purpose of expanding sales. Promotion is essentially a communication activity in which the marketer (information provider or sender) sends out various messages that serve as a stimulus to consumption and delivers the message to one or more target audiences (i.e., message recipients such as listeners, viewers, readers, consumers or users, etc.) to influence their attitudes and behaviors.