Welcome to MKT 110, Principles of Marketing. I am Professor Hale. Marketing is often translated as advertising, but that is too small. Marketing is how an organization creates value for customers and exchanges that value — a product or a service — for money, attention, or loyalty. In this lecture we study the marketing mix, also called the four Ps: product, price, place, and promotion. I will give one simple example for each. Please ask in English if a word is unclear.