Four Ps of Marketing is a popular concept. All types of companies doing marketing activity follow the Four Ps Of Marketing. The Four Ps of marketing are- Product, Price, Promotion, and Place. The four Ps of Marketing are the four essential factors that come into play when a good or service are being marketed to the public.
Four Ps of Marketing
First ‘P’ in the Four Ps of Marketing, Product is an essential part of every marketing strategy. First, you should study your product. Then only you can make a proper marketing strategy. There can be different types of products as per your personal or professional needs. The need of the customer is considered first during the development of a product.
Launching the right kind of product with an appropriate number of variants is one of the critical decisions for marketing managers, therefore it is necessary to develop the product as per customer’s need. Product’s design, features, quality, assortment, product range, product lines, etc., these are some important decisions that a marketer should take wisely while developing the product.
Once the product development is done, It comes to taking pricing decisions. During pricing decisions, various things should be kept into mind such as profit margin, competitor price, supply, and demand. Price decision plays an important role in the whole marketing process. All Ps of marketing are impacted by price. For example- your product is good but in case of high pricing than the competitor, you may suffer the risk of less sale.
Now it comes to promotion of your product. The 3rd ‘P’ in Four Ps of Marketing – Promotion is all about the act of communicating the values and benefits of your products to your customers. There are various ways of product promotion. In today’s time, digital marketing has become an important tool for promotion. It is a very low-cost-tool for promoting your product. Also, for a successful promotion of your product, you must maintain an appropriate balance of advertising, PR, direct marketing, and sales promotion.
Place refers to providing customers access and convenience to the product. It is important for you to have a good understanding of the strategy behind the positioning or place. You should do the right placement for your product. You should sell your product at the right time and in the right place. In today’s time, clients have shifted to online marketing/purchasing. The time’s gone when transactions used to take place only at a retail shop or other shops.
Online placement has become a crucial part of today’s era. Most of the transactions take place through online methods now.