You have probably heard about the 4 Ps of Marketing during your school time. So we all are quite aware of it.
But the one who has not yet come across this term, then let me tell you about this in detail. 4 Ps of marketing are the basics to know for executing any marketing strategy.
They are mentioned as below:
- Product – A product can be anything that you sell to your customers.
- Price – How much do you charge for your product.
- Place – Where do you sell or promote your product.
- Promotion – A way where your customers can easily find you.
So all this sounds quite simple and easy, yes it is simple but the steps of execution aren’t. These 4 Ps of marketing are used for a higher result in your sales. And it’s not that easy as the way it sounds. So first let us understand these 4 Ps in detail.
4 P’s of Marketing
- Product
A product can be anything that your company sells, let it be bedsheets , cushions, beverages, or even software or any service, etc. In simple words, a product can be any tangible goods or intangible services. A product sold by you should fulfill the requirements of your customers. It should always be compelling that consumers should believe it and make it a necessity.
- Price
Price is the cost that your consumer has to pay to buy your product. The price of the product must be according to the perceived value of the product. Pricing strategy is totally based on pricing your product or service for your different target markets. Determine the least price, discounts, allowances, markdowns, payment periods, and credit terms. Marketers also need to determine when and if discounting is appropriate. A discount can sometimes draw in more customers, but it can also give the impression that the product is less exclusive or less of a luxury compared to when it is was priced higher.
- Place
In simple words, the place is nothing but the location where your business should execute. When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market. The goal of business executives is always to get their products in front of the consumers that are the most likely to buy them.
In some cases, this may refer to placing a product in certain stores, but it also refers to the product’s placement on a specific store’s display. In some cases, placement may refer to the act of including a product on television shows, in films, or on web pages in order to garner attention for the product.
- Promotion
Now once you are ready with your product, price, and place, you need to make sure how well you promote it.
Promotion can be done in several ways, it can be through social media, online mediums, or through the mouth to mouth promotions. There are also reputed agencies that can manage your business promotion. Promotion includes elements like advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing, and more. Each touch point must be supported by a well-positioned brand to truly maximize return on investment.
Before initiating a company you need to understand the marketing tactics and execute them properly. Before you start making your marketing plan, spend time online to listen to your customers and understand your competitors. This will help you to articulate the plan for 4P’s.
