What are the Four Ps of MarketingWritten by smitha
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marketing mix is a business tool applied in marketing products and services. In other words, the four Ps of marketing are nothing but marketing mix. Since of late the 4 P’s are extended to 7 P’s; ‘Process’, ‘Physical evidence’ and ‘People’. First steps for new investors or the entrepreneurs are marketing’s four P’s. Marketing your product or services is basically all about satisfying market demands. There are four significant fundamentals in marketing products and services to promote business. And they are the Four P’s of marketing.
Introduce right product to satisfy needs of your aimed customer.It refers to the goods and services we present to market. Physical appearance of the product and packing both go hand in hand to draw customers towards the product. Certainly, it is quite obvious for production managers and service managers to throw a package deal to customers to create total satisfaction. Package attributes are brand itself, functionality, and support matching the customer needs. Customer research happens to be a key factor in building real marketing mix. In other words, you have to consistently prove how best you are from the competitors in the market.
Right product to be offered at right price. In simple words, price is nothing but the value or amount charged for your product or service. Arriving at price is somewhat blend of fear and profit. Of course small business comes in smaller package deals with low price tags. And few other give margin space for clients to bargain and then close deal or sale. Price fixing decision takers should think from both customer point of view and entrepreneur point of view. Consequently, pricing strategy should be based on product, customer demand and competitors. I have listed some of the common price strategies as cost-plus, value-based, product competition in the market, Going-price, Floating price, discounts, loss-leader and psychological influence of price on product. Other parameters that need to be taken care are payment terms and seasonal discounts.
Right product at the right price should be available to customers at the right place to buy. Place is the main channel where customers can access your products. Selling can be done in two ways, directly to customers known as “Direct Sales” or through agents or vendors known as “Reseller Sales”.
Create awareness of product availability to prospective customers with its price and place. Promotion refers to the communication used to raise a product to end users in the market. It can be done in the form of advertisement. This is the most complex activity in business and need to involve a team of people with high innovation to push your product. Some of the media for advertisements are news papers, radios, televisions, telephone and recently evolved social media networks such as facebook and twitter.