The description: What are the 4Ps of marketing?
Price: refers to the value attributed to a product. It depends on production costs, target segment, market ability to pay, supply and demand, and a host of other direct and indirect factors. There can be several types of pricing strategies, each linked to an overall business plan. Pricing can also serve as a demarcation, to differentiate and enhance the image of a product.
Product: refers to the item actually sold. The product must provide a minimum level of performance; otherwise, even the best work on the other elements of the marketing mix will be wasted.
Place: refers to the point of sale. In all sectors, grabbing the consumer’s attention and making it easier for them to buy is the main objective of a good distribution or “place” strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is “location, location, location”.
Promotion: these are all activities undertaken to make the product or service known to the user and to the business. This can include advertising, word of mouth, news articles, incentives, commissions, and rewards for the trade. It can also include consumer programs, direct marketing, contests, and prizes.
How important is the marketing mix?
All elements of the marketing mix influence each other. They are the business plan of a company and, if well managed, can make it very successful. But poorly managed and the business could take years to recover. The marketing mix requires a lot of understanding, market research, and consultation with multiple people, from users to commerce to manufacturing and many others.
How does the Marketing Mix help your business? Watch the video…