Before going to the 4p’s of marketing lets just go to want marketing is all about?
What does actually Marketing means?
It refers to action/activities of business relating to buying product or services. Marketing is the link between the society’s material requirement and its economic patterns of responses, it satisfy the needs and wants through exchange processes and building long term relationship adhering to it.
Marketing is a process of communicating values of the product or service to the customers or potential customers
Or in simple words marketing refers to activities a company undertakes to promote undertakes to promote the buying and selling of product and services, marketing includes advertising, selling, delivering products to other business or customers, some marketing is done by affiliates in behalf of a company.
Well know you know what marketing is but the 4p’s are the essentials tools for a business to have a long run
The 4P’s are
- Product
- Price
- Promotion
- Place
- Product– A product can either be a tangible good or an intangible service that satisfy or fulfils the wants if the customer. It’s imperative that you have a clear grasp of the product and what makes it unique before you can successfully market it.
- What your customer want from the product/services?
- What needs or wants does it satisfy?
- What is it to be called?
- Are there any features you missed out?
- Where and how will the customer use it?
- How is it branded?
- Price– Once you understand your product you can start making some pricing decisions. Price will impact profit margins, supply, demand and marketing strategy
- What is the value of the product or service to the customers?
- Are there already established price in the market for the product?
- What discounts should be offered to the customers?
- How will your price compare with you competitors?
3.Promotion– we’ve got the product and price now its time to promote. Promotion looks at the many ways marketing product information to customers and differentiate it with other product or service. Promotion includes advertising, public relations, social media marketing, email marketing, SEM (search engine marketing), video marketing and many more
- When and where can you get your marketing messages across to the target market?
- Will you reach your target market through advertising online or radio or on the billboards?
- How do your competitors do their promotion?
- Place – often you hear marketers saying that marketing is all about putting the right product, at the right place, at the right time. Its is critical then to evaluate a ideal location but today the initial place potential clients are engaged and converted is online.
- Where do your buyer look for your product or service?
- How can you access the distribution channel?
- What do your competitors do and how you learn from it or differentiate from it?
Authored by-
Mr. David Shetty – Management Trainee – TVC
St.francis institute of management and research, Mumbai ;
Batch details – MMS 2019-2021
