The 4 P’s of Marketing

The four Ps of marketing are the key factors and the pillars that are involved in the marketing of a good or any service.

1. The 4 P’s of Marketing Step-by-step Guide

2. You may have heard it from friends or may have read in a book during schooling and studies and it looks like a boring topic but it’s important in real life. The four Ps of marketing are the key factors and the pillars that are involved in the marketing of a good or any service. The idea behind the theory is to give people knowledge about how to generate more sales in their businesses.

3. The four P’s of marketing are: Product Price Place Promotion

4. Product: The Product is what the company sales that can be anything like food, drinks, clothing or any kind of services like consulting, motivation speaker, plumber etc. When choosing your product or services always need to choose the product that is in the consumer existing or new demand or fulfill the needs of the consumer. The product must be important in the consumer’s life cycle. The type of product also partially dictates how much businesses can charge for it, where they should place it, and how they should promote it in the marketplace.

5. Price Price is the cost consumers pay for a product. Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices. In some cases, business executives may raise the price to give the product the appearance of being a luxury. Alternatively, they may lower the price so more consumers can try the product. While sometimes needs to less the price by putting some percentage off on a product.

6. Place Place is “location” where you are selling your products. As in marketing they say, it’s all about location, location, location. Choosing the right location is one of the most important part of marketing. You must know where is the right place to sale your products. For example, if you are going to sale jewelry in vegetable market or going to sale vegetables in the clothes market no one going to buy your products because it not the thing they are looking for in that place. Always remember to put your products in front of the consumers that are the most likely to buy them.

7. Promotion Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it. Marketers tend to tie promotion and placement elements together so they can reach their core audiences.

8. These 4 P’s are used by companies to identify some key factors for their business, including what consumers want from them, how their product or service meets or fails to meet those needs, how their product or service is perceived in the world, how they stand out from their competitors, and how they interact with their customers.