4Ps of Marketing

  

                                       

                                                                      (Marketing Mix, 2022)

The 4Ps of Marketing are:

• Product
• Price
• Place
• Promotion

Product: Comprehending and understanding of the product is the first step in developing market plan.

The marketer's responsibility is to describe the product and its features to the customer. Distribution of product depends on its definition as well. Business executives must have a strategy for handling products at every step of their life cycle, and marketers must comprehend the product's life cycle(Twin, 2022).

Price: Price is the amount that customers are willing to pay for the product. The pricing must be related to the product's actual and perceived worth, while also taking into account supplier costs, seasonal reductions, rival prices and retail markup(Twin, 2022). Setting a price that corresponds to the latest market trends, is affordable for consumers, and is also lucrative for the company is crucial when selling a product(Yasar, 2022). 

Place: It is the location where the customers purchase the good or services. Also, it covers the location of products manufacturing and storage. How the products  are sold is changed as a result of digital transformation, whether through internet retailers, small local businesses, or international manufacturers(Yasar, 2022).

Promotion: The term 'promotion' describes the process of communicating with a target audience at the ideal moment. The purpose of a promotional strategy is to convince customers of the benefits of choosing one product over another and the need for specific product. The cornerstone of marketing communications, product promotions push out targeted and advertising using well-linked channels, including social media, Instagram ads, television commercials, and more(Yasar, 2022).

References:

Marketing Mix, 2022. [online] Marketingmix.co.uk. Available at: <https://marketingmix.co.uk/content/uploads/marketing-mix-4ps.jpg> [Accessed 31 August 2022].

Twin, A., 2022. The 4 Ps of Marketing and How to Use Them in Your Strategy. [online] Investopedia. Available at: <https://www.investopedia.com/terms/f/four-ps.asp> [Accessed 31 August 2022].

Yasar, K., 2022. What is the Marketing Mix (4 P's of Marketing)?. [online] WhatIs.com. Available at: <https://www.techtarget.com/whatis/definition/Four-Ps> [Accessed 31 August 2022].