Some people have brilliants idea about new product or about the business but the problem is how to go about it. Planning is important and implanting plan with a right strategy is more important. In my, this post I would like to brief you, about importance of marketing i.e. 4 Ps of marketing.
Importance of Marketing Mix:
In this modern era people talks about the Marketing Mix but what it is exactly? Marketing mix is a set of 4 Ps , Product, Price, Place and promotion, that company or product uses to promote it in the market.
The Four Ps Marketing:
- Product: A product can be either a tangible good or an intangible service that fulfills a need or want of consumers.
- Price: Price refers to the amount a customer pays for a product.
- Place: Refers to providing customer access. Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right time.
- Promotion: Promotion refers to marketing communications .Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more.
A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix for e.g.
- Does it meet Customer needs?
- Will the customer consider that the price is favorable?
- Will the customer find it where they shop?
- Will the marketing communications reach them?
More Three Ps marketing:
- Physical Evidence: It is the proof and a reassurance that a service was performed.
- People: People are the employees who deliver the service.
- Processes: Processes are the methods through which a service is executed and delivered to the customer.
4 Ps and 4 Cs
- Product (Customer Value): – A company should only sell a product that addresses consumer demand.
- Price (Customer Cost): The cost of the product should be favorable to the customer.
- Place (Customer Convenience): The product should be readily available to the consumers.
- Promotion (Customer Communication): “promotion” is manipulative while communication is “cooperative”. Marketers should aim to create an open information flow with potential clients based on their needs and wants.
ALSO SEE: 7 Wonders of Marketing Research!!