What are the P's of marketing? List examples.
Originating from an earlier stage, the foundational business model was a product, price, place, and promotion is a basic concept that summarizes the four pillars of any marketing. This marketing mix is a set of marketing techniques used by the company to achieve its marketing goals in the target market. They are as follows:
These key factors are involved in the marketing of a good or service and interact significantly with one another and are constrained by internal and external factors in the overall business environment.
What do the four P's mean in the market?
The four P's united effectively foster and promote the brand's unique value. Neil Borden in his article 'the concept of the marketing mix' demonstrated the ways that companies could use advertising tactics to engage consumers. This concept of people, process, and physical evidence are the important components of marketing a good product.
How to identify the key factors of business?
The 4 P's are influential in the business world and have been continually refined and developed by the key players in the industry. Place, price, product, and promotion will enhance the success of your product and create benefits such as brand loyalty and value, serve as a synergy and link, enable proper integration, higher sales volume, decision guiding, etc
The elements of the marketing mix- the 4P's:
Product refers to a good or service that a company offers to its consumers. A product must fulfill an existing customer on-demand or make customers believe they need to have this and thereby creating a new need and being able to satisfy the needs and wants of target customers. Marketers must have a clear concept of what their product stands for, what differentiates them from competition etc. Considering this as the heart of the marketing mix, a product partially dictates how much a business can charge for it, where they should place it, and how they should promote it in the marketplace.
For example: as a pioneer of mobile technology and e devices, Apple commands allegiance as an electronic authority. Assume Apple decides to add a new apple sports shoe to its product line. As a result, the products mix Apple. Inc will cover mobile phones, tablets, iPods, watches, and the new one in line with apple shoes.
Price is defined as the cost a consumer pays for a product. Marketers link the price to the product's real and perceived value considering the seasonal discounts, supply costs, and competitors' prices. Marketers should always come up with the right price, not just the monetary value of the product but also the time and effort put into the product. This pricing strategy should be skillfully balanced between too higher and too lower thusly impacting the profit, supply, demand, how much marketing should spend on promotion and marketing strategy. Perceiving how skewing either way might damage the brand. Pricing of a product determines its value among targeted audiences and so the marketer must know the art of wielding this dangerous sword of pricing.
For example, the pricing strategies used by Jio Reliance in India to get the deepest penetration almost washed away all the mobile service providers out.
The 3rd P refers to placing products in certain stores, displaying or including the product in television shows, films, or webpages, etc. to thrive attention for the product and where and how people buy your product. Choosing a place should be with at most care that gives the customers easy access to product and also calls into play convenience for customers more likely chances of satisfying and increase brand value. For example, Coca-Cola leveraged the world cup 2010 and K'naan's theme song 'waving flag' so much that, Coca-Cola and football have all become synonyms.
Promotion primarily refers to marketing communications. Promotion of a product includes advertising, public relations and promotional strategy, sales promotion, and digital marketing. The primary goal in promoting a product is to reveal to consumers why they need it and why one should pay a certain price for it. Once optimized with the previous 3 P's of marketing, Promotion helps a product reach its core audience.
How to use the 4 P's of marketing?
The four P's of marketing can be used as follows:
The bottom line
Marketing the right product, in the right place, at the right time, in front of the customer is the key element involved in marketing a good or service interact significantly to increase the level of integration between business and customers. People, process, and physical evidence are the extensions of the original four P's and are more relevant to the current trend in marketing.