The Four P’s Of Marketing Are Discussed Below.
1. Product:
“Product” refers to the goods and services that firms offer to their customers. Firms must place sufficient importance to the product/service as well as the other aspects associated with the product that attract customer attention. Some elements of product/service that require attention for a successful business are: quality, features, options, services, warranties, brand name, safety, packaging, repairs and Support. The product should be designed keeping the customer needs and requirements in mind.
2. Price:
“Price” refers to the cost of a particular product or service. Price plays an important role in customer’s buying decision. Therefore careful attention should be paid while determining the price of a particular product/service. If the price is too high customers would opt for a product which has the similar features but is priced relatively lower than the one offered by a particular firm. However, incase the price determined by a firm is lowest among the competitors; customers might consider it as a signal of low quality. Therefore, firms must price the product in a way which reflects the appropriate position of the product in the market. This P of the marketing mix is highly important for the success of the business as it is the one that determines the revenues generated. Price must cover the costs incurred and contribute to the firm’s image by communicating the perceived value.
3. Place:
“Place” refers to the distribution channels used to get a firm’s products from the manufacturer/service provider to the end customers. Place is also known as channel, distribution, or intermediary. For business to be successful, it is important that the product/service offerings are at the right place at the right time. Therefore great importance should be placed in determining the distribution medium. The selection of distribution method should be carefully made keeping in mind the target audience and the positioning of the product in the market.
4. Promotion:
Promotion refers to the awareness created of the introduction of a new product and availability of an already existing product by means of advertising and selling activities. The main objective of promotion is to make customers aware of product features, its uses and benefits. Promotion activities help the firms to position their products in the right way in the market to reach the target customers. Effective promotional activities consist of a clear and simple message which is directly targeted at a specific group of people, reached by means of an appropriate medium like television or print adverts. The message should be consistent with the overall marketing image of the firm and should reach the target audience and generate the desired response. Promotional activities involve advertising, personal selling, public relations and sales promotions.
Today, with the increase in competition and with a wider variety of products and markets, other P’s of marketing mix are proposed by a number of researchers. They are packaging, people, process, etc.
Source: http://www.businessteacher.org.uk/marketing/marketing-mix/
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