What is Marketing - Four "p"s explain Everything
Most business experts agree that there are four "Ps" of marketing. Those are product, price, place and promotion. The following will describe each of the four "Ps" in detail.
- Product
To be effective at marketing, you must have a product that people want. The product must meet the needs of your target customer or audience. Goods and services are examples of products. When business is starting up, there may be only one product offered. The key is making that product the best available. Once people purchase the product and are pleased with it, a business can diversify with additional products or services. This will increase sales and help the business to grow.
- Price is the second "P" of marketing
Your price must be right for the product. It must be comparable to the prices others command for the same product. Some new business owners feel that they must price their products much lower than their competitors. While this may bring business, it can also cause people to question the quality of the product being offered. If it is much lower than the prices others are asking, customers might see it as an inferior product and may seek the same product at a higher price elsewhere. If you care concerned about keeping prices low, stay competitive by offering special discounts and programs that reward customer loyalty. These strategies will keep your customers coming back for more.
- Place is important
Your product must be in the right place where it will be seen and sought by potential customers. How you distribute the product refers to place. Is your product sold in a physical retail setting or is it sold online? If you manufacture the product you will need to find the right distribution channel to get your product to the public. A good product will not sell if the place is not convenient to the customer. When trying to sell services, an example of "place" might be the yellow pages or a website where people might go to find our how they might access the service.
- Promotion is essential
You must promote your product so that your potential customers will know it exists and how they can obtain it.
Promotion relates to how you get the word out about your product, in other words promotion is advertising. Advertising is often accomplished through newspapers and mass media. Today most businesses use a website to advertise products since this method provides a worldwide audience. Advertising or promotion must be targeted to be successful. Targeting means designing an advertising or promotional campaign that attracts the attention of a specific audience.
Thanks to : World Marketing
| What is Marketing - Four "p"s explain Everything |
Marketing has many definitions, however one simple description of marketing is the process of generating interest in a product or service through advertising or other means. The purpose of marketing is to persuade a target group to buy or use a service or product. Food, cars, appliances and other tangibles are examples of items that may be marketed. Services can also be sold through marketing. For example janitorial services, counseling services and transportation services can all be introduced to a target audience through marketing.
Your promotional campaign should not only tell an audience about your product, but also how your product will benefit them and why they should choose your product above all others Word of mouth is said to be the best type of promotion. If you put forth a quality product at a fair price, people will purchase or use it and be satisfied. Satisfied customers share their positive experiences with others.
Many people accept the recommendations of their family, friends and neighbors when they think about making a purchase or using a product or service. On the contrary a negative experience with a product or service will create "bad press." People will warn others to stay away from a product or service that does not deliver as advertised. They may even accuse a company of false advertising if the product or service does not live up to the promotional efforts.
Put the four P's of marketing to work in your business. You will find that more people will be exposed to your product. As a result your sales should increase. You can always make adjustments in your marketing campaign.
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