The Four Ps Of Marketing
Marketing is an important aspect in business
management. It's the aspect of management that is concerned with the techniques
employed in developing products and sending them across to the target market
where they will be purchased at an acceptable price. Marketing managers are
trained on how to combine the four Ps of marketing (also known as the marketing
mix) to boost production and profits.
Product, Price, Place and Promotion
The
four Ps of marketing are product, price, place and promotion.
These elements are strongly connected to the target market. This means that
anything that affects one part of the marketing mix will affect the other parts
and the customer's assessment of the product.
The Product
The product is the item that the consumer needs. Before making a product, the marketing manager should be concerned about what the consumer wants, its physical attributes such as color and shape and how to develop the item to suit the consumer's needs. The decision to make a particular product is usually made after considering its profitability and life cycle.
The Price of a Product
The price is the value of the product at which the buyer and the seller agree to carry out an exchange. The price of a product is affected by several factors such as the premium charged by an insurance company, taxes paid to the government, price of similar products and expected profit from the product.
Types of pricing strategies include premium pricing, penetration pricing, super value pricing, average pricing and over pricing.
The Place
The Place is where the priced product is sold. It's the aim of the manager to make products to be very close to the consumers. Of course, managers must also evaluate this option before they begin production. In accessing the place for distribution, the marketing manager must solve issues such as how to beat competition.
The Promotional Factor
The promotional factor refers to the methods used to effectively carry the products to the consumers and convince them to buy. Promotion is meant to create awareness and make the consumers to be interested in the product.
Promotion can be done in different ways such as personal selling, sales promotion, trade fairs and exhibition, advertising, packaging and electronic marketing. A manager is meant to know the best method to apply in a particular area after considering factors such as promotional strategies used by other competitors.
The four Ps of marketing has been useful since its invention in the 1960s. Many marketers have used it to gain competitive advantage and increase sales. Understanding how these elements work and depend on each other can make your products perform well in the market.
Author Bio:
The Product
The product is the item that the consumer needs. Before making a product, the marketing manager should be concerned about what the consumer wants, its physical attributes such as color and shape and how to develop the item to suit the consumer's needs. The decision to make a particular product is usually made after considering its profitability and life cycle.
The Price of a Product
The price is the value of the product at which the buyer and the seller agree to carry out an exchange. The price of a product is affected by several factors such as the premium charged by an insurance company, taxes paid to the government, price of similar products and expected profit from the product.
Types of pricing strategies include premium pricing, penetration pricing, super value pricing, average pricing and over pricing.
The Place
The Place is where the priced product is sold. It's the aim of the manager to make products to be very close to the consumers. Of course, managers must also evaluate this option before they begin production. In accessing the place for distribution, the marketing manager must solve issues such as how to beat competition.
The Promotional Factor
The promotional factor refers to the methods used to effectively carry the products to the consumers and convince them to buy. Promotion is meant to create awareness and make the consumers to be interested in the product.
Promotion can be done in different ways such as personal selling, sales promotion, trade fairs and exhibition, advertising, packaging and electronic marketing. A manager is meant to know the best method to apply in a particular area after considering factors such as promotional strategies used by other competitors.
The four Ps of marketing has been useful since its invention in the 1960s. Many marketers have used it to gain competitive advantage and increase sales. Understanding how these elements work and depend on each other can make your products perform well in the market.
Author Bio:
Ralph
Jackson is a Internet Marketerfrom Michigan who has a
passion for Marketing and
a strong love for people and God. He belives in living a positive love driven
life, and really enjoys cooking, sports and contributing to charitable work in
his spare time.
