4P's in Marketing

Marketing mix

Marketing mix defined as putting the right product in the right place, at the right place, at the right time. Though this sounds like so informal that set all the product by there enough proposition, a lot of hard work and study needs to go into setting this simple classification up. And if even one element is off the mark, a favorable product or service can be unsuccessful totally and end up costing the company substantially. The marketing mix is a vital tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly implemented through the 4 P’s of marketing: Price, Product, Promotion, and Place.

Product: The product is either a tangible good or an intangible service that is appear to meet a specific customer need or demand. All products follow a rational product life cycle and it is vital for marketers to understand and plan for the various stages and their unique challenges.

Price: It covers the real amount the end user is expected to pay for a product. How a product is priced will directly affect how it sells. This is linked to what the perceived value of the product is to the customer rather than an objective costing of the product on offer. If a product is priced higher or lower than its perceived value, then it will not sell. This is why it is imperative to understand how a customer sees what you are selling. If there is a positive customer value, than a product may be successfully priced higher than its objective monetary value. 

Promotion: These may include advertising, sales promotions, special offers and public relations. Whatever the channel used, it is necessary for it to be suitable for the product, the price and the end user it is being marketed to. It is important to differentiate between marketing and promotion.

Place: Place or placement has to do with how the product will be provided to the customer. Distribution is a key element of placement. The placement strategy will help assess what station is the most suited to a product. How a product is accessed by the end user also needs to praise the rest of the product strategy.