The Four P’s of Marketing
PriceThe price is the amount of money a customer pays for the product or service. The price is very significant as it governs the company’s profit and therefore existence. Modifying the price has an intense impact on the marketing strategy and, contingent on the price elasticity of the product, it will frequently affect the demand and sales as well. The price that the marketer sets should balance the other elements of the marketing mix.
ProductThe product is the simplest idea. It is an item or service that fulfills what a consumer needs or wants. Your product can literally be anything, even an idea. You must have a concrete grasp on what the product is, however, before you can successfully market it.
PromotionPromotion can be all of the methods of communication that a marketer may use to deliver information to various people about the product. Promotion is made up of things like: advertising, public relations, personal selling, viral and word-of-mouth, and sales promotion. Promotion is essentially how you get the word out about your product or service.
PlacePlace is all about providing the product at a location which is convenient for consumers to access. Today, that is frequently online. Place also has a lot to do with distribution, or getting the product to the customer. Several approaches such as intensive distribution, selective distribution, exclusive distribution and franchising can be applied by the marketer to match the other parts of the marketing mix.