If you are someone who didn't study marketing mix in college, then probably this is the first time you've heard of this term. But, don't worry, we've got your back. Here we have explained the 4Ps of marketing and how you can incorporate them in your next marketing strategy to extract the best results possible.
This framework is crucial if you want to evaluate your product and decide on a marketing strategy thoroughly. It will help you understand the potential customers and competition to develop the perfect marketing mix for your brand.
4Ps of Marketing
The product is the good /service being advertised to the target audience.
Generally, successful products meet a need not already being met in the marketplace or deliver a novel client experience that increases demand.
While working on a product, it is critical to analyse the target audience and their unmet needs.
Marketing a product or service requires setting a price attractive to potential buyers and profitable for the company. Success or failure for a product often hinges on its cost. If your product is priced above what your ideal customer can afford, relatively few of them will buy it. The same is true if you underprice your product; some customers will avoid buying it out of fear that it is of low quality, reducing your earnings.
Finding the proper area to market and sell your goods is just as important as finding the correct pricing. You won't be able to sell as many units of your product, online or off, if you promote them in locations that don't attract your ideal buyer demographic. Meanwhile, being at the proper place might facilitate interaction with your intended audience and pave the way to success.
Researching the stores and websites where your potential customers spend time is essential in determining where to best market and sell your goods.
Advertising, sales force, direct marketing, public relations, advertising expenditures, etc., are all factors to consider while planning a promotion. The fundamental purpose of promotion is to create knowledge about the product and services given by a firm. It helps get people to buy your goods rather than the competition.
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