Marketing is the most valuable part of any company or business. The annual profit, development, sales figure, employee increment – everything depends on how the marketing process is going on. More often, you notice that large scale companies start full-fledged marketing before and after launching a new product. The marketing executives have the maximum pressure to bring new clients to the company to increase the sale. Just like the other processes, marketing also has some methods that help to get more outcomes. This method is known as the 4Ps of marketing.
In this article, we are going to discuss how the 4Ps of marketing effectively have an impact on businesses. The 4Ps are known as Product, Price, Place, and Promotion. The term Product defines related to what you are selling. Your products could be goods, services, or some consulting. Price means what amount you are charging and how does it impact the customers to view your brand. Place means where you will find the ideal customers for your product. Based on that, you need to select your promotion process and strategies.
With these 4Ps of marketing, you need to increase the graph of the monthly sales figure. It is not that easy.
Table of Contents
Product- 4Ps of marketing
The first ‘P’ of marketing is the product that the company is going to sell. Your product may be anything like a soft drink or some clothing or some spare parts of an automobile etc. Or it could be a service or a paid consulting as well. The product is the main ingredient of marketing. Because if there is no product, then what will you sell to your customers. Before starting your marketing process, first, you need to know about your product. This knowledge will help you to convince your clients to buy that product. In other words, you need to know what makes the product of your company so unique and remarkable.
The company first needs to focus on the product to make it unique from its competitors. If the product has its unique features and facilities. It will be easier for the marketing executives to sell it quickly to their clients. For example, you have a t-shirt company. First of all, you need to focus on making the designs and the appearances of the t-shirt. Also, make sure that they are attractive and unique. A beautiful t-shirt never misses the eyes of the customer. This is how the product and its quality and uniqueness helps the marketing process make easy.
Price- 4Ps of marketing
Now that your product is unique enough to convince the customers, you need to pay attention to its price. The customer never buys a product from you if he gets the same product at a lower price in the market. The most exciting and essential part of marketing is to set a proper price. When the customers see that they are getting an excellent product at a pocket-friendly price, they will try to buy it. That is where the marketing executives will have the opportunity to push the customer to purchase the product in a higher quantity.
The products’ price can be set by judging the current market price of that same product. It would be best if you also kept a sharp eye on your competitors regarding what price they are setting for the same product. If you can offer the best price in the market, the customers will surely buy the product. Hence, setting up the price of a product is very important for the marketing strategy.
When you say the word marketing, it only means the place or the location. Successful marketing always depends on where you are promoting that product. For instance, your company sells computers. And your marketing executive has gone to a residential apartment or a housing complex to convince the people about your product. It might happen that the executive has become successful in getting some orders. But a company cannot run when there is a bulk order from the other industries. That is why your company’s marketing executive needs to go to the IT sectors where every person needs a computer for working purposes.
Choosing a proper location for selling your product is very important by any means. If you choose the wrong place for your product, you will waste both time and money. Before you start your promotion plans and marketing strategies, identify the territories where you can get the maximum number of businesses.
Promotion- 4Ps of marketing
The product, price, and place of the 4Ps of marketing are set now. The last part is the promotion. When all the other things are perfect and do not promote your product correctly, it will crush everything. Doing a proper promotion of your product is essential to get more customers. If you want your customers to buy the product in more quantities, you need to seek their attention first.
The first thing you need to do is choose a medium through which you will promote your product. It is advisable to promote your new product to all the public mediums. You can consider television, newspaper, websites, and social media. The more you reach nearer to the customers, the better business will receive from them. That is why branding and promotion are the last and the essential parts of your marketing strategy. It has been seen that an excellent product could not survive in the market due to a lack of proper promotion. On the other hand, a simple product just nailed the market because it got the right advertising in the right places.
So these are the 4Ps of marketing which is very important to increase the company sale. After reading this article, you have already understood that every single part is completely dependent on the other. The marketing strategy will be successful only when all these 4Ps are perfect and in proper synchronization.