The Four Ps Of Marketing
The four Ps of marketing are something that all marketers should know. They help you to promote your product or service better and achieve more profitable results. But what are the four Ps and how do they work?
The four P’s were originally put together as a marketing mix. Creating an accurate marketing mix is often the first step when formulating a product or brand’s selling point- the quality that makes a product stand out from its competitors.
The term marketing mix first used in an article written by Neil Borden called “The Concept of the Marketing Mix.” He started the idea about the term after he heardit used by James Culliton, who in 1948 said that the role of the marketing manager was a mixer of ingredients.
But what is the marketing mix and what are the four Ps? Well, an accurate marketing mix helps your product or brand to accomplish the highest number of sales and most recognition that it possibly can. Just like having a balanced exercise routine helps your body to stay in shape, having a balanced marketing mix assists to make your product or brand as lucrative as possible. The four Ps that make up the marketing mix are: place, price, product, and promotion.
- Place – Place is a very simple idea. It is the idea of supplying the product at a sitethat is convenient for consumers to get to. Today, that site is frequently a website or online marketplace. Place also has a great deal to do with distribution;physically getting the product to the customer. There are several aspects to distribution such as intensive distribution, selective distribution, exclusive distribution and franchising. These can be changed, altered, or added to by the marketer to aid the other parts of the marketing mix.
- Price – The price is the amount of money a customer pays for the product or service. A product or service’s price is very importantas price controls the company’s profit and therefore the very existence of the company. The amount you choose for the price has a huge impact on your marketing strategy and,depending on the price elasticity of the product, it will usually greatlyaffect the demand and sales as well.
- Product – The actual product is the simplest idea. It is whatever item, service, or idea that gives what a consumer needs or wants. Your product can literally be anything- even just an idea. You must have a firm grip on what the product is, however, before you can effectively market it.
- Promotion – Promotion is essentially all of the ways of communicating that a marketer uses to supply information topeople about the product. Promotion is made up ofconcepts like: public relations, advertising, personal selling, viral and word-of-mouth, and sales promotion. Promotion is fundamentally how you get your product or service introduced to people.
Having a good grasp of the four Ps can help you become a better marketer. Once you have these four aspects in balance, you should see an increase in profits and sales. It really does not matter what your product it; the four Ps will help you to market it.
Author Bio
Nancy Parker was a professional nanny and she loves to write about wide range of subjects like health, Parenting, Child Care, Babysitting, nanny background check tips etc. You can reach her @ nancy.parker015 @ gmail.com
