4 Ps of Marketing
In this article we will learn the 4 Ps of marketing to develop a
successful marketing strategy. They are illustrated below in detail.
Product
It is one of the critical decisions for marketers to launched
the right product. The main objective of the marketers to sell a product which
fulfill their target customer’s needs and wants. The product may be goods and
services. Goods are tangible which can be touched or seen, like mobile phones,
books, cars. Inversely, services are intangible like education, traveling,
hoteling. Every product has a life cycle
and to be successful it is vital for marketers to understand the life cycle of
a product and plan for the different stages of it. Furthermore, it is essential
for marketers to identify the potential customers of the product.
Most of the sales persons try to obtain feedback from their
regular customers in order to assess how the product perform. The product is
the crucial part of the marketing mix because without the product there would
be no place for marketing.
Price
Price is the amount of money paid for buying goods and services.
Price is determined according to demand and supply. Price of the product
greatly affects the entire marketing strategy, sales, demand and profit
margins. The price should be reasonable. It should not be very low that
producer incurs losses. Conversely, it should not be very high that consumers
cannot afford it. In addition, while determining the price for a product, it is
essential to examine the competitors pricing and price accordingly. It is also important to know the purchasing
power of the consumers while determining the price. There can be several other
types of pricing strategies they should also be considered.
Place
Place is another important part of marketing mix. Place refers
to the distribution channels of a product. Through channels of distribution
goods move from manufacturers to consumers. They include wholesalers,
retailers, brokers, agents and distributors. The channels of distribution can
be categorized as under:
1. Direct Channel
2. Indirect channel
Direct channel: In
this channel there is no middleman. The producers and consumers have direct
link as shown below.
Producer ----------> Consumer
Indirect channel: In
this channel there is one or more middlemen between producer and consumer as
shown below.
Producer ----------> Retailer ----------> Consumer
Producer ----------> Wholesaler ----------> Retailer
----------> Consumer
Producer ----------> Distributer ----------> Wholesaler
----------> Retailer ----------> Consumer
Promotion
Promotion is the method of communication by which information is
provided about product. The target group needs to be made aware of the product
through promotion. Promotion may be in the form of advertising, sales
promotion, public relations and personal selling.
Advertising: It is a
marketing strategy involving paying for space to promote a product or service.
Advertisers use every possible media to get reach the information about product
to consumers. Means of advertisement includes TV, radio, internet, newspapers,
magazines, posters, pamphlets and many more.
Sales Promotion: Sales
promotion refers to several communication activities that persuade a customer
to buy a product or service. To welcome, to thank, to congratulate or to show
sympathy for customers are the examples of sales promotion.
Public relations: Public
relation is all about maintaining good relationship with customers, consumers,
employees, shareholders, community members and other groups of the society in
order to establish good market image.
Personal selling: It
is a promotional method in which salesperson attempts to persuade a potential
customer to make a purchase. The objective of personal selling is to inform and
encourage the potential customer to buy or at least trial the product.
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