The 4 Ps of Marketing: Product, Price, Place, Promotion which all Marketers and Business Owners must have an idea about.
If you have a little knowledge about digital marketing then you must have heard about 4 Ps of Marketing.
Many people may think that this is for big companies, but no, it is very important for all kinds of small and big businesses to know and implement this.
So first let's know what are 4 Ps of Marketing?
Jerome McCarthy, an American marketing professor and author, introduced the first 4 Ps of Marketing in 1970 in his book Basic Marketing: A Managerial Approach.
4 Ps of Marketing is also known as Marketing Mix.
Marketing Mix or 4 Ps of Marketing is the activity and strategy that a company will adopt to promote its brand or product.
The 4 Ps of Marketing Concept is the summary or main pillar of any Marketing Strategy.
The 4 P of marketing is:
1. Product
2. Price
3. Place
4. Promotion
2. Price
3. Place
4. Promotion
Although it sounds easy to hear, it is very difficult to implement. Those who can do these things in the right way get success in business.
We will learn more about these in the next part of the post.
The First “P” of Marketing: Product
Product does not only mean physical product but also.
A product is what a company sells. It could be a physical product, such as a T-shirt, it could be a service such as AC Repairing Service, it could be a digital product such as Software or Apps, it could be a Consulting Service such as Legal Advice Service.
As a marketer it is very important to have a clear idea about your product.
If you don't know what your product is meeting the needs of the people, what the customer is lacking, why they will buy your product, how your product is different and better than other competitors, then you will not be able to market that product, you will not be able to survive in the market.
Before you decide whether to work with a product or not, you need to know the answers to some of your questions.
What does the customer expect from your product? What kind of needs will this product meet? This means what kind of problem you will solve for the customer through your product.
You made the best product in the world but it turned out that it did not meet the needs of the people, so why would they buy your product?
Is there anything in your product that will set you apart from other competitors in the market? What makes you better than others so that they will buy yours instead of others?
How to make your product better which your customer expects and which will make your product unique from other products in the market.
Long How is the Long Term Potential of your product? You will not work with a product that people will use for a few days, not after a few years. Work with a product that you think people will need and demand for many years to come.
