The 4 Ps of Marketing
Marketing is the way businesses show customers why they should use their product or service over those of competitors. The way a business markets their product can be the difference between a great selling point and a complete flop. There are several steps to building a competitive and alluring marketing technique, from brainstorming what a business product or service is going to be, to selling that product or service.
These stages are known as the marketing mix, or the four Ps of marketing:
- Product: Refers to the actual product or service itself. While creating a product, businesses need to take into consideration how the product is going to fill a need of the consumer and how it will stand out to other similar products.
- Price: The actual cost of the product to the consumer. This not only includes the price tag for the product, but also any other trade-offs the customer would have to make in order to acquire the product (such as time). The price should reflect the value of the product as well as the actual cost of making the product.
- Promotion: The way most people are faced with marketing. However, it is only one of the steps in the marketing process. It is what businesses show customers in order to create an interest in the product. Since people are different, promotions must be targeted to specific audiences.
- Place: How and where products are going to be sold. This is a very important stage of marketing since it can have an impact on the Price and Promotion of the product.
The four Ps of Marketing (Marketing Mix) have been recognized as important tools in the development of a business. The proper use of them can lead to the success of a product or service.