Learn The 4 Ps Of Marketing Here
Your economics teacher held classes to teach you the Ps of marketing, but you skipped the classes. Somebody told you that the concept is important for every business, but you didn’t pay much attention. And now, when you want to start your business, you want the right know-how. No worries. Here are the 4Ps explained in a digestible manner for you to use the knowledge in your marketing operations. Read on.
The Concept Of 4Ps
No matter what your business is all about, every marketing strategy comprises 4 fundamental pillars- namely product, price, place, and promotion.
The concept may be seeming easy at first, but the theorem gets complicated when it comes to executing it in a practical setup. McCarthy was the man who coined the 4Ps, in his book, “Basic Marketing: A Managerial Approach” in 1960.
- First P: The Product
The first P stands for “Product”. The product is the commodity or service your company sells. It could be a shampoo or doughnuts or any other commodity that your company wants to sell. It could be a service too, like a spa therapy or a food delivery. What’s essential is to define what your company has to offer. Next, you need to understand as to how you can make your product stand out from the crowd. With competition being very stiff, you need to make your product appealing enough to attract the ideal customers. Deciding your product might be easy but deciding what’s unique about your product is difficult. Once you get to know what’s “oh so special” about your product, you are all set to begin.
- Second P: The Price
Simply said, price is the amount you charge for your product or services. It is tough to think about the right price for your product. Your price should be such that it not only magnetically attracts sales but also maximises profit.
In doing so, you may have to keep your prices low at first. This will not put your brand image down; instead, it will bring in maximum sales. Pro tip: If you are a latecomer in the market and there are many competitors already selling the same product, you would need to keep your prices lower than them. But if your product already stands supreme in quality, then you can go for supreme prices, too.
- Third P: The Place
The place is the actual location for your business. The proximity of your business to your customers can decide the destiny of your company. It would be best if you reached out to the place where your customers are. Research hard. Find your target group and sell your products there. If you deal in baby diapers, you should look for places where there are toddlers or expected parents. There would be no point setting that business near places where older age groups reside.
- Fourth P: The Promotion
Promotion is the last P in the 4Ps. Once you have all the three Ps in your favour, you head towards the promotion task. Promotion isn’t just getting your brand “known”. It is about driving sales and getting revenue. To ace the promotion game, you need to first find out and study about all the channels your target group uses for the information. Next, you need to determine the kind of messages that will drive the expected sales to your promotion. Once you do that, it is time to think about the ideal time period for your promotions. You wouldn’t want to sell air coolers in winters, right? Moreover, it is also wise to peep into what your competitors are up to. There is no harm in getting inspired!
Your instincts will give you a green signal once you are ready to promote your product. The product, price, place, and promotion of your business can determine its success. This is why your economics teacher paid so much focus on this topic!
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