4P's Of Marketing or Marketing Mix
4P'S of Marketing or Marketing Mix:
4p's of Marketing is Product, Price, Place, and Promotion. it is a tool used by marketers to market thier product. it is also known as Marketing Mix. it's a basic tool for Marketing over the years. lets understand All 4 p's in simple language.
A Product is a item that is built to satisfied the need of public. it can be tengible or intengible. before going into the market first you have to decide about your product, certain questions to be asked while choosing a particular product. that is segment of product? demand of product? profit margin of product? number of competior in the market? what feature must the product have? how product is differn from competitors if you get your answer appropriatly then you should go to the process of producing a particular product.
A Price is a value that you are offering to your customer for your product. price is the most important mix among all other markting mix as a prospective customer will first see your price and compare with your competitor price.
Pricing always help shape the perception of your product in consumers eyes.
3. Place or Distribution:
A place is a market where you want to sale your product in. its all about how your product is easlily accessible to your taget audience and potential customer. its include from which medium your product will reach to your customer. eg. Mall, retail shop, a wholsale shop, online store.
You can take exaple of Motorola Phones. what motorola is doing it sale its mobile device only in online store, where it does not required sales force, no physicle appearance of store.
A promotion can explain as to advertise your prodcut through different medium to get recognition among public. its a very handy mix that helps your product to sale quicker.
Promotion includes Advertising, Publc relations, Sales Promotion etc.
Over the Years 4p's of Marketing increased to 7P's Of Marketing Product, Price, Place, Promotion, People, Process, Physicle envirement