The 4 P's of Marketing Marketing decisions generally fall into the following four controllable categories: Borden published his article, The Concept of the Marketing Mix.
These four components help determine a clear and effective strategy to bring a product to market. Each element is crucial in its own right and needs to be given due focus.
A product is an item that satisfies a need or a desire. This can be a physical item, a service or a virtual offering.
It is produced at a cost and is subsequently made available to the right audience at a price. Whatever the nature of the product, it will follow a lifecycle and through reasonable predictions of this lifecycle, a company can increase its competitive edge.
A brand can be revamped or re-launched to remain relevant in a changing market or at the end of its lifecycle. A successful product has to fulfill a specific need in the market. Functionally, it must be able to perform its function as promised.
There also needs to be clear communication to users and potential customers regarding its benefits and features. Branding is another important feature for a product. Developing a product into a brand helps foster customer loyalty and recall and differentiate itself in the market.
Features and Value creation Every product should have certain characteristics that separate it from its competitors. When a product is envisioned, it is an answer to an identified market need. This need is translated into a product with particular characteristics. These characteristics help determine all subsequent actions such as pricing, communication strategy and additional features or add-ons.
For this reason, it is vital to try to create a unique set of characteristics for any product. Unique Selling Proposition A factor that is shown to be the basis of why one product is better than its competitors is called a unique selling proposition or a USP.
There are very few products that have no clear competition in the market. Most often, there are identical products with almost the same features. In this situation, differentiation becomes of the utmost importance for the success of any product.
The company needs not only to identify an USP, but also to clearly communicate this to the potential audience so that it is understood why the product is superior to other similar ones.
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These are items with an actual physical presence such as a car, an electronic device, and an item of clothing or a consumer good. These are items that has no physical presence but can be felt indirectly. An insurance policy is an example of this. Online items such as software, applications or even music and video files are also intangible products.
Services are also intangible products but they are the result of an economic activity that does not result in ownership. It is a process that creates benefits for customers.Learn how to use the marketing mix (often called the 4Ps of Marketing) to get the right combination of place, price, product, and promotion in your business.
The marketing mix (also known as the 4 Ps) is a foundation model in marketing. The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target". Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place.
Price: Price of the product or service is another important part of the marking mix. Price is defined as “what a buyer must give up to obtain a product” (Hair, Lamb, & McDaniel, , p. 9). Price is the quickest and most flexible element to change in the marketing srmvision.com://srmvision.com · Sanitation marketing applies the marketing mix, or Four Ps, which forms the core of any social marketing program: place, price, product, and srmvision.com the context of sanitation marketing, place—or distribution—refers to where a product or service is sold or obtained, and how it is srmvision.com://srmvision.com The marketing mix is also called the 4Ps and the 7Ps.
The 4Ps are price, place, product and promotion. The services marketing mix is also called the 7Ps and includes the addition of process, people and physical evidence. The marketing mix is The set of controllable tactical marketing tools – product, price, place, and promotion – that srmvision.com · As the terms product, price, place and promotion also start with the letter ‘P’ in many languages, the marketing mix (4P ‘s) are known all over the world and they are therefore a much-used marketingmix srmvision.com://srmvision.com