Marketing is a very essential part of a business. Its main focus is on anticipating the needs of the customers and providing them with the right solutions. It is a process through which the goods and services transform from a conceptual phase to real goods in the hands of the customers. Marketings include advertising, distribution, and selling.
Marketing Mix or the 4 Ps of marketing are the set of marketings tools businesses use to pursue their marketings objectives. It consists of four variables: product, price, promotion, and place. Let’s look closely at these variables.
Product
The good or service the business owner provides to its customers is the product. Product is the end result of a process that begins with an idea or a solution that solves the customer’s problem. When you develop a product aspect like design, packaging, quality, after sales service and customer service have to be paid a lot of attention. You need to be sure that the product and service you are offering would be useful to the customer.
Price
The amount of money that the customer’s pay for the product or service is the price. Pricing a product should be done after a lot of research and deliberation. Wrongly priced product would not be touched by the customers. Pricing affects profit margins, supply, demand and other marketing strategies. Similar products having different prices have to be positioned differently to justify the pricing.
Promotion
The act of communicating the benefits and value of your product and services is called promotion. It is a very important part of marketing. The consumers need to know about the product you are selling. You have to provide as much information as you can to your prospective customers through different channels.
You can use different methods of promotions. You can opt for advertising, direct marketing, sales promotion, public relations, social media marketing, email marketing, search engine marketing and personal selling tactics.
Place
You need to make sure your product reaches the customer. Where would you place it? Which location would be most convenient for your customers? Right product at the wrong place will not sell. You need to find your product right place too. Research and find out the ideal locations where your potential customers are found. Your product needs to be there. If the majority of your clients are online, the product needs to be online too.
This infographic template given below can be downloaded, customized and edited so that it has the right details about the 4 Ps of marketing. It is free and very easy to use. With the help of this infographic, the 4 Ps of marketing can be explained easily.
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