The 4 P's

What is the 4 P's?            

The 4 P's (also called the Marketing Mix) is basically a marketing strategy used by business, it helps in successfully marketing a product.

What do the 4 P's consist of?

1. Price
2. Promotion
3. Place
4. Product

Price:
          Price is a very important factor to consider when marketing a product. You need to effectively understand what the customers are willing to pay for your product. To be very frank pricing is a very vast topic, you can use tons of different pricing strategy to price your product, for instance for launching a new product you might you 'Price Skimming' or 'Penetration Pricing'.

To set a price you need to consider almost everything, from the economic conditions of the country to the consumers salary and other more things as well. (I will shortly come up with a detailed article on pricing)

Promotion:
            In today's era promotion plays a vital role in the business development and profits, let assume for a minute that you manufacture some quality T Shirt, and you are sure that you are going to earn a lot of money by selling these. But just hold on a second there, how are the people going to know that you are selling good quality T shirt? How will they know where to buy it from? how will they know about its price?. The simple answer is 'Promotion'. Advertising is promotion, and i am sure you will be well aware of what a major role advertising plays. Therefore is you promote you product successfully in turn earning good amount of revenue, who knows you might just end up with an expensive BMW.  

Place:
         Place is where the customers can come to buy your product, remember proper placing can attract a good number of people .e.g having you retail shop in the center of the city or on the other hand having it at the far end of the city, which would you prefer?

Product:
         An organization before producing a product must think about what the consumers want? What are their need?. Remember a good product will always sell successfully. If you give the consumers what they what, than why wont your product be successful on the market. Your products characteristics must always match the consumers needs.