In this blog, we will find out the 4 Ps of marketing
The 4 Ps of marketing is the basic tools used to create a successful marketing plan for a product or service. They were first introduced by E. Jerome McCarthy in the 1960s. (Twin, 2023)
These 4 Ps are:
Product- This means the thing a company sells, either a physical item or a service. Marketers need to understand in features, benefits, and what makes it unique to meet the consumer's needs and wants.(Twin, 2023)
Price- This is how much consumers are willing to pay for the product or service. Deciding on the right price is essential because it affects sales, revenue, and profit. Consumers mostly looking for the best price and best offer.(Twin, 2023)
Place (distribution) - This focuses on how the product or service reaches consumers. It involves decisions about how to distribute, deliver, and manage the inventory. Marketers make sure the product is available in the right places and at the right times to make it convenient and accessible for consumers.(Twin, 2023)
Promotions- Promotion means the activities used to tell people about the product or service and persuade them to buy it. This includes advertising, public relations, sales promotions, personal selling, and online marketing efforts.(Twin, 2023)
Referrals:
Dimova, P. (2023) Do you remember the marketing mix?, Klood. Available at: https://www.klood.com/blog/inbound/do-you-remember-the-marketing-mix (Accessed: 02 August 2023).
Twin, A. (2023) The 4 PS of Marketing and how to use them in your strategy, Investopedia. Available at: https://www.investopedia.com/terms/f/four-ps.asp (Accessed: 02 August 2023).
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