4 P of Marketing Strategy

4 P of Marketing Strategy

 

4 P of Marketing Strategy

4 P of Marketing Strategy

4 P of Marketing are: Product, Price, Place and Promotion.

PRODUCT

Product refers to an article or substance that is manufactured or refined by humans for sale. Product is categorized into many sectors. The demand and supply chain is completely dependent upon the rate of the production. It is very important for entrepreneurs to identify the correct variety and quantity of a certain product. Through proper justification and management PRODUCTs must be selected in order to climb the ladder of success.

Price is an essential component for any business. An entrepreneur must put a valid and competitive price to attract variety of customers. The price is basically verified by government services before it can be tagged on to the goods. Depending upon the Product, a competitive price must be selected so that the customers can easily purchase from the respected company. When a certain product’s price increases without any proper concern, the company may face loss and thus may have to close down the complete production. It is often seen many discounts are offered on the price to attract the customers.

PLACE

A PLACE is defined as a position/space where the company sells their goods. It is where the customers will find their desired product easily with accessible transportation ways. For a product to be displayed at a place, workers are employed so that they can advertise the certain product to the respective buyers. A company must have sufficient fund for a proper place selection which should have easy transportation ways so that buyers can reach the place with ease.

Promotion

Promotion is the key to success. It completely depends on promotion how many of our products are going to be sold. Promotion is the wheel of any business. To establish a good promotion agenda often incentives are given to attract buyers. Innovative ideas require promotion as well to perform better in the competitive market. Promotion can be done in many ways such as leaflets, brochures, magazine, books, and billboard and with the help of digital media.

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