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Understand the concept of 4P's of Marketing before you start writing your assignment
The concept of 4p's of marketing is to provide idea to implement the strategy effectively so as to increase consumers demand for the respective product. 4P's of marketing collectively accounts for the strategy that marketing managers adopt to evaluate the target market segment. It is the combination of the 4P's, which stands for Product, Price, Promotion and Place. Details of each parameter are given below:
- Product: The product is the most fundamental element to have if one wishes to start a business. Product generally refers to good and services which are offered by the company. When you avail any product, it is important that you first research on the requirement and likes of the customer. Marketers who are succeed in the marketing often end up studying the growth pace of the market. There are so many questions must include in the list like advantage and disadvantage of the manufactured product, a strategy that need to be adapted and many more. And these questions must be found out before marketing the product.
- Price: This is the amount of money that is paid by the customer to the seller that varies on the different distribution channel. Price plays a vital role as it determines the company's profit and hence, survival. Price Adjustment has a profound impact on the formulated marketing strategy, and on the basis of the price elasticity of the product it affects the demand and sales. Few of the Pricing techniques used by the organization to estimate the pricing of the goods and services are cost recovery pricing, penetration pricing and price skimming.
- Place: It is often referred to as the distribution channel as it actually is the channel through which the product is received by the consumer. Place is synonymous with distribution. Various strategies such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketer to complement the other aspects of the marketing mix.
- Promotion: Promotion is a very common thing which we see on TV, the Internet and Newspaper. Marketers adopt various communications means to communicate about the product, brand or organization to the consumers. The promotion has following four distinct elements.
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