Four Ps of Marketing
December 16th, 2009
Below are some basic information in the four Ps of Marketing including explanation of what the four Ps of marketing are. The four Ps of Marketing is the basics of all marketing strategies.
What are four Ps of marketing?
The four Ps of Marketing refers to:
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Analysis of four Ps of marketing
The first P is Product
In the four Ps of marketing, product is the first of the four Ps. For a successful marketing campaign, the product is very important because without a good product or service, it is difficult to market and if the marketing campaign is successful, when someone tries the product, they will not stick around as a customer. A good business plan is critical to entice people to purchase your product or service.
The second P is Price
The price you set for your product and service is critical. As part of the four Ps of marketing plan, the right price can draw people to your product or service and the wrong price can drive people away permanently. Many people like discounts, however not all discounts are good pricing strategies. Pricing your product or service too law can lower the image of your company.
The third P is Place
In some industries, the third of the four Ps of marketing bear most importance. Hotels, for example, need much better locations than many other businesses. You often hear the saying “location, location, location”. Without the proper channel of distribution, even a good product will not sell.
The fourth P is Promotion
After you have a good product, a good price tag on it, and a good channel of distribution. how are you going to get the words out to potential customers? Promotion is key to get your business off the ground. There are many ways to advertise and market your products and services which we will discuss in another section.
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