The four P’s of Marketing
The favourite most topic of all business studies teachers when it comes to marketing is the four P’s of marketing. This is perhaps because not only is this an important topic that holds much relevance in real life, but also because the topic is an interesting one.
You will be often asked to make assignments on and explain the four P’s of marketing while pursuing a degree course in this field. Read on to find out the key features of all of these aspects, and brush up your knowledge.
The four P’s of Marketing
Product First and foremost, you need to decide the product or service that you will be offering to the customers in the market. This would require you to give a thought to the kind of product that would entice customers, and fascinate them enough to provoke them to buy it. When mentioning price in a marketing assignment, make sure that you include the following points: The company should consider the needs of the customer, and their expectations from the specific product.
It is important to evaluate whether the product would be able to satisfy all the needs of the customer, and what all features does the product possess. It is also essential to know how and where the customer can use the product. Knowing the size and colour of the product is also important. While talking about your own product, compare it to the other options that competitors offer, and find out how your product is different and better.
Place Knowing the best place where you can sell your product is crucial. This will help you to reach the needy customers in the most effective way, and thus increase your sales. Find out where the customer is probably going to look for the product. Will it be in a supermarket, a special shop or online? Once this has been evaluated, go on to think about the best possible channel of distribution for your product. Also know about the strategy of the competitors, and learn from them to boost your own business.
Price Price means the amount that the customer will pay to obtain that particular product, or avail a specific service. While deciding the price of a product, the following needs to be kept in mind: Find out whether the customers will even be able to afford your product, or is the price range too high. It is important to consider if you can gain good profits by decreasing the price, or whether sticking to the normal price would be a better option.
Comparing your product price with the competitors is a must in order to determine the price of your own good/service. Also try and evaluate how offering discounts and other offers affect the sales of your products.
Promotion is important not only to introduce a new product into the market, but also to ensure that existing products are not forgotten. While writing this section in your MBA assignment or your marketing assignment, you should make sure that you know the ideal way to promote the product. This could be the TV or radio advertising, billboards or the internet.
You should also give a thought to the best time to promote the product. If you are offering a seasonal product, then undertake promotion a few months before the onset of that season, and so on. Try and evaluate the promotional strategy that your competitors are employing.
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The four P’s of Marketing
The four P’s of Marketing
The four P’s of Marketing