What is marketing 4ps
What is Marketing 4ps ? 4Ps is an acronym popularly used to represent your marketing options
.The options are price, product, promotion, and place.
They make up the key factors in marketing of a good and service.
The 4PS all work together and the order is of no consequence.They are also called the marketing Mix and together they represent a successful marketing strategy.
Experts have argued that amongst the 4ps Price arguably is the most important.
Place : Marketing 4ps
Place is the element of the marketing mix that ensures that the product is distributed conveniently. In contemporary marketing like digital marketing the innovation of E-Commerce and online sales is a great leverage to making convenient purchases.
A product refers to any item that intends to satisfy the needs and wants of a target customer. It can be a tangible good, such a clothing item or piece of software, or intangible, like a service or experience (think legal services or a cruise) and also downloadable products like software and E books.
Pricing strategy involves both market data and careful calculations, as well as skillfully balancing between pricing that is too high or too low.
Price not only refers to the monetary value of a product, but also the time or effort the customer is willing to expend to acquire it. supply, demand, and how much marketers should spend on a promotion or marketing strategy. This, in and of itself, is why this ‘P’ is one of the most important.
Generally price should be affordable to the buyer
Price therefore should be systematic bringing all the major factors together to avoid looses and have good profits.
Now, how to make an audience aware of the product?
Channels such as public relations, advertising, direct marketing, email marketing, social media marketing, or sales promotions are all ways to promote your products.
Promotion have become dynamic in this era as a result of the digital age. Marketers can now promote products easier, more effectively, than ever before, thus leading to greater outcomes and ever-increasing expectations.
Read also : Best marketing Channels