4Ps of Marketing

The famous 4Ps of marketing are:

a) Product

b) Price

c) Place

d) Promotion

The 4Ps is a tool to understand and define the definition of Marketing, which is: Putting the right product, in the right place, at the right price and at the right time. This tool is also often interchangeably termed as the 'Marketing Mix'.

Marketing mix is a strategy which blends these variables together to produce the desired results in the target market.

Lets discuss each one is some detail:

a) Product: Understanding what kind of product your company is into is very very important and the foremost thing. Not only the product type but also quality, easy availability of spare parts in the market, after-sales service and good customer care service, both on-and-off site are important. Remember, if you don't focus on these soft skills, you might lose a repeated customer, if he gets disappointed with any after-sales service.

b) Price: Correct pricing is the most important fundamental for any business if it is into consumer segment and a highly competitive environment. You can see the importance of pricing when you visit your neighborhood supermarket store. This is also visible in television, mobile, furniture and even aviation industry. 

So, exactly how are you going to price your product and whether you will be able to achieve a balance between profitability and surviving competition is a crucial question.

c) Place: Third but a very important factor - Place. Apart from the geographical location, it is also what kind of distributor network you want to opt. Like retailers, wholesalers, directly through company-owned stores, franchisees or online?

d) Promotion: A good promotion is the last straw. The value of a great promotion is visible not only in consumer products but also in latest Lok Sabha elections in India 2014, when Bhartiya Janta Party (BJP) swiped the elections single-handedly just by great promotions by its leader and now Indian Prime Minister Narendra Modi. 

It will not be an exaggeration to state that in present market scenario, a company which doesn't believe in the power of marketing & promotion is a loser before it has even entered the mainstream competition.

Concentrating on these 4Ps of marketing is not only imperative from the business point of view but also from customer's view point. Similar to 4Ps, which mainly focuses on business view point, marketing professionals have come out with 4Cs which are:

a) Product as 'Customer's needs'

b) Price as 'Cost'

c) Place as 'Convenience to shop'

d) Promotion as 'Communication'

4Ps are not only limited to business and commerce. A famous Indian business magazine Business Today recently applied 4Ps to Brand Rahul Gandhi too in the way how is he able to connect with Indian citizens. So, clearly these 4Ps are not just restricted to commerce but has a wide scope if applied to various facets of life.

Stay tuned for other posts on business management. 

Regards,

Pragya Banerjee
MBA (Finance); 8 years of work experience
email:pragyasonal@gmail.com
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