Oh, My God! So there is a 4 Ps in Marketing?

Are you new to marketing? Are you aware of marketing basics for beginners? Have you heard of the 4 Ps of marketing? What are the four principles of marketing?  What relevance is these 4 Ps to your business? Never mind if you are not aware of it, Fynemarket brings to your knowledge the 4 Ps of Marketing.

The nitty-gritty of the 4 Ps of marketing is marketing the right product, with the right price, at the right place and through right promotional activities.

Marketing is all about promoting a product that is needed by the users, at a certain price, marketing it at a right place and promoting it the correct way where users who need your services get to know about your business service/product.

 The marketing mix is predominantly associated with the four Ps of marketing.

Here are the 4 ps of marketing and their precise meaning:

Product

The first P of marketing represents the product. Anything ranging from a tangible good or intangible goods can be referred to as a product. No matter what the nature of your business, it is mandatory that you have a clear vision of what would be the product range that you want to sell.

In doing this, you have to analyze the market to know if at all there is a need for your product in the market. If at any time a doubt arises that the product will not be in demand, don’t go ahead. Review and research your products range and then launch.

To be sure that the product which you are using is perfect for the users, find an answer to these questions. How does the product make your users' life easy? Does it address a problem that your users face? Does it fix the pain points of your users?

Price

Once you are clear that your product will add value to your users, you need to fix a price for it too. Pricing your product appropriately is somehow the most important for both the business as well as for the customers. Because in the end, it is all about the profit that you have made with your product. But it is also about the amount of money a customer is willing to spend on your product or service.

Do a little research and see what price your competitors offer for products or services similar to yours. This will help you to know how your product will be perceived in the market. And you can review the price and change it as per the trend in the market. If you think a slight decrease in the pricing may mean more customers or vice versa you may go ahead.

Place

Having developed a good product only will not guarantee success. The products also need to be distributed the right way. This is for the users in need of your product to know about it. Whether you sell your services physically, online or both, you must figure out the most suitable marketplace for your business.

This requires a deep understanding of your target audience. You should know where your potential users usually spend time.

Promotion

Having created the product, price fixed and the place or distribution of the product identified. Next in line is the product promotion. Promotion is simply the creation of awareness about the product and services to the general public or the target market.

 Having a good product is not enough reason for you not to promote your product and having a price that is acceptable to the users is also not enough for you not to promote your product. In promoting the product you need to make sure that you use the right medium and the right message to promote your business.

Many mediums are available for promotion, it could be through promotional emails or newsletter or on social media channels.

 Please bear in mind that the success of a business is determined by arrays of factors. But, the main factors that determine the success of a business are the way it is being advertised. To simply put advertising is the sole of a business. So once you have all the marketing mix ready, test once before giving a final go ahead.

You need to ask yourself if the product fulfils the needs of the consumers? Is the product pricing favourable and fair to all concerned? And how easily will they find the product? 

Is your marketing campaign/advertising perceived the same way you want it? If not, then maybe this is the reason that you are unable to market your business well. Once these questions have been answered satisfactorily, then you have a good marketing campaign already.

Better to say that you now know what marketing is all about. Don’t be in a haste to put into practice what has been learnt here but first asked yourself if you are marketing your business in a right way? If not why not get in touch with us for all your business need.

Contact us at fynemarket@gmail.com