Marketing is all about promoting the correct product at the correct price and in the correct location.
– Product – Price – Place – Promotion
These 4Ps need to be kept in mind throughout the entire marketing process. They are,
The first step is to determine what product the company wants to sell that consumers will want to purchase.
The product is what the company is trying to sell to consumers.
– Design – Features – Brand Name – Product variety – Quality – Services – Packaging, returns, etc.
The product should be unique and different in terms of
There are many variables that come into play when deciding on the price of an item. The price depends on how much it costs to make the item as well as advertising costs, distribution costs, overhead costs, competitor pricing, etc. To put in simple words- It is the amount you are willing to give for a product.
The price is how much the company should charge for the product.
One, it informs the potential customers about your product and secondly, it persuades them to buy your product. The main elements of a promotion mix are: – Advertising – Personal selling – Public relations – Direct marketing – Publicity -social media, print, etc. – Sales promotion
It aims to serve two objectives.
The margin of your profit depends on how quickly you can turn over the goods. The more swiftly the products reach the customers, the more likely are the chances of satisfying the customers and their loyalty.
The physical distribution of the goods which deals with the transfer of ownership of the product from the manufacturer to the customer.
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