2. What is the
four Ps of
Marketing?
Product
Place
Price
Promotion
We will go
through each
one in detail
going forward.
3. Product
A product is something a can physical or a service
to help solve a problem or need.
Example of a physical product is I could sell an
energy drink that helps you exercise longer on
your workouts.
Example of service is you are trying to get in
shape, but you don’t know where to start? I could
provide you with fitness coaching to help you
reach your fitness goals.
4. Product Continued
We should make the product precise something human beings want or use.
We need to ask those questions approximately our product.
What`s the most important hassle I can solve? This will produce a concept
of what your product wishes to do.
How are we able to make our product better? This is high-quality in case
you have already got a product up as you'll get actual feedback.
This Photo by Unknown Author is licensed under CC BY-SA-NC
5. Price
Price is simple, it refers to how a
whole lot you rate in your product (or
service).
Although it`s easy to understand, it`s
honestly tough to provide you with
the “right” price. The one which
doesn`t simply pressure the maximum
quantity of income but additionally
drives the maximum profit (Patel).
This Photo by Unknown Author is licensed under CC BY-SA
6. Price continued
Here are some questions you should ask yourself?
What will be the lowest charge you're inclined
to promote your product?
What will be the maximum fee that purchasers
might be inclined to pay?
What expenses do cutting-edge leaders on
your area of interest charge?
How does your rate examine the competition?
The real question is, how do you want to be
perceived?
This Photo by Unknown Author is licensed under CC BY-SA
7. Place
“Place” is any other phrase for location.
As they say in marketing, it’s all about location,
location, location (Patel).
You ought to choose a region wherein your clients
are. Don`t anticipate them to return to you, you
ought to visit them.
Location indicates the availability of a product to
potential customers. Choosing a retailer like
Amazon can increase your reach when you're trying
to make your brand stand out, but limiting your
reach can lead to scarcity, as in the extreme case of
diamonds, where scarcity is controlled, and prices
rise.
This Photo by Unknown Author is licensed under CC BY-SA
8. Place Continued
A key element is understanding your target
audience, which helps marketers position their
products in the channels most accessible to potential
buyers(Kareh).
This "P" is currently developed with the advent of e-
commerce. Deciding whether or now no longer to
promote a product on an internet site ought to
considerably influence your dating with distributors.
Placing a product on Amazon is a wonderful manner
to advantage focus towards a product, and it can
additionally act as a device to make certain credibility
because of depended on reviews(Kareh).
This Photo by Unknown Author is licensed under CC BY-NC-ND
9. Promotion
Promotion is the maximum visible "P,"
because it consists of advertising, income
promotions, and PR efforts. Though expertise
in your incorporated advertising
communications (IMC) and your location
withinside the advertising funnel is extra
relevant than ever, media has evolved, and it`s
essential to contain the perspectives of
people who are maximum acquainted with
the brand-new media mix (Kareh).
Dr. Kevin Kelly, a colleague of mine and
professor at BYU, stated: “Intersecting with
the consumer where they live, on their
devices, and capturing their attention with
meaningful and motivating content has
changed the way we approach
promotions(Kareh).
This Photo by Unknown Author is licensed under CC BY-SA
10. Promotion continued
Students understand this even better than I do
because they are digital natives. So, when I ask
my students in our student-run advertising lab
to look to platforms like Instagram, Facebook,
and Twitter to solve our clients’ advertising
challenges, they instinctively know what to
do(Kareh).”
In addition to these traditional elements, new
developments in the marketplace have added
two vital layers for marketers to integrate into
the marketing mix: process and people(Kareh).
This Photo by Unknown Author is licensed under CC BY-SA
11. Work cited
page
Kareh, Ahmad. “Council Post: Evolution of the Four
Ps: Revisiting the Marketing Mix.” Forbes, Forbes
Magazine, 10 Dec. 2021,
www.forbes.com/sites/forbesagencycouncil/2018/01
/03/evolution-of-the-four-ps-revisiting-the-
marketing-mix/?sh=70de2e351120.
Patel, Neil. “The 4 PS of Marketing: A Step-by-Step
Guide (with Examples).” Neil Patel, 12 Sept. 2021,
neilpatel.com/blog/4-ps-of-marketing/.
