4 P’s of Marketing
4 p’s of Marketing is a tool for Marketing mix, It helps to understand what elements must be combined in order to meet their marketing goals and objectives. The 4 P’s of marketing include Product, Price, Place, and Promotion. These are the key elements that must be united to effectively foster and promote a brand’s unique value, and help it stand out from the competition.
Jerome McCarthy first proposed the modern form of the 4 P’s in 1960. These elements have since provided a standard method to describing marketing programs for over 50 years.
The first of the Four P’s of marketing is product. A product can be either a tangible good or an intangible service that fulfills a need or want of customer/consumers. The product is a essential element of marketing mix which is helpful to gain potential profits of organization.
Price should play vital role on the organizations profits. Price may be defined for which amount company gong to offer their goods and services to final consumer. There are several types of techniques and tools for determining pricing for particular product or services.
It is all about the act of communicating the values and benefits of your products to your customers. It involves the use of different methods, such as direct marketing, sales promotion, advertising, and personal selling to persuade customers to your business.
Place refers to where company or organization offering and sale their goods and products. The market where the product is sold is known as place. The markets should be convenient for the consumers to access. Distribution network for a product determines its availability in shops or outlets.