4ps of Marketing mix means 4 different factors i.e. product, price, place, and promotion. As all of these starts with a ‘P’, that’s why they are called 4ps of Marketing Mix. There might be several occasions where your business needs to focus on these 4ps.
Current day practices have changed the world of marketing. Nowadays, before launching a product, business analyze:
- What is the customer needs?
- Why should a customer buy my products or services?
- How different or unique I am, as compared to my competitors?
What is the marketing mix?
Well, the marketing mix is a set of tools or factors that the business can use to outperform its competitors by attracting the customer to purchase its product/service.
The 4ps of Marketing Mix
4Ps of marketing mix refers to:
- Place, and
It means the design features of the product. It also means the quality of the product.
It might include other features such as timely and reliable delivery.
After sales services and warranties are some other factors that might affect the product.
In case of services, technical skills, competencies and inter-personal skills matters a lot.
Price refers to the price of the product/services.
This factor of the marketing mix is appealing to most of the customers.
Some customers only buy products when they are cheap or a discount is offered, whilst others may prefer the product’s quality (such customers are indifferent towards the price).
Place refers to the way in which customer obtains a product or services.
In other words, it means “Channels or modes of distribution”. Channels of distribution might be delivered to customer’s premises, delivery of a service through the internet. Some products are bought from supermarkets and stores etc.
Promotion refers to the style in which a product or service is marketed or advertised.
Current day promotion is through print media, electronic media, and digital marketing I.e. through the internet.
Promotion also refers to direct sales by your sales team.
In today’s world, an annual budget is allotted for marketing and promotion.
Is there anything else confusing you? if yes, just comment down, Sacred Accounting will get back to you with an explanation ASAP.
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