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4 P’s of marketing

The 4 P’s of marketing are Product, Price, Promotion and Place. The 4 P’s are essentially studied to understand product development, product distribution, product reach through the various available mediums and finally the product’s pricing. The pricing is dependent on the other 3 factors: product, promotion and place.

The 4 P’s revolve around the product. Let us understand this in further detail:

·         Product: The product features, benefits, and characteristics such as color, size, performance and brand are all important to know - ‘how the product is designed?’ and it’s utility as well. These details are essential to keep up with the competition and also for research and development activities.

·         Price: The price of the product is as important as any of the other P’s in marketing. Price is based on both external and internal factors. The external factors are the supply and demand of the product and internal factors are the product characteristics, distribution and other considerations.

·         Promotion: Promoting the product requires the producer to highlight the unique selling proposition. In some markets the price itself can be a benefit because the product is more or less standard whereas in other markets there could be many features on which the products can be distinguished. In addition, there are other factors such as product performance and overall quality of the product in comparison with the competitor’s product.

·         Place: There are various ways in which the product can be distributed in the market and the distribution method can be direct sales, small retailers and big retailers in the shopping mall among others. The product place depends on the promotion effort and also on the costing and budgeting factors.

 

Hence, it can be observed that each of the 4 P’s: product, place, price and promotion are equally important. All of the 4 P’s should be approached with the same level of focus and only then the 4 P’s will work successfully. .

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