Marketing is an ongoing process that involves exploring the needs of the market and selling a product or service. This may involve creating a marketing plan, including defining your target audience, choosing a method of promotion, and designing a product to attract buyers.
The four P’s of marketing are the basis of every successful marketing strategy. Each of these P’s relates to the other two, and a combination of them can maximize results while using minimal resources.
The first P is the product. A product is a tangible or intangible object that solves a customer’s need. A good example is Apple’s iPhone, which addressed an unmet need for consumers. It was marketed to simplify life.
The second P is the place. The place can be the physical location where the product is sold, or a website. A product can be a physical entity like an iPod, or a digital one such as an app or game. A product can also be the idea of a business. Some companies sell online only. In addition to the place, a product’s price, features, and distribution affect the buyer’s decision to purchase. A firm may choose to create a strategic alliance with another company in order to better serve a variety of customers.
The third P is the promotion. The promotion is the information the public receives about the product or service. This information can include advertisements, press releases, and social media posts. A successful promotion campaign can generate leads, initiate actual purchases, or create an emotional bond with consumers. A great marketing campaign is not just a single marketing event. The marketing process is a series of events that must be coordinated and executed to achieve your desired result.
The fourth P is the price. The price of a product reflects the amount of money that must be paid to acquire a given quantity of goods or services. A firm may decide to sell its product for a higher price than competitors to entice customers. However, the price should also meet the needs of the consumer and the business’s goals. If the price is too high, it will discourage the targeted audience from purchasing the product. If the price is too low, it will cause concern about the quality of the product and diminish profit margins.
A firm can choose to use an unconventional strategy to influence the consumer’s choice for its brand. It might include social media marketing, influencer marketing, or email marketing. These strategies are usually used to amplify the impact of a brand’s message and increase its popularity.
A company can also utilize its web site to improve its relationship with its consumers. By collecting data on its customers, a firm can better tailor its products and services to meet customer demands. For example, if an athletic shoe is being marketed to athletes in the 20s to 30s, the company should sell it in specialty athletic stores. It can also use the internet to promote its products to younger generations.
