The four Ps of marketing are the key factors that are involved in the marketing of a good or service. They are the product , price, place, and promotion of a good or service.
The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product. It is known as a ” mix ” because each ingredient affects the other and the mix must overall be suitable to the target customer.
Marketers can do all the promotion and advertising they want, but if the product isn’t remarkable and does not satisfy a need or a want in a unique way, then as consumers we will mentally ignore it. Without a product , you cannot implement any one of the other three elements of the marketing mix .
Price is important to marketers because it represents marketers ‘ assessment of the value customers see in the product or service and are willing to pay for a product or service. Both a price that is too high and one that is too low can limit growth. The wrong price can also negatively influence sales and cash flow.
The product is the most important element of the marketing mix . Developing a total marketing programme involve the marketing manager arming himself with the 4p’s of the marketing mix , i.e. product , place (distribution), pricing, and promotion . The aim of the product is to satisfy the need and desire of the customer.
What are the 4 P’s of marketing? Also called the Marketing Mix , the 4 P’s of marketing (place, price, product, and promotion) are the four pillars of a successful marketing strategy. Together , they get your product in front of the likeliest purchasers at the right price.
The marketing mix is a tool for considering the different elements that go into promoting a brand and its products. It offers broad guidelines for putting the right products in the right place, at the right time and price.
The research shows the importance of marketing mix and how can marketing mix such as product, price, place, promotion influence consumer behaviour . By detailed analyses it can be proven that consumers react positively to the promotion and price factor. The good packing and bright colours sell the product more easily.
3) Promotions – The major factor due to which marketing mix affects pricing decisions is promotions. This is because promotions directly contribute to the positioning of the brand in the consumers mind. Thus, promotions and product combine can also affect the marketing mix price decisions .
Pricing in the marketing mix Pricing is the only revenue-generating element in the marketing mix (the other three elements are cost centres—that is, they add to a company’s cost ). Pricing is strongly linked to the business model. The business model is a conceptual representation of the company’s revenue streams.
Some of the more common pricing objectives are: maximize long-run profit . maximize short-run profit . increase sales volume (quantity) increase monetary sales. increase market share . obtain a target rate of return on investment (ROI) obtain a target rate of return on sales.