You’ll sometimes hear business people talk about the 4 Ps,
or the marketing mix. These 4 Ps are: Price, Place, Promotion and Product.
Let’s look at each of these in a bit more detail.
The Right Product
The product has to have the right features and benefits to
appeal to the customer and meet their needs. If there simply isn’t a desire for
that product then the best marketing in the world isn’t going to sell it.
The Right Price
The price needs to be right from two points of view – the
customer’s and the seller’s. From the customer’s point of view, the price has
to be low enough to be affordable, but not so low it gives the impression of
poor quality. The seller has to choose a price that will attain the optimum
balance between sales volume and profit margin.
The Right Place
Products have to be in the right place at the right time. A
good example of this is umbrellas when it’s raining and ice creams when it’s
very hot. If the product isn’t there when the customer feels the need for it,
it won’t get sold.
The Right Promotion
You could have the best product at a great price, and be in
the right place, but promotion is still necessary to give that final edge over
the competition and drive enough sales to make a product profitable. Promotion
can take many forms and will usually have a multi-pronged approach.
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