Marketing and its 4Ps
Marketing: is the process of communicating the value of a product or services to customer, For The purpose of selling that product or service. Marketing is the link between the society’s material and its economic patterns. Marketing fulfill the needs and wants through exchange process.
There are five challenging concepts under which organizations can choose to operate their business. There are following concepts like production concept, product concept, selling concept, marketing concept, and the holistic marketing concept The four components of holistic marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing. There are four major concepts which are discussing in marketing. Which are commonly known as 4p’s, these are discussing as follow;
These are discussing as follow;
Product/Service: First of all what does the customer want from the product/service? What needs does it satisfy? A product is seen as an item that satisfies a consumer’s demands. The important thing is that when you are offering the menu to the customer is that they have a choice.
For Example: Therefore, P&G places considerable stress on developing a Product range which consumer need. However the customer’s choices change overtime. What is fashionable and attractive today may be obsolete tomorrow. Marketing continuously monitors customers’ needs.
Price: When setting a price, the marketer must be kwon about the customer become aware the value for the product. Because customers draw a picture in their own mind of what a product is worth. It is important when deciding the price to be fully aware of the brand and its quality. Price may be set in two different ways ‘
Promotions: Promotion tactics are used to attract the customer’s in order to boost up the sale of the product and maximize profit of company. Advertising used as tool of promotion tactics. Advertising can be conduct using different channels like TV, radio, cinema, online, poster sites and in the press (newspapers, magazines). Other promotional methods include bundle sale, buy one get one free, discount, gifts, lottery, seminars, loyalty schemes, demonstrations, etc.
Place: Market place defines to whom you target the product. The marketer should consider the place according to their product specialty. Different product and pricing policy is design for different place, according to their geographical condition and standard of living of people. Marketer places their product in a way which is convenient to their customer in accessing.