What are 4 P’s of Marketing?

What are 4 P’s of Marketing?

The 4 P’s of marketing is a model for enhancing the components of your “marketing mix” – how you take a new product or service to market. It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.

4 P’s of Marketing

4 p’s of Marketing is a tool for Marketing mix, It helps to understand what elements must be combined to meet their marketing goals and objectives. The 4 P’s of marketing include Product, Price, Place, and Promotion. These are the key elements that must be united to effectively foster and promote a brand’s unique value, and help it stand out from the competition. Jerome McCarthy first proposed the modern form of the 4 p’s in 1960. These elements have since provided a standard method to describing marketing programs for over 50 years.

4 p's of marketing

  1. Product: The first of the Four P’s of marketing is the product. A product can be either a tangible good or an intangible service that fulfills a need or want of customers/consumers. The product is an essential element of the marketing mix which is helpful to gain potential profits for the organization.
  2. Price: Price should play a vital role in the organization’s profits. Price may be defined for which amount the company going to offer their goods and services to the final consumer. There are several types of techniques and tools for determining to price for particular products or services.
  3. Promotion: It is all about the act of communicating the values and benefits of your products to your customers. It involves the use of different methods, such as direct marketing, sales promotion, advertising, and personal selling to persuade customers to your business.
  4. Place: Place refers to where a company or organization offers and sells its goods and products. The market where the product is sold is known as place. The markets should be convenient for the consumers to access. The distribution network for a product determines its availability in shops or outlets.