4Ps are the key points to rule Marketing of any products:
- Product:
The whole product concept of marketing deals with 4 Ps, and primarily it begins with the goods or services. The product element consists of the product concept and design, innovation, branding, packaging, and labeling.
- Pricing:
It is the essential factor of any product’s potentiality of marketing. The intrinsic process of setting a price depends on many factors, and the product launcher has to take care of risk factors for coming in the decision of price. The price is not only monetary, and it is the exchange value of the product or services. Time, energy consumers put into acquiring a product or service. The price is the value that a consumer pays for work at a given time. Price differs from time to time changes of demand according to consumers’ own or state or countries or maybe global political circumstances.
It depends on the logistic channel working to reach the end customer and how many operational channels exist like a distributor, dealer, C&F, and retail corner and ultimately advance to the end customer.
- Place:
This third P refers to Place or Placement, talking to the channel or funnels where a product or service has sold finally.
- Promotion:
Promotion or advertising is to refer to sales promotion, trade shows or exhibitions, etc. This fourth P is focused on broadcasting messages to the consumers and keep customer interacting and can get feedback.
The four Cs of Marketing:
C also has a pivotal role in Marketing.
Regarding environmental and technological changes in marketing and criticisms towards the 4Ps approach, the 4Cs have emerged as a modern marketing mix model.
Outline
Consumer
The consumer implies to the person or group that will acquire the product.
Cost
Cost refers to what is getting in return for the product in terms of monetary value. Cost involves the expenses of labor wages to manufacture product transportation and commissions given to tier of channels,
Convenience:-
The closeness of the retail selling point or proximity from the manufacturing point and how transitive is that point is what defines convenience.
Communication:-
Unlike promotion, communication refers to the one-way transmission of advertising and the two-way communication available through social media.
Environment:-
“Marketing Environment” may be external, internal, indirect, or direct factors that influence an organization’s decision-making/planning.
Research:
Marketing research is a process of analyzing data research to support marketing activities and the statistical interpretation of data into information.
- The stages of research include:
- Define the problem
- Plan research
- Research
- Interpret data
- Implement findings
Segmentation:-
- Market segmentation is defined as STP, meaning Segment, Target, and Position.
- Initial splitting up of consumers into persons of like needs/wants/tastes. Commonly used criteria include:
- Geographic (such as a country, region, city, town)
- Psychographic (e.g., personality traits or lifestyle traits which influence consumer behavior)
- Demographic (e.g., age, gender, socio-economic class, education)
- Gender
- Income
Promotional Mix:
The promotional mix design program how a company will market its product. It has five tools: personal selling, public relations, salesperson, and social media.
