When marketers decide on strategies for selling products they analyze the 4 Ps of marketing which represents Product, Place, Price and Promotion. Product is what companies sell. This includes fast-moving consumer goods, domestic appliances, electronics and gadgets, cars, etc. Most products require branding and great customer support. While producers are trying to offer wider range, better quality or innovations, sellers concentrate on choosing the best place for their shops or offering loyalty cards and discounts. Price is how much the product costs. A balance between price and quality is called value for money. Low quality goods are often sold at high prices whereas good quality products are offered at affordable prices during sales. Famous companies often skim the market when launching new products. Promotion is how to inform customers about products. It can be TV commercials, billboards, leaflets, or celebrity endorsement depending on the target audience. Promotion emphasizes unique selling points of a product. Place is where companies sell products. Supermarket chains, shopping malls or websites should be convenient and easy to access. Delivery is a great plus. The 4Ps helps to identify the crucial factors for selling products as well as create a competitive edge over rivals.
The 4 Ps of marketing
What do consumers want from your product or service? How does your product meet those needs? Where do potential buyers look for your particular product or service? We hope this quick overview of the 4 Ps of marketing will provide some answers and help you put the right product in the right place, at the right price, at the right time.
Voiced by:Ann Merrill