Question

Dicuss the basic elements of marketing concept. Which businesses in your area use this philosophy?

Answer 1

There are four Ps which are considered as basic elements of marketing concept:

- PRODUCT: This deals with a search of a suitable product for the marketing campaign. The product must have desired characteristics and must be preferred by the customer.

- PRICE: price must be compliant to the consumer's willingness to pay. For this, the user has to do a whole marketing analysis of demand and supply and determine the optimal preferred price of the product

- PLACE: This is concerned with finding a right market place to sell your product. Customer and Market Segmentation needs to be done to find a suitable place to sell the product.

- PROMOTION: After doing analysis on product, price and place, the next thing is doing product promotion so that customers are aware of it. Many advertisements need to be done which requires expenses to promote the product.

Branding Agencies and Design Companies follow these elements of marketing to sell their products in the market.