Question

Describe each of the 4 P's of marketing. Explain how these different components work with one another to create a successful marketing plan.

Answer 1

4 P's of marketing are-

1>Product

2>Price

3>Promotion

4>Place

1>Product

Which can be tangible or intangible(service) in nature that is made for the need of specific customer needs. The benefits and the advantages of the product should be understood and the unique selling point of the product is needed to be studied. In addition the need of the potential buyer should be understood aswell.

2>Price

In this step the price is to be determined according to the market and where it can compete with other similar product in the market.

3>Promotion

In this marketing mix, the customer are given knowledge and information about the product by promoting your product via advertisement which also includes sales promotions, special offers and public relations . Promotion is the communication aspect in marketing.

4>Place

how the product is provided to the customer is taken into consideration, where distribution of the product plays a vital role in this. This strategy will help recognize what channel is the most suited to a product.

Different components work with one another to create a successful marketing plan by-

1>it helps the company to separate themselves from other companies and to delegate the marketing task to specialist.

2>it helps in bringing together the different concepts of marketing into one, making marketing of a product or services more easier to do and manage.

3>It helps you to define the marketing elements for successfully positioning your product into the market.

4>Enables a company to differentiate or vary its marketing activities according to the resource,condition of the market, and the needs of the customer.

5>All the marketing mix components are needed to make a product which is suitable for the customer, whom they are targeting.

6>Decisions cannot be based upon one element of the marketing mix without taking any account its impact towards other elements of the mix.

6>Enables a company to differentiate or vary its marketing activities according to the resource,condition of the market, and the needs of the customer.