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Marketing Mix – 4P’s of Marketing Mix (Product, Price, Place & Promotion)
Marketing mix or the 4Ps of marketing are the most common terms used in marketing over the past 50 years. A large part of the marketing plan deals with the ingredients of the marketing mix, product, price, place and promotion. Marketers need to use marketing in the best way to get results from it.
Product
Product refers to the first P in marketing, which is a tangible or intangible product that is developed and offered to customers in the marketplace. Television, computers, cars, etc. are examples of tangible products, on the other hand, laundry, repairs, telecommunication services, etc. are examples of intangible products, which are also called services.
Price
Price is the second “P” in the marketing mix. The amount a customer pays to buy a product from the market is called the price of the product. Price is the second P-point of the marketing mix, which the company assigns to the product on the basis of material, labor, competition, product cost, after-sales services, competition, season, government regulations, etc.
Place
The physical and virtual point of sale of a product is called a place. It can be any store, outlet, online website, warehouses, wholesale stores, distribution companies, retailers, etc. All physical and virtual places have a direct interface with end consumers or direct customers, belong to the place category.
Promotion
Promotion is the fourth and final “P” of the marketing mix. A campaign is a tool used by marketers to market products and services to customers. Advertising, direct marketing, personal relationships, internet marketing are few means of promoting products and services.
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