MONEY MINDED
4Ps of Marketing Mix Strategy:
Introduction:
Welcome friends!. Marketing mix, 4ps of marketing mix - product, price, place, promotion are explained. This will be useful to gain knowledge about marketing mix
Marketing mix:
Marketing mix is the set of marketing rules the firm uses to pursue its marketing objectives in the targeted market.
- Neil H. Borden
4P's of Marketing Mix:
The 4P's of Marketing mix are,
⛤ PRODUCT
⛤ PRICE
⛤ PLACE
⛤ PROMOTION
1. Product:
* Product is the starting point of marketing mix.
* A Product is thing that can be marketed to a people, to make them as their customer.
* Before Manufacturing any product you should research the need of the products in the market.
The Major factors in Place Marketing mix are,
☆ Quality
☆ Features
☆ Brand
☆ Packaging
☆ Design
☆ Warranty
☆ Return Policy
2. Price:
* Price is the only element in marketing which brings money to your business.
* Price is the easiest element in 4ps of marketing mix, which can altered even in short terms.
* Price is also important as it communicates with the value positioning, price depends on the class of your targeted people
* Reasonable price, nice product at affordable price, can be fluctuated changed easily
The Major factors in Price Marketing mix are,
☆ Retail price
☆ Discounts
☆ Credit terms
☆ Payment plans
3. Place:
* Place is the important factor in marketing mix for selling your product or service.
* Choose the best delivery agencies to delivery your product to all the wholesale and retail stores.
The Major factors in Place Marketing mix are,
☆ Availability of product
☆ Retail location
☆ Distribution Network
☆ Instant Delivery
4. Promotion:
* Promotion will help the people to find your product in the market.
* Promotion should be advertising your product to the targeted customers or people to increase your sales.
The Major factors in Promotion Marketing mix are,
☆ Advertising
☆ Sales Promotion
☆ Direct Selling or Marketing
☆ Digital Marketing
☆ E-mail Marketing
☆ Public Selling / Relation
Conclusion:
* I hope this 4ps of Marketing Mix Strategy will be useful for you, to develop your product marketing method.
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