4 P'S OF MARKETING

Introduction

Generally, we think that Marketing means Advertising or Promotion.But actually Advertising and Promotion is the type of marketing. 

Marketing 

Its requirement is taken by all companies to make their product or service available to the customer, and to get customer satisfaction.

Customer satisfaction helps the company to meet its goals, which can be accomplished through marketing.

Customers are the kings of the market. Marketing assistance is taken to fulfill the requirement and requirements for the customers.

Efforts are made in marketing to get maximum customer satisfaction.

Meaning

Marketing consists mainly of three things. Awareness, Attraction, Satisfaction.

First of all, how is the work done to give customers information about the company's product or service. Which we can see in various mediums.

Such as launch program, advertising, promotion medias.

After the customers get the information of the product or service, the customer wants to know the product service closely.

 The company puts various features of its product or service in the middle of the customer, so that the customer can get to know about the product or service and how to use it is also told.

Once the customer has made a place of his product and service in the mind, it is the turn of the company to work.

The company now works on how to give satisfaction to the customer.

Such as after sale service, discounts, quick delivery, qualitative products, best price.

What is 4 P’s of marketing

Given below are the four marketing pillars. With the help of which we can understand the full meaning of marketing.

Product

Price

Place

Promotion

4 P's of marketing 

PRODUCT: -

Product is a mixture of things. Which is made according to the customer's requirements.

So that the company can make maximum profit.

Product is prepared according to the wishes and needs of the customers. Which consists of the issues given below.

a) Product line: group of related product

b) Product width: Number of Product line

c) Product depth: Variety of Products

d) Product length: Number of total item Product line

First of all, the company has to decide its product or service. This decision can be taken with the help of Market research.

We can also take the example of HUL. What kind of product or service does the company want to reach the customer. In this way the product mix of the company is prepared.

Price: -

Once a product is made, its price is considered. And price affects the sell of the product.

Determination of price affects the profit margin, supply, demand, marketing strategy.

If your product is good, and the demand is high, then the price can increase.

The price of any product is decided by conducting market research.

Discount is given on the product, which makes the customer tempted and buy it.

There is some pricing marketing strategy to decide the price of the product. Some of which we have mentioned below.

Cost-Plus Pricing

In this method all the costs of the product are added.

And after adding all the expenses, profit margin is also added. This is called Cost-Plus Pricing.

Demand pricing

This pricing works on Demand supply.

If the demand is high, then the price is increased. And the price is reduced if the demand is work.

Competitive Pricing

There are many manufacturers of a product in industries. Because of this, everyone keeps the least price.

In such an environment, the competitive price of the product has to be kept.

Markup pricing

Retailers mostly keep this pricing.

He buys goods from a whole seller and puts a markup price on them and sells them at some discount.

Psychology of Pricing

This is the pricing associated with the psychology of the people.

Like 499 / - 599 / - 139 / -, people find the product a little cheaper with such pricing. And he is attracted to them.

Place

After preparing any product, the process of delivering it to the customer is called place.

It is very important that the product should have physical distribution.

Physical distribution means getting the product at the right time and at the right place.

Physical distribution is possible with the help of channels of distribution. Which is a lot.

Marketer has to develop the right system of transport and physical handling of the product.

Distribution channels provide an important role in marketing.

Channels determine place, utility, and time.

This takes the burden of distribution of goods from the manufacturer. And the manufacturer can focus on its work.

This makes it easy to introduce new products in the market.

Demand and supply helps to match.

The place mix contains the below given things.

Distribution of channels

Channel coverage

Inventory

Dealer relation

Locations

Transport

Promotion :-

Promotion mix consists of the following items.

Personal selling

Direct marketing

Advertising

Publicity

Public relations

Sales

Promotion in marketing

Promotion plays an important role in marketing mix.

The importance of below promotion is understood.

Promotion creates demand for products and services.

It helps to introduce the product in the market.

Advertising is used to educate people in giving information about the product to the people.

Personal branding is made with the personal selling buyer.

Sales promotion activities such as after sales service, warranties, etc. increase the sale of the product.

Public relation builds a good relationship with buyers, suppliers, dealers.