The four Ps of marketing, also known as the marketing matrix, is a basic marketing framework that refers to the four key elements of any marketing strategy. The four Ps are: product, price, place, and promotion.
Marketing is all about producing the right product in the right place, at the right price and time. It sounds simple but it takes a lot of hard work and effort into researching the latest consumer trends and behavior. Getting one element wrong is the recipe for disaster. That is why knowing the 4 P’s of marketing help you to avoid mistakes.
The 4 P’s are:
- Product
- Place
- Price
- Promotion
Product
This element talks about what the customers want from the product and what needs or desires it fulfills.
Place
This element talks about the location where the product will or can be purchased, the distribution channels to optimize sales.
Price
Price talks about a product or service being sold at the right price for its value, neither too high or too low.
Promotion
This element talks about where, when, and how you can get your message across different platforms to reach your target by advertising and research.
Since the four Ps are correlated with one another, it doesn’t matter what order you define them. As long as you clearly specify the elements needed to successfully position your market offer.
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