Of 4p in marketing is that is mentioned so much in all documents related to modern marketing? What will businesses gain and lose when applying 4p in marketing? Let’s find out! Have you ever wondered what learn more: what is marketing mix? What are the 4ps in marketing? The 4ps model in marketing, also known as the marketing mix, is a tool that helps businesses deliver the right product at the right place, at the right time, and at the right price.
This model starts by helping
you create a product that customers actually want to buy and moves on to helping you determine where you will sell your product, how much you will charge, and finally, how you will promote your product. The concept of 4p in marketing was developed by e. Jerome mccarthy – marketing expert at michigan state university based on neil borden’s marketing mix idea in the 1950s. At that time, borden’s marketing mix included more than 10 elements.
Since then, the history of modern
marketing has recorded many new p models such as 5p, 7p, 8p,… However, the 4p model in marketing is still considered the foundation of any marketing strategy. All remaining p models are considered extensions or modifications of the original 4p model. What does 4p include? The 4p model in marketing includes 4 elements: – product ; – price ; – place (place); – promotion (sales promotion).
Specifically as follows Product the products
mentioned here include 2 types: physical products / tangible products: for example, music players, clothes, shoes, etc. Intangible products / services: for example, human resource management software, online music listening application,… Product is the most important p variable truemoney database and is the center of all marketing activities. If the product is not good, all efforts in the later stages of the business may fail. For example, how can you price a car if you do not know whether you are building a mazda or a ferrari? Therefore, before launching any product marketing strategy.
Businesses must clearly understand the answers
to the following questions: – are the products mass produced in large quantities, or are they produced in limited quantities according to individual customer needs? – has the product been produced and appeared on the market before? – which needs in the pyramid of 5 basic human needs additional hacks public profile, multi-language profiles does the product satisfy: physiological needs (eating – drinking – sleeping – resting), safety needs, social needs, respect needs or self-affirmation needs? In other words, what benefits will the buyer receive if using your product?
Only when a business understands
its product in detail can it make wise decisions for the remaining 3 p variables.Price price is the actual amount of money that a buyer must pay buy lead to own the product. How a seller prices a product directly impacts how the product is sold. This has less to do with the objective cost of producing the product and more to do with the perceived value of the product to the customer. This means that if a seller prices a product higher or lower than its perceived value, it will not sell.