Put your Efforts in knowing Ps of Marketing
You are doing it wrong, if it’s not for putting P’s at the right place…!!
I am sure if you have ever sold something, you must be aware of the fact that the four P’s of marketing should be taken care of before actually doing your business. Make sure you have thoughtfully considered and implemented all the P’s to successfully run your business.
Well, before going further, let’s talk about all the four important P’s.
Product, Price, Place and Promotion.
Though there have been other factors too, but these four are rendered important in any business. When marketing your product, there must be no stone unturned in doing all the related research about the market and competitors and all that. How you expect customers to perceive your product, how customers actually perceive your product, how it performs in relation to your competitors, and how the owner interacts with the customers on a personal level, and finally how closely you deal with them to solve their problems. There are many factors that should be considered before starting your business, then there are many when you are running your business. It’s a never-ending game and you must be willing to work according to the demand of the present.
Neil Borden is the mastermind behind uncovering the truth about four P’s of marketing. In 1960, his article “The Concept of Marketing Mix” became famous in which he talked about all the rules and tactics that businesses should apply to engage with consumers. The traditional concept was later refined by many other marketing strategist and other important P’s were added that might be more relevant in today’s ever-changing world i.e. People, Process and Physical evidence.
Should we dig a little deeper?
Yes, I believe.
Starting with the main element, Product it is. Before you start your business, you must collect all the information about your product. What was the purpose behind it? What problems would it be able to solve? How it will prove to be beneficial for the users? Is it a completely new thing that it will be a sensational product or it might have something that your competitors are not giving.
You should understand the whole cycle of product, from manufacturing to selling and meeting the demand at every stage.
When it comes to price, the owner should be able to define it on the basis of value it provides. Going high or very low might or might not benefit you at the start. With time, you might know what actually works for you.
Place is another factor that a marketer should know. Where it should be displayed depends on your product. It will also depend on your marketing strategy whether you want to sell online or in stores.
In 21st century, the most important thing is promotion. How you sell your product, either with a story or selling benefits and such other things. Make sure to use every social media channel and reach everyone out there. Promoting right is the key. Know your audience and sell your story. In no time, you will see the results.
People, Process and Physical evidence are the other three P’s that have been added later to make total of 7 P’s of marketing.
Different personalities relating to your product, the whole process behind the selling of product and the hard evidence of the existence of your product — all add up to modern ways of dealing with the product.
In short, a perfect marketing strategy would fulfill all the above-mentioned P’s. Do it slow but keep all the P’s…!!
