4 Ps Marketing Strategy
Learn more about this course. The 4 Ps Framework In this step the learner is introduced to the 4 Ps Framework and the role these elements play in the marketing mix.
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Share this post Product: This is what is being sold. The product or service should fulfill a certain demand.
If a marketer understands this demand, who wants it, and why, then they will be better at selling it. Price: This is the cost to purchase a product.
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A lower price makes a product accessible to more customers, while a higher price appeals to customers seeking exclusivity. Either way, the price must be greater than the cost of production so your business can make a profit.
Place: This refers to where you decide to sell a product or service. Will you sell it online, face to face, in a shop, or through a mail-order? In some organisations, senior marketers refine this based on customer understanding.
The Six Imperatives Of Marketing
Promotion: This covers advertising, direct marketing and sales promotion. Broadly speaking, promotion encompasses what is communicated, who it is communicated to, how that audience is reached, and how often promotion happens.
People: Understanding customers and prospects is vital in any effective marketing. This could be return on investment, market share, or customer satisfaction. Whatever it is, it needs to be measurable.]
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