February 1, 2021
The first p of the marketing is related to the product. Symbolically, it is the product. Because of the topic of old times when technology has not elapsed, it is only related to the product. Now, we can relate it more closely to our services, digital product, physical product, or SaaS.
Why it is important?
It is very important to have a thorough understanding of the product. As already told, it is kind of a symbolic term. Nowadays, you can assume it as your hardware/software product or services like consultancy that you offer.
Once you have a clear understanding of the 1st P that is product. The more the understanding of each P, the more strategic moves you do in your marketing plan. For instance, you don’t have a clear understanding of the 1st P, how can you manage to sell it effectively.
The 2nd P is related to setting the price of your product/services. Value for the price is the first-ever question that comes to the mind of the target audience. Here, the marketing person needs to have a look either he would buy the same thing for the price they are going to offer. Marketing personnel may/may not be in that category of the consumer audience.
Now, they need to evaluate their competitor’s prices for those particular services/products.
There is a bundle of channels to market products/services in this digital era. Now, the third P is related to what? Here you are meant to decide the place/channel that would be more beneficial for you.
For instance, you are a B2B business, LinkedIn marketing would be more lucrative for your business. Meanwhile, B2C promotions on LinkedIn don’t work as they should. But, they outperform on other social media like Facebook and Instagram. The set of target audience behaviors could also be a great tool to manifest the marketing place as well.
You are at the final step of your product/service marketing. Now, you have to deal with the scaled pitches, social media posts, and many copywriting things. For workable sales pitches, conversion copywriting, our blogs would be helpful to strategize the things for better outcomes.
Being a team of researchers and industry experts, we keep planning such informative topics to educate the related personnel to optimize things accordingly. The importance of 4P’s in marketing stands out to you. Is it so? If you are here, it obviously did great to entertain you.
Having related queries or suggestions for this valuable read would be appreciated and considered.
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