Why four Ps of marketing mix are important.
Marketing mix is the framework for the four Ps of marketing, which are product, price, place, and promotion. The “4 Ps” are often used in the marketing industry to describe how a company should develop their campaign strategy by focusing on these four elements. Whenever you are promoting a product, it is important to consider the product niche and this comes out clear when you have the described elements.The four elements combine to form the marketing mix.
The product is one of the most important elements of the marketing mix because it determines if a customer will buy a product or not. Marketing mix strategy sets out on how to position it, its design, price and its promotion.
Price is another element of the marketing mix which includes determining how much profit you want to make from each product along with what discounts you will give your customers. Another aspect of pricing would be having different prices for your products depending on your target market.
Promotions are used to persuade customers into buying certain items by offering them free gifts or coupons that they then use towards their purchase after receiving them in the mail or at a retail store. Promotion includes how to get customers to buy products, therefore there are many different types of promotional methods to choose from. It is important to choose one that can be used in many different places.
Place is associated with distribution, including how companies are delivering their products to the customer. It is important to know how far you are willing to travel to deliver their product to your customer. This may vary depending on how much profit you are looking for. Therefore, it is important to have your products within reach of your customer so that you will have the highest sellability possible.